I Defaulted on My Modified Loan. Can I Still Stop Foreclosure?
You have the right to defend a foreclosure, even if you have defaulted on a loan modification. At the Law Firm of Ira J. Metrick, we often receive calls from homeowners who had a prior loan modification, but ended up defaulting on the loan due to loss of employment, health issues, an increase in interest rate, or a number of other issues. Unfortunately, defaulting on a loan modification is a common issue in New Jersey. However, you still have options available to you in this situation, and you still have the right to defend against foreclosure.
Learn more about the NJ foreclosure process here.
Can I Apply for a Second Loan Modification?
Even if you have already had one, or even multiple, loan modifications, this does not mean you are prohibited from getting another one. Whether or not you can get another modification depends on your lender and the modification options they have available.
Contact An Experienced NJ Foreclosure Defense Attorney Today
At the Law Office of Ira J. Metrick, we can conduct a thorough analysis to determine your eligibility for a loan modification and give you an estimate of what the new payment terms would be.
We can also analyze your situation to make sure your lender has not committed any violations, including:
- Pursuing a foreclosure or sheriff sale while your loan modification application is still being reviewed (also known as Dual Tracking).
- Refusing to honor or review your loan modification.
- Not responding to your loan modification application within 30 days.
- Refusing to accept your mortgage payment or mortgage reinstatement.
- Declaring you in default and threatening foreclosure even though you are up to date on your payments.
- FDCPA violations, including:
- Asking you to pay money you do not owe
- Asking you to pay any additional fees or interest beyond the original agreement
- Calling repeatedly or continuously
- Calling before 8:00am or after 9:00pm
- Threatening legal actions they are not allowed to take, such as lawsuits or wage garnishment
- Informing any third party about the debt
- Lying, threatening, harassing or embarrassing you or using abusive language
- Attempting to collect your debt from family, friends, or employers
Contact us today to discuss your situation and explore your options when facing foreclosure on a defaulted loan modification.
