Mortgage Loan Modifications in New Jersey

Mortgages are one of the biggest financial commitments that a person can make. When an individual is rethinking their mortgage, it is important to consider all options to determine which is best for the homeowner’s particular situation. Homeowners that are struggling to make their mortgage payments but do wish to avoid a foreclosure may want to consider a loan modification or refinancing a mortgage.

If an individual chooses to refinance their home, they will be replacing their current mortgage with one that better fits their situation. Refinancing a mortgage can allow a homeowner to secure lower interest rates, shorten the terms of a mortgage loan, convert a mortgage from an adjustable rate to a fixed rate, tap equity, and consolidate debt.

The other option is mortgage modification, which allows the homeowner to work with the bank to obtain a better interest rate. It is important to be aware that in order to request a mortgage modification through the bank, they may have to meet certain criteria such as maintaining a certain credit and have to follow certain payment requirements.

When a homeowner is thinking about making major changes to their mortgage, it is important to consult with an attorney.

Joseph Gachko, Esq. is an experienced New Jersey attorney who can assist you in any of your estate or real estate-related legal matters. If you require legal counsel for your real estate matters, please contact The Law Office of Joseph Gachko today to set up a consultation.