Vineland, NJ Mortgage Foreclosure Defense Lawyer
Mortgage foreclosures can be extremely stressful. Not everyone has family or friends they can rely on if they lose their home, and many face homelessness after foreclosure. A lawyer can work to defend you against the foreclosure.
Mortgage foreclosures usually happen because homeowners have missed multiple payments on their mortgage. Typically, a person must miss several months of payments before creditors can consider foreclosure. Creditors are legally required to send you advanced notice of a mortgage foreclosure. If they fail to do so, tell your attorney immediately. You might be able to defend against foreclosure by filing for bankruptcy. Bankruptcy might allow you to liquidate other assets to afford your mortgage or rearrange your finances into a feasible payment plan, depending on how you file. An attorney can help you look into your options and maximize the benefits of each one.
Call our mortgage foreclosure defense attorneys at Young, Marr, Mallis & Associates at (609) 755-3115 for a private, free assessment of your situation.
Why You Might Be Facing a Mortgage Foreclosure in Vineland, NJ
Many people facing foreclosures wonder where everything went so wrong. Foreclosure is rarely a very sudden process. For some, it is the result of a long history of financial mistakes and missed payments. Even so, everyone’s situation is unique. If you are facing money troubles and are behind on mortgage payments, you should talk to an attorney about how likely a mortgage foreclosure is to happen and how you can protect yourself.
While some debts result from mismanaged finances or poor spending habits, others are out of your control. Many people end up in debt and cannot pay their mortgage because of medical bills or other unexpected costs. A bad car accident or sudden illness might leave you unable to work and earn an income while the bills continue to pile up. This can be especially problematic for those without health insurance to ease the burden.
Other people facing mortgage foreclosure might have high debts but also high incomes to keep up. In these cases, falling behind on payments is usually the result of expensive lifestyle habits. People with high incomes often spend more money and incur larger debts. Unfortunately, many people find themselves quickly overwhelmed and unable to keep up, even with their high earning capacity. For example, a person earning 6 or 7 figures a year might still fall behind on mortgage payments if they purchased a home beyond their financial capacity or a large investment went bad.
Financial mistakes are common, and bankruptcy is not a punishment for overspending or mismanaging finances. Our mortgage foreclosure defense lawyers can assist you in getting to the bottom of your debt problems and hopefully keep your home.
How Do I Know I’m in Mortgage Foreclosure in Vineland, NJ?
Creditors are required to provide advanced notice to homeowners about the mortgage foreclosure. More specifically, under 12 C.F.R. § 1024.41(f), creditors cannot initiate the foreclosure process unless you are at least 120 days late with mortgage payments, the borrower violated a due-on-sale clause, or the creditor is joining a foreclosure action of another lienholder.
Before a creditor can initiate foreclosure, they must abide by strict notice requirements. Not only must creditors wait until you are at least 120 days late on payment, but they must notify you before they formally begin foreclosure proceedings. Creditors often begin giving notices after the first missed payment. You might get a notice about the first late payment with information about how to catch up.
After a second missed payment, creditors will again notify you and possibly provide you with more information about how to catch up on payments or other repayment options. After the third missed payment, the notices might become more serious. You might receive a letter informing you that you are in breach of the loan terms and that you have a certain amount of time to reinstate the loan. After 120 days, the creditors can begin to foreclose.
According to N.J.S.A. § 2A:50-56(a), creditors must provide notice of an impending foreclosure at least 30 days in advance but no more than 180 days in advance. This should give you time to contact an attorney and discuss your legal options.
Defending Yourself Against a Mortgage Foreclosure in Vineland, NJ
When considering ways to protect your home from foreclosure, most people probably would not consider filing for bankruptcy. While many think of bankruptcy as a punishment, it is nothing of the sort. It might be the solution you are looking for when facing a foreclosure.
Chapter 7 Bankruptcy
Chapter 7 bankruptcy is often called liquidation bankruptcy because it focuses on selling off and liquidating assets and property to repay debts. For people facing foreclosure who want to keep their home, this can be a risky option. The bankruptcy trustee assigned to your case could liquidate your home.
However, there might be ways we can prevent this. If you have other assets (e.g., real property, accounts, investments), we might work with the trustee to liquidate those first to help you catch up on your mortgage payments and put a stop to the foreclosure.
Chapter 13 Bankruptcy
You might instead file for Chapter 13 bankruptcy. Under this chapter, your assets, including your home, would not necessarily be liquidated. Instead, you and your attorney can develop an aggressive yet feasible payment plan. If the court approves your plan, you must stick to it for several years.
Once the terms of the payment plan are completed, and you have kept up with payments, the court might discharge certain debts. This can be a great way to catch up on mortgage payments without risking losing your home to liquidation.
Call Our Vineland, NJ Bankruptcy Attorneys for Help Now
Talk to our mortgage foreclosure defense lawyers about a free evaluation of your legal options.by calling Call Young, Marr, Mallis & Associates at (609) 755-3115.