Foreclosure Defense

Morristown Foreclosure Defense Attorneys

Helping Clients Save Their Homes in Morris County and Surrounding Areas

Irresponsible lending was the primary cause of the 2008 financial crisis. Many homeowners in Morristown and other parts of New Jersey still struggle to keep up with payments on mortgages established during that period.

Receiving a foreclosure letter can be a harrowing experience. However, the nation's bankruptcy laws and various Great Recession programs can help you avoid losing your home. When you hire an experienced attorney to stop foreclosure from our firm, we can help you understand your best options.

Let us help you understand your options for saving your home. Reach out to our NJ foreclosure defense attorneys at (973) 363-2260 right away.

How Can You Stop Foreclosure in New Jersey?

If you are about to lose your home in New Jersey, one of the key questions you may want an answer to is if you can stall or stop the process. If you have received a Notice of Delinquency, this is no guarantee that you are going to lose your home. However, to prevent this scenario from playing out, or to stall the process so you can make other living arrangements, you have a few options.

When facing foreclosure, start with the following steps:

  • Review your foreclosure notice: This will outline everything you need to know about your current situation, including the steps you can take next. Forbes points out that the very Notice of Delinquency usually includes information that may help you to keep your home.
  • Understand what went wrong: You know you're behind on payments, but that doesn't mean anything if you don't know the specifics of your situation. How many payments have you missed? How much money do you owe, including interest, fees and penalties?
  • Talk to your lender: Don't assume that your lender is chomping at the bit to repossess your home. Lenders are often quite willing to cooperate with you, as foreclosure can cost lenders a lot of time and money

Foreclosure Mediation Options

One important step to preventing or stopping foreclosure is mediation. In a foreclosure mediation, our mediators can help you explore possible options to avoid foreclosure with your mortgage holder.

We can help you explore options such as:

  • Loan Modifications - There are many federal and state programs available to homeowners facing financial difficulties falling behind on payments. Many lenders have in-house programs to modify an existing mortgage.
  • Repayment plans - You may be eligible for a repayment plan, allowing you to spread out your past due amounts over several months. You can then repay these amounts to make your mortgage current.
  • Short sales - If selling the property is inevitable, a short sale can serve as a foreclosure alternative, allowing the homeowner to sell for a lesser value than the mortgage. A short sale is less financially damaging than a foreclosure, and it allows homeowners more control.
  • Statutory Redemption - Even when homeowners lose the house to foreclosure, they may be able to regain it through statutory redemption. This allows homeowners to pay the foreclosure sale price and interest, and then remain in the home. Redemption periods are sometimes only 30 days but some homeowners have received up to two years.

Our NJ foreclosure defense attorneys can help you avoid foreclosure when a traditional negotiation fails to produce an amicable agreement.

Contact us online or call (973) 363-2260 today to learn more about how we can help you!

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.

In any form of bankruptcy, the automatic stay puts an immediate halt to foreclosure proceedings. When you file for Chapter 13 bankruptcy, this stay can allow you to bring your mortgage up to date with a repayment plan that lasts for 3-5 years. In some cases, Chapter 13 can strip an unsecured second or third mortgage. This means that you can stay in your home and focus on paying only your first mortgage.

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 therefore imperative that you take immediate action if you have received a foreclosure notice.

Foreclosure Litigation

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.

Time Is of the Essence—Let Our NJ Foreclosure Defense Attorneys 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. Our attorneys have helped clients just like you employ successful foreclosure defense measures. We can evaluate your situation and recommend the most effective strategy possible.

Safeguard what matters most. Call our NJ foreclosure defense attorneys at (973) 363-2260 or fill out our online contact form today.

Filing Bankruptcy in Morristown?

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.

Past Clients Tell Us Their Stories

  • “I have personally used Ast & Schmidt and have recommended them to friends and family members as well. Robert and Antoinette are always responsive, timely, and available to go over any questions or ...”

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  • “They took care of me through both a bankruptcy and home sale. Smart, detailed, professional, as well as personable. What more could you look for? Highly recommended!”

    - Eric S.
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