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.
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
- Medical emergencies
- 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
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.
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.