Just like any other state, New Jersey is confronting the problem of foreclosed homes. The increased in the number of loan defaults is proportional to the number of mortgages approved without a stringent verification of the debtor. Those people with unstable financial status got his/her loan application approved. The situation became worse when the borrowers started to encounter huge financial setbacks and thus, they stopped making the necessary payments to their monthly rates. Since the borrowers cannot pay for their borrowed money, lenders like the bank seized control of the mortgaged property and enter in a foreclosure process and they leave the homeowners deprived from their homes.
There are at least ten houses put up for auction in each neighbourhood of Newark. The number of investors in the real estate market decreased considerably in the last few years resulting to a difficulty in selling the foreclosed homes even if the prices are 75% lower than those on the market. In addition, the foreclosure process does not bring any advantage or benefit to both the lender and the borrower; for the lender, they need money in order to perform their regular duties and transactions. The government takes full responsibility and took the necessary actions to end this awful situation. They implemented a new law that enforced cancellations of the permanent validity of the mortgage contracts. They made it possible for the loans to get necessary modification after a certain time, if the borrower and lender requested for it.
Before you apply for a loan modification, it is your responsibility to equip yourself about the whole process. Take note that only the people experiencing financial problems or about to encounter financial collapse and default are qualified for a loan modification. You are prohibited to request a revision of your term if you grow weary of the fixed rates even if you can still manage it. In addition, the banks are encouraging all debtors to apply for loan modification, especially if they think that their financial problems are overwhelming. In this modification process, foreclosure process can be avoided because this foreclosure process has few benefits to offer compared to further collaboration supported by the law.
The negotiation between you and the bank usually takes six to ten weeks. If you want professional help while dealing with the process by yourself, you can hire a lawyer specializing on this matter and can help you reach your goals. He/she will be with you during the whole process and will aid you to get the best and suitable offer from your creditors.
This new law shed some light for people who are on the verge of the foreclosure and loan defaults. Before it happens, apply for a loan modification program, and try to meet all the necessary requirements
PHH Mortgage 603 997-6982 1 Mortgage Way Mount Laurel, NJ
AMS Mortgage Services Inc. 201-919-7363 333 Rt 46 West Fairfield, NJ
Advisors Mortgage Group 888-843-9797 5114 Route 33 Wall, NJ
OPTISCORE, LLC 917 8868832 45 RIVER DRIVE SOUTH JERSEY CITY, NJ
Excelsior Mortgage LLC 856-218-7506 432 Ganttown Road, Suite 104 Sewell, NJ
Heritage Mortgage Bank Corp. 1 (732) 485-7105 333 River Street Hoboken, NJ
jimbrownmortgage 732-245-5121 77 Main Street Freehold, NJ
Heritage Mortgage Bank Corp. 2 (973) 539-9878 25 Lindsley Drive Morristown, NJ
Legal Services of New Jersey’s (LSNJ) Anti-Predatory Lending Project
Attention homeowners: If you think you have been a victim of a scam, or approached by a scammer, report it to the Loan Modification Scam Prevention Network now! Your complaint could provide vital information that will help put loan modification scammers out of business.
Call 1-888-995-HOPE (With your permission, the complaint will automatically be shared with federal, state and local law enforcement)
