31,500 New Jersey residents keep homes with modification program

Facing the possibility of losing your home is an experience that no homeowner wants to go through. People across New Jersey work very hard to save up to buy a home and continue working hard to keep that home, but extenuating circumstances can come up which put those goals in jeopardy.

Because it can be very upsetting to deal with the possibility of foreclosure, many people are unsure of how to deal with the situation and may avoid asking for assistance. Some people think there is nothing they can do about it, while others hope that they will be able to figure out a solution on their own. However, in many cases, people benefit from reaching out and asking for help to avoid losing their home. You may not realize it, but there are many resources available to help home owners in this predicament, including foreclosure defense or mortgage modifications.

For example, a government program called the Home Affordable Modification Program was launched in 2009 which has helped nearly 31,500 homeowners in New Jersey alone avoid foreclosure. By offering incentives to various parties, including investors and borrowers, the program has helped people lower their monthly mortgage payments by an average of about $547.

If a homeowner meets the criteria for the HAMP program, he or she can access modification resources that make it easier for them to lower monthly payments, sustain future mortgage payments and avoid the devastation of losing a home. Since it started in 2009, the program has reportedly helped 1.2 million people in the U.S. who were facing foreclosure.

Even though a person may not qualify for this particular program, it is just one of the many options available to homeowners. There are a number of approaches that a person can explore when it comes to foreclosure, short sales or repossessions so it may be a good idea to work with an attorney to determine what the best option may be. It can be an overwhelming and confusing process, but with legal support and guidance, a homeowner can tackle these issues and work toward a positive solution.

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Attorney Joel R. Spivack is an experienced bankruptcy and residential real estate transactions lawyer in Cherry Hill, New Jersey. Clients come to us for legal services, but what we really provide is peace of mind. For more than 30 years, Attorney Spivack has helped people make wise, informed decisions about bankruptcy filings, debt relief options and residential real estate transactions.
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