Loan Modification Lawyer in New Jersey
Given the state of the economy, individuals and families throughout New Jersey and the entire United States are looking for ways through which they can regain control of their finances. At the offices of William H. Oliver Jr., Attorney at Law in Toms River and Neptune, our firm provides comprehensive advice and guidance to people who have questions or concerns about loan modification as a way to get a handle on their mortgage payments.
You Can Be Debt Free
Contact William H. Oliver Jr., Attorney at Law for a Free Initial Consultation
Many individuals and families now find themselves facing a mortgage that they cannot afford. This can be due to a range of factors, including an Adjustable Rate Mortgage (ARM) with skyrocketing interest rates or being downsized/laid off from their jobs. At the time, these types of mortgages seemed like the best fit for the situation. However, over time, the interest rates have gone up, leaving the borrower with more debt than they anticipated and a much higher payment than they can currently handle.
In these cases, our clients may wish to seek counsel from our firm and attorney Oliver. We have experience handling loan modification cases and can explain the process, from filing paperwork to negotiating with the lender. Our firm has over thirty-five years of legal experience to draw upon.
Under new changes that have been proposed to state and federal debt relief laws, a loan modification could be completed with the following benefits:
- The principal amount of a loan would be adjusted down to the fair market value of the home
- The interest rate of the loan would be modified in order to be in line with the established or average rate at that point in time (plus a court-set premium fee for the risk taken on by the lender)
- The remaining term of the mortgage may be extended by 10 years
Loan Modification and Bankruptcy
In addition to assisting with loan modifications, we can provide clients with bankruptcy representation in the event that loan modification is not successful; bankruptcy is a potential option for dealing with your financial difficulties. Some cases may even warrant seeking a loan modification in conjunction with a bankruptcy filing.
From our two offices in New Jersey, we are able to offer clients prompt appointments and guidance through the process of seeking a loan modification, dealing with bankruptcy or facing foreclosure. Our offices are open during weekly business hours, as well as for Saturday and evening appointments. We also speak Spanish in our offices for the benefit of our Spanish-speaking clients. Contact us today for a free initial consultation.