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Loan Modification in New Jersey

Are you on the verge of walking away from your home? Do you feel burdened by owning a house that's worth less than your mortgage? If you're having trouble making mortgage payments, own a home that's "under water" or are concerned about losing your home to foreclosure, you may be a candidate for a mortgage modification. But the process can be confusing and con men prey on desperate homeowners. A New Jersey loan modification attorney can help you get your loan modified and keep you from becoming a scam victim.

New Jersey Loan Modification Basics

When you originally obtained your home loan, you signed a contract agreeing to certain details, including:

  • The amount you were borrowing (known as the principal)
  • The interest rate you'd be charged on the outstanding balance of the loan
  • The length of time you'd have to pay back the money you borrowed, plus interest (15-year loans and 30-year loans are the most common)

Historically, it's been difficult to change the details of your loan contract (known as a mortgage modification) after it was signed. If you wanted to get a lower interest rate or shorten the length of the loan, you'd have to refinance your loan. But banks make it difficult to refinance—requiring proof of income, a credit check and more—even if the new loan would result in lower monthly payments.

The lousy economy and decline in real estate prices led to a record number of home foreclosures. But the simple fact is: Your bank doesn't want to foreclose on your home. They'd prefer that you continue to own it and make your monthly mortgage payments. And so banks started to allow homeowners to modify their mortgages. Reduced interest rate, writing off part of the principal and extending the duration of the loan all result in lower monthly payments, enabling you to stay in your home.

Find out additional frequently asked questions about loan modifications.

Reasons to Hire a New Jersey Loan Modification Lawyer

When you hire a New Jersey loan modification lawyer, you're hiring someone who's knowledgeable about the mortgage modification process. Your lawyer can:

  • Explain the mortgage modification requirements to you
  • Review your finances to ensure you qualify for a loan modification
  • Help you compile the necessary information and submit your documentation to the banks
  • Review any contracts you're asked to sign

Unfortunately, there is a lot of fraud in the mortgage modification industry, and loan modification scams are common. In fact, the New Jersey Division of Consumer Affairs warns, "Con artists who claim they can help homeowners by modifying their mortgage loans can actually make a bad situation worse."

When you hire a New Jersey mortgage modification attorney, you're ensuring that your hard-earned money goes toward saving your home—not into the pocket of a criminal.

Find & Hire a New Jersey Mortgage Modification Attorney

If you're worried about losing your home to foreclosure in New Jersey or considering bankruptcy as a way to rid yourself of your home mortgage, then you owe it to yourself to explore all of your legal options. Before taking drastic action, speak to a New Jersey mortgage modification lawyer to learn whether a loan modification is a better solution to your problems. offers a free service that can connect you with New Jersey mortgage modification attorneys in your area. Call us at 877-913-7222 or complete the form on this page to get connected with an attorney today.