Central Jersey FCU is a Federal Credit Union that predominantly focuses in local retail banking in New Jersey. If your mortgage is currently held by Central Jersey FCU and you are facing financial hardship, modifying your home loan through a mortgage modification may be the best way to avoid foreclosure, and lower the amount you are paying each month.
Most likely your familiar with loan modifications; lately there has been a huge amount of media attention on the subject as so many homeowners across America are using loan modifications as their means to achieving financial stability.
Most lenders do not want to foreclose on homes; it costs the a significant amount of time and money, and Central Jersey FCU is no different. Getting a loan modification in fact has never been easier as Central Jersey Federal Credit Union now participates in President Obama’s Making Home Affordable Program.
How does this make getting a loan modification easier? Well, Making Home Affordable is a Government Program designed to aid borrowers that are facing financial difficulty. HAMP levels the playing field, setting a specific set of guidelines under which deserving homeowners can modify their loans provided they meet basic qualifications.
Most lenders that participate in HAMP have received bailout funds under TARP, and additionally receive financial incentive from the Government for each and every loan they modify.
Regardless of whether you are current or late on your mortgage, if you meet the loan modification program guidelines and financially are facing hardship, you do in fact qualify for a loan modification. If you are missing mortgage payments, a loan modification can help get rid of those high late and legal fees, and help you stop foreclosure. If you are “on-time”, taking a look at a mortgage modification or loan workout may be in your best interest to help lower the amount you are paying each month and make your housing expenses more affordable.
So I may qualify for a loan modification. How can a loan modification help me? A loan modification can help you lower the amount you are paying each month on your mortgage through a decrease in your interest rate, payment, and possibly lower the amount you owe. Also, a loan modification can extend the number of years you have to repay your loan, and even help to forgive legal and late fees that may have been accrued. For more information on how a loan modification can help your financial situation, complete the application form on the top right of any page of this website! Apply now!
If your mortgage is currently held by Central Jersey FCU, we’d be happy to take a look and help you qualify for a loan modification under Making Home Affordable, and answer any questions that you may have!
The Central Jersey FCU loan modification process under Making Home Affordable is fairly simple, but there are a few pitfalls to avoid. The first step in getting a loan modification from Central Jersey FCU is to create a financial prospectus. A financial prospectus is merely a detailed list of all income, expenses, and assets.
When you have finished writing up your financial worksheet, it’s time to determine whether or not you qualify under the Making Home Affordable guidelines. A detailed post on Making Home Affordable Requirements & Guidelines can be found here.
Be sure that you read the above referenced post on qualifying for Making Home Affordable; often we are contacted by homeowners that have already presented information that precludes them from qualifying for a loan modification, and this makes it very, very difficult to get them the help they need.
Document your financial hardship and support your qualification for HAMP by gathering the following documents, which are required by the Central Jersey FCU:
Hardship LetterLast 2 Years W-2sLast 2 Months Paystubs3 Months of Bank StatementsLast 2 Years Federal Tax Returns(If Self-Employed) 6 Month Profit & Loss StatementNow that you have determined your eligibility, qualification, and gathered the required documentation, it’s time to contact Central Jersey FCU; they can be reached at (732) 634-0600 x 4132.
When you being speaking with a loss mitigation specialist, calmly and clearly convey the reason for your financial hardship, and explain that you qualify for the Making Home Affordable Program. Present your financial information, and submit the required documentation to Central Jersey FCU’s loss mitigation department. Clearly convey your intention to keep your home and your desire to come to a mutually beneficial agreement.
Be sure to log all dates of submission of documents, and keep a conversation log of what has been said and when. Upon completion of the negotiation process, sign the loan modification agreement sent to you via mail, return, and enjoy the rewards of your hard work!
If your having a tough time getting a loan modification, and your mortgage is held by Central Jersey FCU, we’d be happy to help answer any questions you may have or even possible represent you. To get loan modification help, simply complete the quick application form on any page of this website, and an expert will contact you immediately!
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