Foreclosure Defense in Burlington County, NJ
The Foreclosure Process in NJ
For most people, a home is their most prized asset, and their instinct is to protect their home at all costs. When you fall behind on your mortgage payments and are issued a foreclosure notice, your lender intends to take away your homeownership. They will then place the home up for auction to recover at least part of the loan that you owe.
Falling behind on mortgage payments is not always the result of a major financial crisis, such as losing your job. Since before the collapse of the mortgage industry in late 2008, many lenders have been including terms like varying interest rates and balloon payments in their contracts. These terms may cost homeowners a lot of money, putting them in a situation where a mortgage loan default is more likely.
If you have received a foreclosure notice, it is without a doubt in your best interest to contact a NJ bankruptcy lawyer at McDowell Posternock Apell & Detrick, PC immediately to discuss your options. After receiving your foreclosure summons, you may only have about six months to take action before your home is auctioned at a foreclosure sale. The sooner you seek legal counsel, the better; you will only owe more money the longer you wait, and you are working with a limited time frame.
A skilled bankruptcy attorney can identify whether you were the victim of unfair contract terms and review the options available to you. Your lawyer will assess which options are best for your specific situation and help you determine whether the best choice is abandoning your home. Options available to you include:
- Loan modifications– In a loan modification, you arrange an agreement altering the terms of your mortgage with your lender or through a government program. Your lender does not need to agree to a loan modification, but when these modifications are successful, they result in more manageable monthly mortgage payments.
- Chapter 7 Bankruptcy– The advantage to Chapter 7 bankruptcy is that it will discharge all of your mortgage loan debt if you surrender your home to the creditor. If you want to keep your home, you must continue making monthly mortgage payments, which may be more manageable when your other debts are discharged.
- Chapter 13 Bankruptcy– This option will freeze your home foreclosure in its tracks, providing you with the opportunity to develop a repayment plan for your mortgage loan debts. The sooner you seek legal counsel, the better your chances that your plan will be approved by the court.
- Short sales– A short sale may be a beneficial option when you cannot avoid foreclosure. If your home’s value has depreciated, you can sell the home at its current market value with your creditor’s approval.
All of these options have restrictions pros and cons, and your attorney will take care to discuss the benefits of each with you. No matter which option you choose, your McDowell Posternock Apell & Detrick, PC bankruptcy attorney will defend you from foreclosure and negotiate with the lenders so you have a better chance of keeping your home.
Why should I consult a bankruptcy lawyer about my impending foreclosure?
- Learn all the details of each available option, and obtain a professional opinion on the best course of action.
- Be provided with foreclosure defense to delay and potentially prevent home foreclosure.
- Find out how declaring bankruptcy can help you maintain your home.
- Receive professional guidance to rebuild your credit and work toward a healthy financial future.
Seek bankruptcy advice with a free phone consultation
Your home is likely your most important asset and deserves the best protection possible. If you have received a foreclosure notice, it is imperative to contact a bankruptcy attorney immediately . Call the South Jersey bankruptcy attorneys at McDowell Posternock Apell & Detrick, PC today or fill out the contact form to learn the best way to avoid foreclosure and repair your mortgage debt.