Disclaimer

The information you obtain at this site is not, nor is it intended to be, legal advice. You should consult an attorney for advice regarding your individual situation. We invite you to contact us and welcome your calls, letters and electronic mail. Contacting us does not create an attorney-client relationship. Please do not send any confidential information to us until such time as an attorney-client relationship has been established.

Back To All Articles

Mortgages, nj loan modification, Real Estate Attorney in NJ

Help! My Lender Won't Cooperate After Mortgage Moratorium Ended!

On Behalf of Veitengruber Law | Nov 12,2021

Many Americans took advantage of state and federally mandated mortgage moratoriums during the pandemic. Now, the majority of those moratoriums have come to an end or will soon. Some NJ homeowners who paused mortgage payments during the pandemic are now experiencing challenges when it comes to getting a mortgage loan modification. If you are experiencing difficulty getting a response from your lender concerning a loan modification, here are some things you can do.

Once you submit an application for a loan modification, your lender must acknowledge receipt of such within five business days. In this acknowledgement, the lender must request additional documents if needed or confirm the application is complete. If you do not receive this correspondence within five days of submitting your application, you can have a real estate attorney send a Notice of Error (NOE) notifying the lender they need to respond.

Additionally, your lender is required to complete their review of your application within 30 days of receipt. The lender must be in receipt of the complete application, which is why it is important to get confirmation from the servicer that the application is complete after submission. If the lender has confirmed the application is complete and does not finish their review within 30 days, they are in violation and an attorney can send an NOE notifying them of this.

If you get behind in payments during this process and your loan is in bad standing, your servicer may try to bring legal action against you. They are not, however, legally allowed to file a complaint, apply for a final judgment, or hold a Sheriff Sale while in receipt of a completed loan modification application. Sending an NOE to your servicer if you do not hear from them in the designated time frame can protect you should your servicer bring legal actions against you later.

These NOEs can also be the first step towards litigation if you are improperly denied for a modification. While a violation does not automatically mean the homeowner will receive a modification, a successful lawsuit often includes a modification. Creating a successful lawsuit means taking the right actions every step of the way throughout the application process. A New Jersey real estate attorney can verify that the proper notification has been received and conveyed to the loan servicer. Enlisting the help of an experienced attorney from the start of your mortgage modification application can help ensure success.

When lenders make a mistake or fall short of their responsibilities, borrowers can assert their rights. Veitengruber Law can help you understand your rights as a borrower and how to work with your lender. We can help you work towards better payment terms and get back on track financially.

Contact

Wall Township

1720 Highway 34 Suite 10 Wall Township, NJ 07727

Phone: (732) 894-4909

Fax: (732) 695-3917

Bordentown Office

33 Third Street 2nd Floor Suite 3 Bordentown, NJ 08505

Phone: (609) 542-2339

Metuchen Office

(By Appointment Only)

247 Main Street Metuchen, NJ 08840

Phone: (908) 386-4767

Request Your Free Case Evaluation

Fields marked with an * are required

Name*

Email address*

Phone

Brief description of your legal issue

I have read the disclaimer

For security reasons, enter the text you see in the below graphic:

Security Code
Free Consultation