Call Us Today to Get a Fresh Start!
Due to recent demand and the increasing cooperation of the U.S. government and various lenders, NJ Home Relief has had a tremendous amount of success assisting borrowers avoid foreclosure while staying in their home.
Our Lender Mediation Specialists will provide a free consultation to understand your current situation and put together a customized plan before going to your lender with the best solution for you.
A Loan Modification is when a lender agrees to modify any or some of the terms of the mortgage, making it more affordable for you.
These changes may include:
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Reducing or modifying the interest rate |
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Extending the term of the loan |
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Changing the monthly payments |
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Combining any of the above |
A Loan Modification will give you a fresh start, bringing your mortgage up to date after capitalizing any delinquent interest, escrow, fees, and other costs based on investor guidelines.
Acting quickly should be your number one priority, as NJ Home Relief will need to develop a plan, document your current financial situation, and contact your lender to begin negotiations on your behalf in order to stop foreclosure and save your home.
Sometimes an agreement with your lender cannot be reached no matter how hard you try.
When this occurs we can sit with you and suggest some other strategies. So don't give up hope. We have alot of experience in dealing with difficult situations.
Other solutions to avoid foreclosure and KEEP YOU IN YOUR HOME include:
Reinstatement
Occurs when the property owner pays off the amount in default to bring the loan payments current in order to stop the foreclosure process and return to the original terms of a loan. After identifying that a reinstatement is the best and most feasible foreclosure alternative, Short Sale Connect will work with you to determine how best to produce the funds.
Repayment Plan
This foreclosure option lets you repay part of your delinquency each month, in addition to your regular monthly payment. A repayment plan is the perfect option for someone that experienced momentary financial hardship, but is now back on their feet. Short Sale Connect will negotiate with your lender to spread the past-due amount over a specified period of time.
Forbearance
In order to stay in your home, a lender will agree to delay or reduce payments for a short period of time, with the understanding that another option will be used to bring your balance current. Short Sale Connect will negotiate to get you the time you need to determine the best solution for you and, in many cases, will succeed in combining a Forbearance Agreement with a Reinstatement or Repayment Plan.
Note Purchase
Sometimes the lender will allow us to actually purchase the mortgage. This allows us to work with you on establishing new terms for your existing mortgage.
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