Gloucester County Mortgage Modifications Attorney

It is hard to describe the level of frustration, concern and fear that a homeowner feels when they are unable to make their monthly mortgage payment. The recent housing crisis has left many in that exact situation. They are worried that their credit rating suffers with each payment that is missed and fearful that the bank will eventually foreclose on their home, leaving them with no place to turn. A home loan modification provides a lifeline to those who have found themselves in this position. It reduces the payment that is owed to the lender, taking it down to a level that is more affordable. If you are personally struggling with paying your mortgage and see no potential for improvement, then a home loan modification may be appropriate for you. The Gloucester County mortgage modifications attorneys at Reinherz Law are here to help.

When a mortgage modification takes place, it permanently restructures the terms of your original loan in order to make it easier for you to make payments. There are a number of changes that might be made, including:

• Lowering your interest rate
• Forgiving some of the principal balance remaining on your loan
• Switching from a variable interest rate to a fixed interest rate
• Making the term of your loan longer and spreading out the payments more

A mortgage modification may not be appropriate for everybody, for many it provides the best and most reasonable answer. Though the banks end up with less money than the amount that they were originally promised, or a longer period of time before they actually receive their payment in full, they are spared the aggravation and considerable costs that a foreclosure represents, and that is one of the reasons that they are willing to consider working with homeowners in need.

As experienced Gloucester County mortgage modifications attorneys, the professionals at Reinherz Law will be able to provide you with knowledgeable advice about whether you are eligible for a mortgage modification, what the process entails, how to fill out the application and what information you will need to provide in support of your request. In addition to guidance, we are also able to actually complete the paperwork for you, while at the same time helping to protect your rights in case the mortgage company is pursuing a foreclosure at the same time that they are considering your loan modification request. This unethical process is known as dual tracking your loan, and it is a violation of mortgage servicing rules that takes place all too often. We will protect you against this type of action and ensure that any foreclosure action begun while your application is pending is brought to an immediate halt.

Having a knowledgeable Gloucester County mortgage modifications attorney by your side throughout the process is the best way to give yourself confidence and certainty that everything that your modification has the best possible shot of being approved. Call the attorneys of Reinherz Law today to set up a convenient appointment.