When you are struggling financially, you are probably looking for every way that you can save money. If you are facing the foreclosure of your home, you may think you can save money by handling the lawsuit on your own. However, before you do so, consider the following:
Do you know New Jersey’s foreclosure laws?
In New Jersey, foreclosures are judicial, which means that your lender must file a foreclosure lawsuit in court. Unless you are familiar with the laws and court procedures involved in a foreclosure action, you will have a very difficult time defending the action against you. Many pro se defendants lose the foreclosure lawsuit against them, have a judgment entered against them, and their home is sold to satisfy their debt.
Do you know if the foreclosing party owns your loan?
An experienced foreclosure defense attorney will thoroughly investigate the status of your mortgage loan to determine if the foreclosing party owns your loan. Many mortgage loans are bundled and securitized or sold in the secondary market. You might be surprised at how many foreclosure actions are dismissed because the plaintiff cannot prove that it owns your loan and has the right to foreclose on your home.
Do you know the bank’s guidelines?
In an appropriate situation, a loan modification can be obtained and the foreclosure resolved.
Unless you are an attorney or you have worked or currently work for a mortgage lender, you will likely be overwhelmed by the amount of paperwork that is required to be submitted for a loan modification. Having an experienced lawyer walk you through this process step by step is often the only way a successful result can be obtained.
There are other defenses available, especially if you are in the military, which a foreclosure defense attorney will explore on your behalf. Don’t risk losing your home because you were not aware of the defenses available to you! Contact us today for the advice and guidance you need.
There are a number of different options available to fight back against foreclosure and it is critical to choose the right one for your circumstances. During your free consultation, attorneys Bruce Levitt and Shelley Slafkes will carefully explain all of your options so you can make an informed decision about how to best proceed. Contact us today at 973-323-2953 to schedule a free initial consultation with a compassionate and knowledgeable lawyer.