Newark, NJ Mortgage Foreclosure Lawyers
If you have missed a few too many mortgage payments, you might be at risk of foreclosure. It is a good idea to speak to an attorney as soon as possible so you can begin preparing for a possible foreclosure.
Mortgage foreclosure is sometimes portrayed as very sudden or surprising, but this is not the case. Creditors or lenders who want to foreclose are required to provide ample notice of an impending foreclosure. Additionally, New Jersey is a judicial foreclosure state, meaning all foreclosure proceedings must go through the courts. Your attorney can help you try to fight the foreclosure if possible. New Jersey allows people facing foreclosure a right to redeem. If that is not possible, you can file for bankruptcy to halt the foreclosure proceeding with an automatic stay. Our legal team can help you navigate the complex judicial processes and fight to keep your home.
If you have missed too many mortgage payments, call our mortgage foreclosure lawyers to discuss your situation in a free, private case evaluation by calling Young, Marr, Mallis & Associates at (609) 755-3115.
How Mortgage Foreclosure Works in Newark, NJ
Going through foreclosure is a nightmare for any homeowner. When we hear about foreclosure or see it in movies or television, it is often portrayed as a huge shock to homeowners. While most would agree that a foreclosure is bad news, it is usually not a surprise, at least it is not supposed to be.
Under federal law, creditors cannot initiate foreclosure proceedings unless certain conditions are met. Missing a single mortgage payment is not enough to trigger a foreclosure. Usually, creditors will not even begin foreclosure proceedings until a homeowner has missed about 4 consecutive payments.
New Jersey is a judicial foreclosure state. This means that if and when creditors begin the foreclosure process, they must do so through the courts. This tends to make for a slower process and might allow you time to speak to an attorney and prepare your case.
Creditors are required to provide homeowners with notice of their intent to foreclose. Usually, the notice of intent is sent to homeowners 30 days before the creditor plans to initiate foreclosure proceedings. If you can repay your missed mortgage payments or work out an agreement with the creditor at this time, you might avoid foreclosure. If you receive a notice of intent to foreclose from your creditor, call a lawyer immediately.
When the creditor actually initiates foreclosure, they do so through a lawsuit. Like any lawsuit, you should be served with a complaint that you can answer with the help of our bankruptcy lawyers. Before going any further, your attorney should review everything that has led up to this point. If creditors do not follow proper procedure, we might be able to stall foreclosure proceedings and buy more time to remedy your financial problems.
How to Stop a Mortgage Foreclosure
If creditors have sent you a notice of intent to initiate foreclosure, you might still have hope. Our mortgage foreclosure attorneys can advise you on how you might prevent the foreclosure from happening or slow it down so you have more time to prepare. You should speak to an experienced lawyer as quickly as possible.
Right to Redeem
New Jersey allows people facing a foreclosure the right to redeem. Your right to redeem provides a brief window of time after foreclosure and after the sheriff’s sale is executed for the original homeowners to make good on their debts. More specifically, you have 10 days after the sale to fully redeem the mortgage and retain your home.
If you wish to exercise your right to redeem, you must pay the judgment in full, including any interest and costs incurred by the purchaser of the foreclosed property. Redeeming a property after foreclosure can be very difficult, but it is not impossible. Talk to your lawyer about redeeming your property if foreclosure is on the horizon.
Filing for Bankruptcy
Another possible solution is to file for bankruptcy. When you file for bankruptcy, the foreclosure does not go away. However, the court will initiate an automatic stay on all legal proceedings related to foreclosure or other debts. This means creditors must halt the foreclosure process until your bankruptcy case is complete.
For some, the automatic stay might allow them time to rearrange their finances and make good on missed mortgage payments. It might also allow you time to work out a separate agreement with creditors. For example, creditors might accept a partial payment toward your mortgage in exchange for dropping the foreclosure proceedings.
How Your Mortgage Foreclosure Lawyer Can Assist Your Case in Newark, NJ
Your attorney can help you by first reviewing the numerous legal options you might have at your disposal. For example, you might want to file for bankruptcy in the hopes that an automatic stay will give you time to get your finances in order to keep your home. Your lawyer can help you decide which bankruptcy chapter is best for your situation and can best help you keep your home.
Your attorney can also help you figure out if you can fight the foreclosure. While foreclosure can feel like the walls are closing in around you, there are ways to fight it. As mentioned before, your lawyer can help you determine if you can exercise your right to redeem the property shortly after foreclosure.
Alternatively, your lawyer can heavily scrutinize the methods used by creditors to initiate foreclosure. You might challenge the foreclosure if your creditors do not follow proper protocol. For example, if creditors did not send you notice of their intent to foreclose, we can oppose the foreclosure and get more time to work things out.
Speak to Our Newark, NJ Mortgage Foreclosure Lawyers About Your Legal Options Now
If you have missed more than a few mortgage payments, call our mortgage foreclosure attorneys to discuss your situation in a free, confidential case assessment by calling Young, Marr, Mallis & Associates at (609) 755-3115.