Foreclosure Defense Lawyer Near Me in Cherry Hill, NJ
Foreclosure on a property can be a catastrophic experience. Facing the possibility of losing a home that you worked hard to buy can be overwhelming and devastating. Luckily, due to New Jersey laws designed to protect people from foreclosure, homeowners can reduce their chances of having their homes foreclosed upon. With the help of an experienced and skilled attorney, homeowners facing the threat of foreclosure can take action to save their homes and their peace of mind.
The Cherry Hill, New Jersey, foreclosure defense lawyers at Young Marr & Associates are ready to put their expertise to use to help New Jersey residents. The attorneys that work for Young Marr & Associates are dedicated to advocating for homeowners that are facing foreclosure. To learn more about possible defenses that you may have against a foreclosure, get in touch with Young Marr & Associates to schedule a free and confidential initial consultation. Call (866) 781-4058 today.
The Foreclosure Process in Cherry Hill, NJ
The home foreclosure process in New Jersey begins after a mortgage borrower fails to make several payments on the mortgage on their home. After the lender sends notice to the homeowner about their unpaid debt, the mortgage will go into default.
Following the nonpayment of the mortgage, the borrower will receive a Notice of Intention to Foreclose. This notice usually arrives after the mortgage borrower fails to make mortgage payments for three months. After receiving the Notice of Intention to Foreclose, the homeowner will have 30 days to respond to the notice and catch up on their payments.
If the mortgage borrower fails to do anything about their Notice of Intention to Foreclose, then the lender will file a lawsuit against them with the New Jersey Office of Foreclosure. Once the lawsuit has been filed, the mortgage borrower will be known as the “defendant” and the lender will be known as the “plaintiff.”
Notice of the foreclosure complaint must be served to the mortgage borrower in person, accompanied by a summons to appear in court for a hearing about the foreclosure. At this time, the homeowner will also receive information about participation in a mediation program. The homeowner must reply within 35 days, and their reply must be in the form of a legal document either admitting to or denying the claims made in the complaint.
Then, the homeowner will receive notice of the sale of their property. They will have 10 days to file a motion objecting to the sale of their home. After the property has been sold, New Jersey residents have the right to redeem or recover their foreclosed property, though doing so requires that the homeowner pay the full amount of the judgment in addition to taxes, assessments, and repairs.
Defenses for Foreclosure
When responding to a foreclosure complaint, New Jersey residents have the opportunity to cite any unfair lending practices. An experienced foreclosure attorney can help homeowners facing foreclosure to understand the possible defenses they will be able to make to prevent a foreclosure from happening. The possible defenses that homeowners facing foreclosure can make are:
- Lender fraud – It is possible that your lender committed fraud at the time that they issued your loan. According to the New Jersey Consumer Fraud Act, lenders can be liable for triple damages and attorney fees.
- Lack-of-note defense – In some foreclosure cases, the lender that is enacting the foreclosure is not authorized to do so. If the loan was transferred to another servicer, then the original servicer will not be able to pursue foreclosure on the home.
- Truth in lending law violations – When the mortgage was issued to the borrower, it is possible that the lender violated truth in lending laws. If so, they will not be able to foreclose upon your home. Furthermore, the lender may be liable for damages to the borrower.
- Servicing violations – Mortgage servicers are required by law to follow rules regarding loan servicing and modification. Lenders will be unable to foreclose on homes if they violated these requirements.
Federal and State Foreclosure Laws in New Jersey
There are laws in place both federally and in New Jersey that exist to protect homeowners from unfair lending practices. Federal and state foreclosure laws also give mortgage borrowers time to prepare to make loan modifications, conduct short sales, and/or pay off the payments that they are behind on.
New Jersey laws that protect mortgage borrowers from foreclosure include The Fair Foreclosure Act (states the rules that the lender must follow during foreclosure), The Consumer Fraud Act (protects consumers from fraudulent practices), and the Truth in Consumer Contacts, Warranty, and Notice Act (prohibits lenders from including provisions that violate borrowers’ legal rights).
Federal laws that protect mortgage borrowers from foreclosure include The Truth in Lending Act, also known as TILA or “Regulation Z”, which states that disclosure of credit terms is a legal right and that consumers are entitled to information regarding bad credit, and The Real Estate Settlement Procedures Act, or RESPA, which requires disclosures and procedures to be made during applications for mortgage loans and servicing.
Contact Our Cherry Hill, New Jersey Foreclosure Defense Lawyers
The foreclosure attorneys from Young Marr & Associates are able to help homeowners protect their homes against imminent foreclosure. The Cherry Hill, New Jersey foreclosure defense attorneys at Young Marr & Associates can help homeowners understand their rights and enter into a mortgage foreclosure diversion program. Contact Young Marr & Associates today by calling (866) 781-4058.