While every situation is different, families facing foreclosure in New Jersey are typically best positioned to stop foreclosure and save their homes by hiring experienced and qualified foreclosure lawyers.
An attorney in New Jersey can help a borrower facing foreclosure in several ways. One way is by challenging the foreclosure in court. If the lender has not followed proper procedures or has engaged in predatory lending practices, an attorney can argue that the foreclosure is not valid and should be stopped. In connection with challenging the foreclosure, an attorney can also negotiate a loan modification with the lender on behalf of the borrower. This can include reducing the interest rate, extending the loan term, or even forgiving a portion of the loan balance. This can make the loan more affordable for the borrower and help them keep their home.
Another way is by filing for bankruptcy. Filing for bankruptcy can provide a borrower with an automatic stay, which temporarily stops the foreclosure process and gives the borrower time to work out a repayment plan with their lender. Additionally, filing for bankruptcy can also discharge certain debts, including mortgage debt, which could make it easier for the borrower to keep their home.
Lastly, attorney can also explore alternatives to foreclosure, such as a short sale or a deed in lieu of foreclosure. These options allow the borrower to sell the home for less than the outstanding mortgage balance or transfer ownership of the home back to the lender, respectively, and avoid a foreclosure on their credit record.
It’s worth noting that New Jersey has a statutory right of redemption, which means that the borrower has a certain amount of time after the foreclosure sale to redeem the property by paying the outstanding mortgage balance, including interest and costs. An attorney can help the borrower to exercise this right if they qualify.
In short, an attorney can help a borrower facing foreclosure in New Jersey by filing for bankruptcy, challenging the foreclosure in court, negotiating a loan modification with the lender, exploring alternatives to foreclosure, and helping the borrower to exercise the statutory right of redemption. It’s important for the borrower to seek the help of an attorney as soon as possible when facing a foreclosure to ensure the best chance of success.
Don’t Fight Alone
New Jersey families facing foreclosure are almost always best positioned to take on the banks if they have the help of experienced New Jersey foreclosure legal counsel. Banks and servicers file foreclosure actions throughout New Jersey with the help of foreclosure counsel. Banks do not fight alone. You should consider the same, and work with a team of New Jersey foreclosure legal professionals to fight to keep your home. At Friscia & Associates, LLC, our legal team is experienced at fighting to prevent foreclosure so that our client’s can keep their homes. We actively litigate foreclosure case, while mediating the underlying dispute for the purposes of attempting to settle these foreclosure disputes by mutually agreed upon modifications of borrowers’ loans.
If you are interested in learning more about foreclosure defense, or if you have any related questions call us today at (973) 500-8024 or (212) 960-8308, or submit your contact information below and we can contact you directly.