If your home is being foreclosed on, chances are this is a financial issue that has been building for a while. While the foreclosure process is one that may drag out over a long period of time, eventually the foreclosure notices will begin to arrive. This may be an extremely stressful time for you, but it is imperative that you are educated on what happens in the foreclosure process so that you know how to move forward. Having an experienced foreclosure defense attorney on your side will be invaluable so that you know what to expect and have a good defense should that be required.
Most Banks Initiate the Foreclosure Process After 120 Days
Recently, we discussed the steps that occur leading up to a foreclosure sale in New Jersey. Now, let’s investigate the beginning of that process further, regarding the Notice of Intent to Foreclose. This notice is a required part of the foreclosure process, and is meant to alert the homeowner that the foreclosure process is beginning due to a lack of payment. You should be given at least 30 days to ‘cure the default,’ which means paying off the noted delinquent mortgage payments.
In the Notice of Intent to Foreclose, the lender is required to give you crucial information such as how much you owe, exactly how much they expect you to pay to fend off foreclosure proceedings and what the timeline is, along with detailing your rights during the foreclosure proceedings for selling the property or transferring the title.
Normally the Notice of Intent to Foreclose arrives if you are as late as 120 days on your mortgage. Hopefully by that time you are already working with an experienced foreclosure defense law firm like Levitt & Slafkes, P.C.. If not, once you receive the Notice of Intent to Foreclose, you should be motivated to seek good legal counsel regarding the future of your home.
The Notice of Intent is Not to Be Ignored
Although it is just part of the process, being served with such a notice can be jarring, to say the least. Many homeowners feel a sense of panic, but this is just the beginning of the foreclosure process and you still have time to work out a plan. This notice is a serious one though, as the lender is informing you that they do intend to foreclose. At this point, it is up to you to turn the situation around, with the help of your attorney.
This notification is most likely a precursor to the summons and complaint that will be delivered to your door. Find out more about this process here, as well as reading more about our foreclosure defense practice here.
Contact Us for Help Now
If you are worried about foreclosure or have already received a notice from your lender, it’s time to get educated about your rights and your options. If you want to keep your home, it’s imperative that you have someone working for you. An experienced foreclosure attorney will understand the complexity of the law and protect you-as well as fighting your lender in court to save your home. Contact Levitt & Slafkes, P.C. 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 consultation.