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Our Offices

  • Vernon Office

    Address

    244 State Hwy 94
    Vernon, New Jersey 07462

  • Wayne Office

    Address

    73 Mountainview Blvd
    Wayne, New Jersey 07470

    Phone

    973-764-1633

  • Pompton Lakes Office

    Address

    58 Colfax Avenue #1
    Pompton Lakes, New Jersey 07442

  • Hackensack Office

    Address

    41 Main Street
    Suite 2
    Hackensack, New Jersey 07601

    Phone

    973-764-1633

  • Nutley Office

    Address

    345 Centre Street
    Suite 2
    Nutley, New Jersey 07110

    Phone

    973-764-1633

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Law Offices of James C. Zimmermann locations:

Ratings & Reviews

  • lawyers
    5.0/5.0

    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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    — Client

Tips for Handling a Trial Mortgage Modification Period

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.