Loan Modification


Many homeowners have fallen behind on their mortgage, and could soon be on the path to foreclosure without permanent help. If this sounds like your situation, you may be eligible to modify your mortgage.

What is a Modification?

Under this option, we reach an agreement between you and your mortgage company to change the original terms of your mortgage—such as payment amount, length of loan, interest rate, etc. In most cases, when your mortgage is modified, your monthly payments are reduced to a more affordable amount.

A modification may be an option if:

  • You are ineligible for a refinance
  • You are facing a long-term hardship
  • You are several months behind on your mortgage payments or likely to fall behind soon

Why a Loan Modification Versus Refinancing My Mortgage?

Refinancing your existing mortgage to obtain a more affordable mortgage payment could still be an option. Unfortunately, for an increasing percentage of homeowners it is not. That is precisely what loan modifications are for, the homeowner that has incurred a financial hardship that prevents other mortgage financing or payment options.

In most cases, a loan modification is recommended to homeowners that have a financial hardship that is preventing them from making their monthly mortgage payments.
Contact us at (973)-378-3030 and a dedicated agent will explain more about a loan modification and help you submit the necessary request form. We want to help you stay in your home, if possible.