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Posts tagged "foreclosure"

The Threat of Foreclosure

foreclosure defense 2.pngThe threat of foreclosure can be an incredibly unnerving experience. Despite your best efforts, you have been unable to keep up with your mortgage payments, which has led to the stress of phone calls, notices, and threats that you will lose your home. And to make matters worse, mortgage lenders are not forgiving and will not always show you the flexibility you need in modifying your mortgage.

Foreclosure Defense

Besides attempting to modify a loan or work with the lender to avoid foreclosure, it is also advisable to speak with an attorney about answering the lawsuit and raising a foreclosure defense. You are entitled to due process of law, and some defenses that have been successfully raised include lender fraud, the lender's lack of the original note, servicing abuse by the lender, and "truth in lending" law violations.

Unfortunately, if your debt is continuing to spiral out of control or you are facing imminent foreclosure actions--such as a sheriff's sale, then it is advisable to simultaneously understand how bankruptcy may help you when it comes to foreclosure.

Bankruptcy and Foreclosure

Chapter 7 and Chapter 13 bankruptcy both offer relief to people who are overwhelmed by debt. Often, debt struggles go hand in hand with an inability to keep up with mortgage payments. When experiencing debt problems and a risk of foreclosure, bankruptcy can help to delay or avoid foreclosure proceedings.One of the great benefits of filing for bankruptcy is the automatic stay that comes with it. This temporary injunction creates immediate relief by halting collection actions by creditors. This means that harassing calls and letters, as well as repossession efforts, and pending lawsuits must cease while the stay is in effect. Significantly, the automatic stay also immediately stops foreclosure action.

How a Lawyer Can Keep You in Your Home

How a Lawyer Can Keep You In Your Home v2.jpgForeclosure is the legal process that a lender may initiate when a debtor has missed numerous mortgage payments. This process is one that, if successful, allows a lender to force the sale of a home in order to satisfy the outstanding debt that is owed on the property. Foreclosure does not come without warning, as there are specific methods and deadlines that a lender must follow to notify a debtor that they are in breach of contract and that foreclosure is looming.

How Does Eviction After Foreclosure Work in NJ?

How Does Eviction After Foreclosure Work in NJ.jpgFor any homeowner, the prospect of foreclosure is a nightmare. You house is part of your American Dream, your biggest investment, and where your children sleep. Sadly, foreclosure happens a lot as people find themselves in circumstances where they are no longer able to keep up with their home payments. If you are having trouble paying your mortgage loan, or if foreclosure proceedings have already been initiated you may have questions about the foreclosure and eviction process.

Staying in Your Home With A Mortgage Loan Modification

Staying in Your Home With A Mortgage Loan Modification.jpgHomeownership is an essential element of the American Dream. There is a great amount of pride in picking out (or building) a home, raising your children there, and putting money into the house as an investment into your financial future. Unfortunately, home loans can have very long terms, and a lot can change in your life during that time.

The Consequences of Foreclosure

The Consequences of Foreclosure.jpgPurchasing a home is one of the most exciting times in a person's life. While it is a major financial investment, it represents much more than that for the security, stability, and future of homeowners and their families. Unfortunately, life is not free of hurdles or challenges, and some people find themselves unable to make their mortgage payments. Whether this is because of a bad loan, unforeseen circumstances, or changes in financial status, the ultimate result of failing to make home payments is foreclosure.

When Does it Make Sense to Hand Over Your Deed?

When Does it Make Sense to Hand Over Your Deed.jpgWhen a homeowner falls behind on their mortgage payments, it is very likely that foreclosure proceedings will soon follow. Struggling to make payments and facing foreclosure is all incredibly stressful and emotionally draining. However, you do have legal rights, and it is in your interest to speak to a foreclosure defense attorney to learn your options.

NJ Supreme Court Rules that Mortgage Company Must Provide Mortgage Modification if Homeowner Complies with Settlement Agreement

home.jpgOn July 31, 2017, the New Jersey Supreme Court in GMAC Mortgage, LLC v. TamiLynn Willoughby said that the Chancery and Appellate Courts incorrectly found that a settlement agreement between a homeowner and GMAC Mortgage, LLC was provisional and not enforceable, which ultimately led to her home being sold to GMAC at a sheriff's sale for $100.00. In a unanimous opinion, the Supreme Court reversed that result and enforced the agreement.

Sheriff Sale Process in New Jersey

In New Jersey when a mortgage or other lien secured by real estate goes into default the foreclosure process begins. After a mortgage lender has obtained a final judgment in foreclosure, they can schedule a Sheriff Sale. If you are facing this situation, it is important to know that it will not happen immediately, as there is a specific process that must be followed.

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