{"id":910,"date":"2013-04-07T18:52:17","date_gmt":"2013-04-07T18:52:17","guid":{"rendered":"http:\/\/www.bankruptcylawyer-nj.com\/blog\/?p=910"},"modified":"2021-12-02T13:35:11","modified_gmt":"2021-12-02T13:35:11","slug":"save-your-house-after-loan-modification-default","status":"publish","type":"post","link":"https:\/\/www.bankruptcylawyer-nj.com\/2013\/04\/07\/save-your-house-after-loan-modification-default\/","title":{"rendered":"Save Your House After Loan Modification Default in NJ"},"content":{"rendered":"<p>What happens if someone defaults on a mortgage after the loan was modified?<br \/>\nA person that defaults on a loan modification may be able to <a href=\"https:\/\/www.bankruptcylawyer-nj.com\/new-jersey-mortgage-foreclosure-lawyer\/loan-modification\/\">obtain a second loan modification<\/a>. This blog assumes that the person is unable to obtain a second loan modification after defaulting on the first loan modification.<br \/>\nA person who falls behind with their mortgage after entering into a loan modification, may be able to save their house through bankruptcy. As I explain in my website, a person is able to<a href=\"https:\/\/www.bankruptcylawyer-nj.com\/published-opinions-and-articles-by-robert-manchel-esq\/new-jersey-bankruptcy-foreclosure-lawyers\/\"> save their house and stop the foreclosure action <\/a>by paying the pre-filing mortgage arrears through the bankruptcy plan, in addition to paying the regular monthly mortgage payments directly to mortgage company.<br \/>\nThe terms of the mortgage that is relevant at the time of the bankruptcy filing are the loan modification terms and not the terms of the mortgage prior to the loan modification. This means that the amount of the default relates to the amount that you are behind after the loan modification. Also, the monthly payment that is due going forward is based on the loan modification terms. Consequently, the amount that must be paid to the mortgage company through the bankruptcy plan is the amount that a person is behind since the first loan modification payment, which does not include the amount of the arrears prior to the loan modification. Also, the monthly payment that must be paid to the mortgage company, after the bankruptcy filing, is the amount that is required under the loan modification and not the amount that was due prior to the loan modification.<br \/>\nPlease note that the first payment of the loan modification does not mean the first payment of the trial period payment.<br \/>\nRobert Manchel can be contacted at (866) 503-5655 if you&#8217;re at risk of losing your home.<\/p>","protected":false},"excerpt":{"rendered":"<p>What happens if someone defaults on a mortgage after the loan was modified? A person that defaults on a loan modification may be able to obtain a second loan modification. This blog assumes that the person is unable to obtain a second loan modification after defaulting on the first loan modification. A person who falls [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[29],"tags":[],"class_list":{"0":"post-910","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-mortgage","7":"entry"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Loan Modification Default in NJ \u2013 Manchel New Jersey Bankruptcy Law<\/title>\n<meta name=\"description\" content=\"What happens if someone defaults on a mortgage after the loan was modified? A person that defaults on a loan modification may be able to obtain a second\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bankruptcylawyer-nj.com\/2013\/04\/07\/save-your-house-after-loan-modification-default\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Loan Modification Default in NJ \u2013 Manchel New Jersey Bankruptcy Law\" \/>\n<meta property=\"og:description\" content=\"What happens if someone defaults on a mortgage after the loan was modified? 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