Mortgage Loan Modification NJ Modify Mortgage Loan - Let The Ferraro Firm Help You

WHAT IS A LOAN MODIFICATION?
A loan modification will change your existing mortgage note and give you a fresh start in managing your home. These changes can be in your interest rate, length (term) of the loan, late charges can be waived or added to principle, change from ARM mortgage to a fixed. There are several other possibilities and modifications that can be made. But it is on a case by case basis. A large number of clients will find themselves using a loan modification plan to stop a foreclosure. If you can currently make your regular payment, but you can’t catch up with the past due amount, we will negotiate with your lender to fold any past-due amounts, including interest and escrow, into the unpaid principle balance. This new amount will be re-amortized over a period of time.

WHAT IS PREDATORY LENDING?
This term can apply to all aspects of the mortgage industry and refers to the practice whereby a creditor put a borrower into a loan that the borrower will probably not be able to repay. Federal laws like the Truth in Lending Act (“TILA”) and the Real Estate Settlement Procedures Act (“RESPA”), as well as many state laws, require that the creditors disclose certain terms of loans to borrowers, and when those terms are not disclosed or are inaccurately disclosed, these laws provide severe monetary penalties against these creditors.

Predatory Lending tactics like the classic bait and switch are common, such as being told one thing before closing and the loan terms change at closing. Elder abuse is common because retirees often have a large amount of equity in their homes; they are prime targets for equity stripping and other mortgage fraud techniques.

Both Federal and State law, prohibit the mortgage industry from providing different loan terms to people based on race, sex, ethnicity or other protected classes. Such a transaction may be subject to a cause of action under the Civil Rights Acts or other laws. Equity theft, also known as “equity stripping” refers to the situation whereby the same creditor refinances the same property with the same borrower multiple times and uses the equity in the borrower’s property.

WHAT IS DEED IN LIEU OF FORECLOSURE?
If you have been unable to make your monthly mortgage payments and have also been unsuccessful in trying to sell your home at the market value, this form of foreclosure may be what is necessary to get you back on track. This procedure allows you to transfer your property voluntarily to your lender or mortgage company and your debt or deficiency is often forgiven. This will not save your home, but it will help you avoid the lengthy legal process of foreclosure

WHAT IS A SHORT SALE?
A short sale is when a lender accepts a discount on a mortgage to avoid a possible foreclosure auction or bankruptcy. Your lender will use the proceeds from the sale to pay off the mortgage and the remaining balance will be negotiated or perhaps even forgiven. This avenue is open for homeowners who are willing to part with their property but keep their credit rating with the least amount of negative reports.
 

The Ferraro Firm is Here for You! If you would like additional information about our comprehensive services, please contact us at any time.

Modify Mortgage Loan NJ

• LOWER YOUR NJ MORTGAGE PAYMENT by modifying your mortgage loan(s);
• STOP THE NJ FORECLOSURE PROCESS;
• ELIMINATE some 2nd and 3rd mortgages;
• STRUCTURE A PAYMENT PLAN to repay mortgage arrears;
• STOP COLLECTION CALLS made to you and your family;
• STOP WAGE ATTACHMENTS;
• AVOID PAYMENTS TO UNSECURED CREDITORS (credit cards, medical bills, DMV surcharges and auto repossessions);
• STOP THE REPOSSESSION of your automobile. (Up to 10 days after repossession.); and/or
• STOP THE IRS from harassing you.

If you would like to further discuss modifying your mortgage loan or filing for protection under the bankruptcy laws to help save your home, NOW IS THE TIME TO ACT! CALL TODAY, (800)-562-9073