Have you recently received a Notice of Intention to Foreclose? If yes, this is likely a very stressful time for you. It is nevertheless important that you understand what is happening and do what is necessary.
The first thing to know is that you should take any notifications that your get from your lender seriously. A Notice of Intention to Foreclose is your lender telling you that they are planning to foreclose on your property because you are behind on your mortgage payments.
Having an experienced foreclosure defense attorney nj on your side during this time can be invaluable so that you can know what to expect and also what options you have that could help you avoid losing your home in foreclosure.
Timing
When a residential property is involved, the New Jersey Fair Foreclosure Act requires that the lender send a Notice of Intention to Foreclosure at least 30 days before the lender can file a complaint (sue you) to foreclose on your home.
The Notice of Intention to Foreclose must be sent by regular and certified mail and it cannot be sent more than 180 days before the Complaint is filed.
If you can cure the default (pay the total amount that you owe) at this point the lender must accept your payment and cannot charge you attorney’s fees or court costs.
The mortgage lender usually waits until you have missed three mortgage payments before sending you a Notice of Intention to Foreclose. Under Federal law, the lender is usually not allowed to file a foreclosure lawsuit until you are more than 120 days late in paying your mortgage.
What Must Be Included in the Notice?
The law requires that certain information be included in the Notice including:
- the reason for the default;
- the amount you must pay to cure the default and reinstate the mortgage loan;
- your right to cure the default;
- the name and address of the holder of the note and mortgage;
- the name and contact information for a representative that you can contact; and
- information on New Jersey’s foreclosure mediation program.
Most Importantly Do Not Ignore the Notice of Intention to Foreclose
While the Notice of Intention might not look like an important letter, it is critical that you take this notice seriously. Whether the Notice of Intention comes from an attorney, or directly from your mortgage company or servicer, it should be treated as the serious legal document that it is.
If you receive a Notice of Intention to Foreclosure you should contact an experienced New Jersey foreclosure defense attorney immediately so you can learn about all of your options to save your home. As this is the beginning of the process, you still have time to work out a plan which can include applying for a loan modification. Don’t wait until it is too late.
Contact Us Now For A Free Strategy Session From A NJ Foreclosure Defense Attorney at Levitt & Slafkes
If you worried about losing your house in a NJ foreclosure, or have already received a Notice of Intention to Foreclose from your lender, it’s time to learn about your rights and available options to save your home.
If you want to keep your home, you need an attorney working for you. Contact Levitt & Slafkes, P.C. now so our foreclosure defense attorneys nj can review your case and help you make a plan. To schedule a free consultation call us at (973) 323-2953 or contact us online.
We are proudly designated as a debt relief agency by an Act of Congress. We have proudly assisted consumers in filing for Bankruptcy Relief for over 30 years. The information in this blog is for general information purposes only. Nothing should be taken as legal advice for any individual case or situation.