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Mr Zimmerman was helpful and kind and prompt . He always answers his phone and that is refreshing . I will be using him for my bankruptcy in the future. He is one of the good ones . He is an outstanding attorney who truley care . He made ev...
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Mr. Zimmermann is a fantastic bankruptcy attorney who handled my case with care, efficiency and urgency. We were able to beat a judgement against me in the nick of time, and I truly feel a sense of relief due to the services of Mr. Zimmerma...
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This Lawyer will go above and beyond for you. As well as show tremendous empathy for those who are vulnerable and scared. His compassion to help civilian's shows through his actions and with his word. When he says he is going to call he cal...
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I’ve worked with Mr.Zimmerman on two different legal issues. In both instances he was fantastic! He is extremely knowledgeable and compassionate and able to breakdown a course of action into language anyone can understand. I would highly re...
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I highly recommend Mr. Zimmermann as an attorny. I recently purchased an investment property and boy was he helpful. He was easily available, very clear in explaining various concepts, laws and regulations, and provided very helpful tips o...
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- posted: Aug. 10, 2019
Amending the terms of a mortgage by adjusting interest rates, or by extending the period over which the mortgage will be paid, can allow a borrower to better manage financial hardship. In fact, a mortgage modification is one of the most common ways to avert a home foreclosure.
Before a mortgage company agrees to permanent new terms for a mortgage, which may bind the lender and borrower for several decades, it will often require a trial modification period. During this trial, which often lasts three months, the lenders must show that they can uphold their responsibilities under the proposed new agreement. By following the rules of the trial mortgage modification period to a tee, lenders may be able to set out on a new path toward keeping their home. The terms of a trial period are not binding, so a bank could still end up foreclosing on a home after a trial period.
Even if you make all the payments owed under a trial mortgage modification, your mortgage company may decide to deny a permanent modification. Possible reasons include:
- Failure to pay — If you do not pay the full monthly amount owed under the modified plan, or if your payments are late, it is unlikely that a lender will approve a permanent modification.
- Inaccurate documents — Before agreeing to a modification, your mortgage company will require documentation of your financial viability. You will have to account for the money coming into your accounts as well as your debts. An inconsistency in the documents could result in a modification denial.
- Changes in income — If you get a new job or lose a job during the trial period, or if there are significant changes in your income for other reasons, a mortgage company may decide that the terms of the trial period are no longer fitting.
We pursue effective mortgage modifications as part of our foreclosure defense services at the Law Offices of James C. Zimmermann. We can help you prepare your application and advise you on how to proceed during and after a trial modification period. Call us at 973-764-1633 or contact us online to schedule your initial consultation with a knowledgeable attorney. We have offices conveniently located in Hackensack, Vernon, Wayne, Pompton Lakes and Nutley.
