First of all, you should take any notifications that your get from your lender seriously. A Notice of Intention to Foreclosure is your lender telling you that because you are not current with your mortgage payments, the lender is planning to foreclose on your property.
This is likely a very stressful time for you, but it is very important that you understand what is happening and take it seriously. Having an experienced foreclosure defense attorney on your side is invaluable to that you can know what to expect and what defenses are available to you.
If it is a residential property, the New Jersey Fair Foreclosure Act requires that the lender send a Notice of Intention to Foreclose at least 30 days before the lender can file a complaint (sue you). The Notice of Intention to Foreclose must be sent by regular and certified mail, and starting on August 1, 2019, it cannot be sent more than 180 days before the complaint is filed.
What Must Be Included in the Notice?
The law requires that certain information be included in the notice, such as:
- the reason for the default;
- the amount you must pay to cure the default and reinstate the loan;
- your right to cure the default;
- the name and address of the holder of the note and mortgage;
- a representative that you can contact; and
- information on New Jersey’s foreclosure mediation program.
If you can cure the default at this point (pay the full amount owed), 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.
Do Not Ignore the Notice of Intention to Foreclose
While the Notice might not look like an important letter, take this correspondence seriously. Whether you get a Notice of Intention to Foreclose from an attorney or directly from your servicer, it should be treated as the serious legal document that it is. If you receive a NOI to foreclose, it is highly recommended that you contact a New Jersey Foreclosure attorney immediately so you can learn about all of your options. 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.
Contact Us for Help Now
If you are worried about foreclosure or have already received a notice from your lender, its time to learn about your rights and available options. If you want to keep your home, you need an attorney working for you. Contact Levitt & Slafkes, PC now so our foreclosure defense attorneys can review your case and help you move forward in a way that suits your needs best. We are here to help! Call us at (973) 323-2953, or contact us online to schedule a free consultation.