Union County Refinancing Attorney

Guiding New Jersey clients through important real estate decisions

Deciding between refinancing your home and pursuing a mortgage modification depends greatly on your financial situation. If you are struggling with your mortgage, you should consider acquiring a loan modification to revisit and change the terms of your current mortgage. If you are in a good financial situation and would like to explore your financial options by replacing your mortgage, refinancing may be a good choice. Refinancing a home is, basically, replacing a mortgage with a new one. If you are wondering if your situation calls for refinancing or loan modification, contact Joseph Gachko, Attorney at Law.


There are many reasons why a person would choose to refinance a home. Refinancing is when you replace an existing mortgage with another that better suits your needs. Refinancing is often saved for a homeowner with good credit, a home that has retained its value, and cash on hand. The costs attached to closing on a new mortgage must be met with a good enough incentive. Some of the other reasons people refinance a home include:

  • Secure lower interests rates
  • Shortening a loan’s terms
  • Converting Between Adjustable-Rate and Fixed-Rate Mortgages
  • Tapping Equity
  • Consolidating Debt

Mortgage modification

People who struggle with their mortgage may consider pursuing a loan modification. This allows you to negotiate better terms on your loan. You can restructure the terms of your loan, including lowering interest rates, extending the terms of your loan, and even deferring payments. The key factor for you, the struggling homeowner, is to document financial hardship. This can include unemployment, increased expenses, costly medical bills, and other unforeseen factors that have impacted your life. Simply put, mortgage modification helps to make your home more affordable saving you from the possibility of foreclosure or a short sale.

Working with banks and mortgage companies

If it is possible, working with a bank is in your best interests. Mortgage companies may offer better interests rates, but they also come with a wide range of additional, hidden fees. Banks are responsible and reputable. They come with a firm commitment. They will lend you a certain amount of money at a certain rate. It is understandable that not everyone meets the strict credit and payment requirements. When dealing with mortgage companies, contact our firm to ensure that your rights and financial interests are protected.

Contact our law firm to help you decide on the best course of action

Deciding between refinancing and mortgage modification is an important decision. You should consult with an experienced attorney that can assess your situation and provide legal support to guide you towards the right choice. Joseph Gachko, Attorney at Law has over 30 years of experience as a legal resource for homeowners in New Jersey facing the choice between refinancing and loan modification. If you need quality legal support, contact Joseph Gachko, Attorney at Law for a consultation today.