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  • 862-930-5057
  • 20 Commerce Dr. Suite 135 Cranford, New Jersey 07016

services

Areas of Practice

We offer a wide range of services to help each of our clients.

Loan Modification

The bank will alter the terms of your mortgage in an effort to resume mortgage payments and keep you in your home.

Pros

  • You receive a new payment schedule, a fresh start, and get to save your home.

Cons

  • You still owe the full mortgage balance, plus additional fees. Your new payments may be higher than the original payment depending on how long your loan is delinquent.
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Short Sale

The bank will allow you to sell your home for less than the owed mortgage balance!

Pros

  • The deed is recorded promptly to avoid any lawsuits or home violations being filed against the homeowner.
  • The deficiency judgment may be forgiven, and relocation funds may be offered. New mortgage programs may be available based on your unique circumstances.

Cons

  • You must sell your home and move your family to a new residence.
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Refinance

The homeowner receives a new loan that pays off the current problematic loan.

 

Pros

  • You secure a new loan with better terms and keep your home.

Cons

  • This option is best used before any late payments are reported to the credit bureaus.
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Short Refinance

The bank agrees to reduce the current mortgage balance to equal the current market value of the home, as determined by an appraisal.

 

Pros

  • Any deficiency balance may be forgiven. You save your home and reduce your monthly payment. This is an excellent option for the homeowner.

Cons

  • Lenders and Banks are not required to offer this option and they are difficult to secure. However, we always ask.
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Shared Appreciation Mortgage

If the house appreciates in value afterward, the bank will collect on that equity.

Pros

  • Deficiency balance may be forgiven.
  • The new loan may allow for some built-in equity. You save your home and reduce your payment; another excellent option for the homeowner.

Cons

  • Banks are not required to offer this option, and they are difficult to secure.
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Forbearance

The bank places all arrearages on the back end of the mortgage loan at zero interest, and it is not payable until the mortgage is paid off or the property is sold.

Pros

  • The lender places your missed payments on the back of the loan and gives you a fresh start.

Cons

  • This can negatively impact your ability to refinance your home.
  • Back payments are usually structured as a balloon payment (or lump sum), which can be financially challenging.
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Special Forbearance

The bank sets up past-due monthly payments for a specific time period in addition to the regular monthly mortgage payment.

Pros

  • This stops foreclosure proceedings. It is usually only valid for a short term based on the homeowner’s unique circumstances, and it saves the home.

Cons

  • This is usually a very expensive short-term option.
  • This is very difficult to obtain.
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Deed in Lieu

The bank provides legal papers allowing the homeowner to sign the deed over to the them.

Pros

  • This is a good option when the bank will not approve a short sale.
  • It is also a good option for rental properties or a second home.

Cons

  • The property must be in good condition with the ability to obtain a clear title and left in broom clean condition.
  • Should ALWAYS be negotiated by an experienced third party; if done incorrectly there can be serious adverse consequences to your credit.
  • Many times this option delays your ability to purchase a new home.

Mortgage Forbearance

The bank places all arrearages on the back end of the mortgage loan at zero interest, and it is not payable until the mortgage is paid off or the property is sold. Available when you don’t qualify for a loan modification or a refinance.

Pros

  • This stops foreclosure, maintains the existing mortgage payment and saves the home.

Cons

  • You may end up owing more than the home is valued at in the current real estate market.
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Bankruptcy

Banks will work with the homeowner on any number of foreclosure alternatives, if the homeowner decides to file for bankruptcy protection.

Bankruptcy should be considered if the homeowner has significant debts in addition to the mortgage debt. Bankruptcy should always be discussed with an attorney. The Wessex Mortgage Advocates can recommend one for you.

Bankruptcy adversely affects your credit for a long time.

Pros

  • If you are trying to save your home, all debts, excluding the mortgage, may be discharged, freeing up income to support a foreclosure alternative to save the home.
  • Bankruptcy can provide a financial fresh start for the homeowner.

Cons

  • The homeowner does not immediately qualify for bankruptcy protection.
  • Bankruptcy does not remove the mortgage debt, unless you decide to sell the home or return the home back to the bank that owns the mortgage loan. In other words, bankruptcy does not mean you get to stay in the house and not pay the mortgage.
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Copyright © 2024 Wessex Mortgage Advocates. All rights reserved.

IMPORTANT NOTICE: Wessex Mortgage Advocates, LLC is not a mortgage relief service, mortgage lender, a lawyer referral service or a law firm and the information contained herein is not legal advice. Using Wessex Mortgage Advocates, LLC does not create an attorney-client relationship between any attorneys in our network. Wessex Mortgage Advocates, LLC is not a government-sponsored website or program and is not approved by your lender. To access information on government-sponsored assistance, please visit makinghomeaffordable.gov. wessexma.com is also not a non-profit, state or local government website. Wessex Mortgage Advocates , LLC matches consumers with attorneys, advocates or services in our network that may offer foreclosure help, mortgage relief or loan modification services. No particular result is guaranteed by engaging with partners in our network and lenders may not agree to change a consumer’s loan by using their services. There is no guarantee that you may qualify for a loan modification or prevent the foreclosure process. Wessex Mortgage Advocates, LLC does not charge any upfront fees; partners in our network provide a no-cost evaluation of your options. However; they may charge a fee for services after the initial review. Wessex Mortgage Advocates, LLC will not ask you to transfer or surrender property titles, we will not offer to buy your house at a below-market price, you will not be asked to bypass the lender and make payments directly to the company or another third party. We do not encourage you to avoid contacting your lender, lawyer, credit counselor, or housing counselor.

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