When you got approved for your mortgage, chances are you met the qualifications that indicated you could afford to make your mortgage payments according to the terms of the loan. However, we all know that circumstances can change, especially when it comes to finances. Medical problems, loss of a job, divorce, and other significant life changes can all cause serious challenges when it comes to paying your mortgage. Before you fall too far behind on your mortgage and risk foreclosure, you should consider trying to renegotiate your mortgage terms with your lender.
Benefits of a Mortgage Renegotiation
In many situations, a lender may agree to modify the terms of your mortgage so that they can receive any type of payments rather than going through the foreclosure process. If negotiations are successful, you may receive a modification of the following:
- Your interest rate
- Minimum payment amount
- Term of the loan
Some modifications may be temporary and others may not. However, most modifications can help you catch up with your payments to avoid immediate foreclosure.
Many lenders require you to adequately demonstrate that you are experiencing financial hardship and that you require a modification to be able to pay your loan. To have the best chance at obtaining a modification, you must demonstrate hardship in a specific way in line with your lender’s requirements. An experienced mortgage renegotiation attorney can help you follow all necessary procedures and meet the hardship criteria.
What if You are Already Facing Foreclosure?
Too many homeowners believe that if they are already facing foreclosure, it is too late to renegotiate a mortgage. However, an experienced foreclosure defense lawyer will know that negotiating a mortgage modification is one of the primary ways to prevent a foreclosure. We can represent you in negotiations or mediation with your lender if necessary. This is only one of several ways that you may be able to defend against foreclosure and keep your home.
Call 973-426-0021 today for a free consultation.
If you want to renegotiate the terms of your mortgage, it is wise to discuss your situation with a highly experienced mortgage renegotiation attorney. David H. Kaplan Attorney at Law can represent you in the process of obtaining a mortgage modification that works for you. In addition, if you have received notice of a foreclosure action, you should immediately call a New Jersey foreclosure attorney at our office for help. Please contact us today to learn more.