If you have recently received notice from your home loan lender of its intent to foreclose, you have a number of solutions that could potentially help you keep your home. One of the most powerful options available is modifying the terms of your loan in a way that allows you to make your monthly payments going forward. This has been an option for homeowners since the 2007/2008 housing market crisis.

Loan modification can be difficult, since your lender has to agree to the changes. However, successful modification is often possible with the help of a seasoned foreclosure defense attorney. A New Jersey loan modification lawyer from Gillman, Bruton, & Capone can assist you in negotiating a loan modification with your lender and thereby allowing you to remain in your home for the long term. 

What is Loan Modification?

Loan modification occurs when a homeowner and their lender reach an agreement to alter the terms of the loan. This can occur at any point while the loan is still active, but it is most common when homeowners are in default or are struggling to make payments. 

Often, the lender will agree to amend the terms of the loan to reduce the interest rate, extend the term of the loan, lower the monthly payment, or make some other change that is beneficial to the homeowner. 

Modifying a Loan Could Prevent Foreclosure

One of the situations where a loan modification is most useful is during the foreclosure process. When a homeowner is served with a notice of intent to foreclose, the amount of time they have to save their home is limited. A New Jersey home loan modification attorney might be able to help a homeowner keep their home through the loan modification process. 

The reality is that many lenders would rather have a homeowner remain in the home while making payments as opposed to foreclosing on the property. There are costs and risks associated with foreclosure for these lenders, and it is many times preferable for the lender to simply collect a check each month. For that reason, lenders are often open to loan modification—even during the foreclosure process. 

It is possible to modify the terms of a loan if both sides agree. Meaning: if the lender agrees, it could be possible to adjust the term of the loan or interest rate that results in a new ongoing payment that is easier to manage. Furthermore, through a loan modification it is possible that a mortgage lender could take the mortgage arrears and roll those back into the loan, creating a new principal balance. Obtaining a Loan Modification provides the homeowner with a fresh start on their mortgage while bringing the foreclosure process to an end. 

The Importance of Legal Counsel

The guidance of a New Jersey attorney during the loan modification process is vital. The steps in the process are complex, and any errors could delay or even end your chance to obtain a loan modification. For homeowners facing the risk of foreclosure, these delays and setbacks could be the difference between keeping their home and facing eviction. 

There are many other reasons why relying on trusted legal counsel is important. There have been countless reports of scams involving so-called loan modification experts. Retaining and working a reputable, dedicated attorney eliminates the risk of falling for one of these scams during an already challenging financial period of time in your life. 

Contact a New Jersey Loan Modification Attorney Right Away

If you are behind on your mortgage or are facing the prospect of foreclosure, the time to consider loan modification is now. Any delay could put your home at risk and limit the chances of getting your finances back on track. Let a New Jersey loan modification lawyer provide you with the opportunity to avoid foreclosure and keep your home. Many of our past clients have been frustrated in attempting to negotiate with their mortgage companies or have had unfortunate experiences with “loan modification companies” who have offered many promises but few results or explanations. Call us right away to get started. 


Ed is one of the most efficient attorneys I’ve ever dealt with in getting commercial loans to the closing table. I’m happy to recommend you to my client and to the other brokers within my organization.