Li’ Kim’s $3 million Alpine, New Jersey mansion faces foreclosure, proving once again that even the rich and famous can fall on hard times. Kimberly Jones, also known as Lil’ Kim, has had a string of financial troubles, culminating in a 2010 foreclosure action on the property and an IRS tax lien of $127,000 this year.
Lil’ Kim reportedly has a $1.6 million mortgage on the property, and has again defaulted on her $9,935 a month payment. Nevertheless, being in default is not synonymous with losing your house and seeing your home auctioned to the highest bidder. New Jersey law gives homeowners options to find work-out and payment arrangements with their lender through the New Jersey Foreclosure Mediation program. While the lender could still obtain a writ and judgement against the homeowner while this process is pending, the mediation program stops any potential sheriff’s sale of the property while mediation is on-going. The attorneys of Levitt & Slafkes, P.C. have extensive mediation experience and have been seeing positive results for our clients using this program.
For homeowners looking to stave off a sale and remain in their home, mediation is not the only option. Our firm can help you explore other options including:
- Mortgage modification. Many lenders have programs to help homeowners reduce principal, lower interest rates, and eliminate past due balances.
- Foreclosure defense. Sometimes the wrong lender has filed a foreclosure action, or the bank has committed fraud, a truth in lending violation, or has not followed proper procedures. The attorneys at Levitt & Slafkes, P.C. have litigated Kemp v. Countrywide Home Loans, a case that gained nationwide attention for holding that lenders must first follow the law before they foreclose on a borrower’s home.
- Bankruptcy. If your financial difficulties extend beyond paying the mortgage, it may be time to consider bankruptcy. A bankruptcy could allow you to stay in your home while making payments and halting a foreclosure.
Each case is different and deserves the personal attention of an experienced debt relief attorney.
Whether your home is a sprawling Lil’ Kim mansion or a more humble abode, the attorneys of Levitt & Slafkes, P.C. are here to fight to save your home from foreclosure.
If you are facing a foreclosure, we can help. Our attorneys help clients throughout New Jersey take the steps necessary to save their home. Now is the time to schedule a free initial consultation with a New Jersey foreclosure defense lawyer at Levitt & Slafkes, P.C. Contact our attorneys online by filling out the form or by calling 973-323-2953 to schedule a free initial consultation.