Morristown Foreclosure Defense Lawyer
Helping Clients Throughout Morris County Save Their Homes
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 mortgage payments 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 Morristown foreclosure defense attorney to stop foreclosure from our firm, we can help you understand your best options.
What is Foreclosure?
An individual who defaults on a mortgage loan is subject to a foreclosure. The lender takes ownership of the mortgaged property and sells it to recover the amount owed. It is usually triggered when a borrower misses a certain amount of monthly payments.
The pre-foreclosure period is the period between a borrower defaulting on a mortgage and the lender foreclosing or agreeing to allow the borrower to maintain ownership.
Are you at risk of losing your home? Call Ast & Schmidt, P.C. today at (973) 363-2260 or contact us online to schedule a meeting with our foreclosure defense lawyer in Morristown!
How Can You Stop Foreclosure in New Jersey?
If you are about to lose your home in New Jersey, one of the critical questions you may want an answer to is if you can stall or stop the process. If you have received a Notice of Delinquency, there is no guarantee that you will lose your home. However, you have a few options to prevent this scenario from playing out or stall the process so you can make other living arrangements.
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 charges 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.
What are Different Types of Foreclosure Mediation Options?
A critical step to preventing or stopping foreclosure is mediation. In 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 - Many federal and state programs are 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 be 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, allowing 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 remain in the home. Redemption periods are sometimes only 30 days, but some homeowners have received up to two years.
Our Morristown foreclosure defense lawyer can help you avoid foreclosure when a traditional negotiation fails to produce an amicable agreement.
Contact Ast & Schmidt, P.C. today to better understand your options for saving your home! Call our foreclosure defense lawyer today.
Can Chapter 13 Bankruptcy Prevent Foreclosure?
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 immediately stops 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 might grant these petitions if homeowners delayed filing for bankruptcy after being notified that their homes were to be sold. Therefore, you must take immediate action if you have received a foreclosure notice.
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 necessary paperwork. Pressing banks by pointing out these deficiencies could prompt them to return to the negotiating table.
Related Foreclosure Readings:
Contact Our Foreclosure Defense Attorney Today
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.
Contact Ast & Schmidt, P.C. today to schedule a FREE consultation with our Morristown foreclosure defense attorney!
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.