Morristown Foreclosure Defense Attorneys
Foreclosure Defense Attorneys Serving Morris County and Surrounding Areas
Irresponsible lending was the primary cause of the 2008 financial crisis, and many homeowners in Morristown and other parts of New Jersey are still finding it difficult to keep up with payments on a mortgage established during that period. Receiving a foreclosure letter can be a harrowing experience, but the nation's bankruptcy laws and various Great Recession programs can help you avoid losing your home. Here are several methods we can help you employ to delay or prevent foreclosure.
Our foreclosure defense lawyers are very familiar with federal and state programs available to homeowners who are facing financial difficulties and have fallen behind on payments. We will work closely with you to determine how you can stay in your home for as long as possible. Many lenders have in-house programs to modify an existing mortgage, which has helped many of our clients make reasonable monthly payments.
Our lawyers can work with your mortgage holder in mediation. We can help you avoid foreclosure when a traditional negotiation fails to produce an amicable agreement.
If a lender is unwilling to modify a loan, our attorneys can challenge them in court. The laws governing property foreclosures require extensive documentation, but some lenders initiate a foreclosure without the paperwork they need. Pressing banks by pointing out these deficiencies could prompt them to return to the negotiating table to discuss a loan modification or a short sale.
Prevent Foreclosure with Chapter 13 Bankruptcy
Can bankruptcy help you save your home? This is a question we often hear from our clients. Because bankruptcy proceedings resolve the defaults that led to the foreclosure action, bankruptcy can help you keep your home. The automatic stay puts an immediate halt to foreclosure proceedings and allows you to bring your mortgage up to date with a repayment plan that lasts for 3-5 years.
A mortgage lender may petition the court to lift the stay and allow the foreclosure to proceed. Courts may grant these petitions if homeowners delayed filing for bankruptcy after being notified that their homes were to be sold. It is imperative that you take immediate action if you have received a foreclosure notice.
Time Is of the Essence—Let Us Fight for You
It can take several months to complete a foreclosure, but you must act at once. Lenders are more willing to negotiate a loan modification when they are approached in the early stages of the process.
If you are at risk of losing your home through foreclosure, contact our firm immediately. We can evaluate your situation and recommend the most effective strategy possible.
Our team of bankruptcy attorneys at Ast & Schmidt, P.C. can take the right actions to help you achieve relief from crushing debt. We promise you, there is a light at the end of the tunnel.