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.
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:
- 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.
Our lawyers can help you avoid foreclosure when a traditional negotiation fails to produce an amicable agreement.
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. This stay also 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.
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 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. 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.
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.