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Scura, Wigfield, Heyer & Stevens Blog

New Jersey Loan Modification Lawyer

[fa icon="clock-o"] February 1, 2012 [fa icon="user"] Scura Law Firm [fa icon="folder-open'] Bankruptcy, Foreclosure

loan modification graphicIn a troubling economy, real estate values have not performed like they were "supposed" to. Historically, property owners held the reasonable assumption that real estate would increase over time. Now, property values have consistently dropped for the last several years leaving owners frustrated and facing mounting debt.

In addition, the United States Bankruptcy Court for the District of New Jersey began a loss mitigation program that was supervised by the court in August 2011. This program arose from the complaints of people who claimed their loan modification requests were not being processed correctly and fairly. The court oversees the program and the lenders or banks are required to negotiate in good faith. All documents submitted to the banks are submitted through a Web portal so that all parties, including the court, can see what documents have been submitted and considered by the banks. With this program, the banks cannot state to borrowers that they did not receive documents as banks have in the past because everyone can easily see what documents have been submitted online.

At Scura, Wigfield, Heyer & Stevens, LLP, our New Jersey loan modification attorneys have extensive experience guiding clients through even the most challenging financial situations. If you are upside down on a mortgage — you owe more than the actual value of the home — it might be time to consider methods of debt relief. Our lawyers can carefully examine your financial situation and provide honest answers regarding your options for relief.

Hoboken Mortgage Modification Attorney

While many clients do not want to seek debt relief through filing for bankruptcy, most are curious about how to modify a loan. Loan modification can help an individual in several ways, including:

  • Lowering monthly payments
  • Lowering APR
  • Lengthening the loan period to give the homeowner more flexibility

During a free consultation, our lawyers can provide a realistic assessment of your debt relief options. If you decide to pursue a loan modification, we can help in the negotiations with your lender to ensure your rights are protected. Contact our firm sooner rather than later so we can help you develop an effective plan to stabilize your finances.

Contact Our Firm

If you have questions about loan modification, do not hesitate to schedule a free consultation with an attorney at Scura, Wigfield, Heyer & Stevens, LLP. Our bankruptcy attorneys in New Jersey can examine your financial situation and provide valuable legal advice and representation no matter how complex your question.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.

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We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.

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