If you purchase a home with a mortgage and have been having a difficult time making the monthly payments, your mortgage lender will repossess the home. You may also face foreclosure if you have failed to pay your property taxes or the fees associated with your homeowner's association.
What Happens During a New Jersey Foreclosure?
Through a foreclosure, your mortgage lender may take the property from you and sell it in an attempt to recover the money it lost when you defaulted. This is a legal procedure because the house is the guarantee for the loan. When you sign the mortgage documents it is clearly spelled out that you recognize that the lender has the right to foreclose on the home should you default on the mortgage.
When you initially buy the house, the lender makes a thorough investigation into your finances, checking your income, reviewing your credit history, and determining the right amount to lend you. However, circumstances change when one least expects them to and even the most financially savvy homebuyer may find themselves facing foreclosure.
The most common circumstances that may result in a homeowner being unable to pay off their mortgage are:
Change in household income due to a death in the family or a divorce
Being laid off, quitting, or losing a job
Having to relocate before being able to sell the home
Being hit by a natural disaster
Taking on excessive debt
A Foreclosure Defense Attorney Can Help You
Hiring a foreclosure attorney in NJ can be your best option if you want to stay in the home and avoid foreclosure. Getting in touch with the Law Office of Stuart M. Nachbar as early in the process as possible may make all the difference. He will negotiate with your lender to allow you to stay on or if things have already progressed legally, he will be by your side when it comes to fighting the foreclosure in court. If you wait too long to reach out to a foreclosure defense attorney it may be impossible to stop the foreclosure process and its consequences.
When does the foreclosure process start?
Federal law indicates that if you are generally more than 120 delinquent days in your mortgage payment, the lender has every right to initiate a foreclosure, sell the property, and use the funds to repay the loan.
Will I be informed before the foreclosure officially starts?
Under the terms of most mortgage contracts, lenders must mail the homeowner what is called a breach letter in which they give you notice of their objective to begin foreclosure proceedings should you not make the missing payments on the loan. You will also be advised that you have a specified time limit to bring your loan current (generally 30 days) if you want to avoid them moving forward with the process.
When should I hire a New Jersey foreclosure attorney?
As soon as you receive the breach letter unless your financial situation has changed and you are now able to fulfill the requirements of the mortgage within the specified time period. If you wait too long, if you cannot get current on the missed payments, and if you want to keep your home, a quick decision on your part to hire a foreclosure law firm will make all the difference between getting your home back and having to lose it.
How can foreclosure lawyers help me?
Stuart M. Nachbar, Esq. will help you with your New Jersey foreclosure by either working out a deal with the bank, helping with a loan modification agreement, making sure that your lender is following the rules and processes your application in a timely manner, and helping you stay in your home.
The foreclosure process is a complex one and in some cases, it may even vary from court to court. Stuart M. Nachbar, Esq. will file the necessary documents, advise you as to the different options available to you, work out a loan modification with the lender, represent you in court, and help you save your home through a Chapter 13 bankruptcy if necessary.
You do not have to stress about solving the foreclosure on your own. Stuart M. Nachbar, Esq. will fight for you every step of the way. Make an appointment today. We serve clients in Livingston, West Orange, Newark, Belleville, Clifton, Irvington, East Orange, Paterson, Passaic, and Verona.