Trenton, NJ Mortgage Foreclosure Defense Lawyers

When it comes to mortgage foreclosure, it is understandable to be concerned. Even if the process has begun in court, you can likely stop mortgage foreclosure from negatively impacting you and your family in Trenton.

After you are informed of your bank’s intent to foreclose upon your property in Trenton, official mortgage foreclosure proceedings can begin. All foreclosure cases go through the courts in New Jersey. If the bank’s foreclosure complaint is successful, your home might be at risk of being sold at auction. You can pause a sheriff’s sale of your property by declaring bankruptcy in Trenton. During bankruptcy, all debt collection actions, including sheriff’s sales, phone calls, or wage garnishments, must stop. This can give you the time you need to repay your bank and ensure you keep your home in Trenton. If you have additional debt, you can settle that during bankruptcy as well.

You can call our Trenton, NJ mortgage foreclosure defense lawyers at (609) 755-3115 to set up a free and confidential case review with Young, Marr, Mallis & Associates.

Understanding Mortgage Foreclosure in Trenton, NJ

Mortgage foreclosure can happen to anyone, regardless of their finances or income. If you are a homeowner, it is important to understand just how possible mortgage foreclosure is so you know whether or not you are at risk.

In Trenton, a bank can initiate mortgage foreclosure proceedings within 120 days of a homeowner being delinquent. This means if you do not pay your mortgage for just a few months, whether because you had more pressing expenses or simply forgot, your bank can begin the process of foreclosing upon your property. This makes virtually all homeowners vulnerable to mortgage foreclosure.

Furthermore, New Jersey is a judicial foreclosure state, meaning all foreclosures have to go through the court. This means you might find yourself in court contesting your situation, which is when having our mortgage foreclosure defense lawyers in your corner will benefit you. Our attorneys can review your case and build a defense against foreclosure. Alternatively, we can help you file for bankruptcy to stop your foreclosure case from continuing in Trenton.

Getting a Notice of Intent to Foreclose Letter in Trenton, NJ

All banks pursuing foreclosure must inform homeowners of a case before filing. This is done using a notice of intent to foreclose letter in Trenton.

If your bank plans to file a mortgage foreclosure petition with the court, it will send you a notice of intent to foreclose letter in the mail. This letter will inform you of your delinquency and the next steps your bank plans to take. If you can cure your mortgage, meaning settle all outstanding payments you have missed, do so during this time. This can prevent foreclosure.

You will have 30 days from receiving a notice of intent to foreclosure to respond. After 30 days, your bank can file for foreclosure. During those 30 days, our attorneys can negotiate with your bank to reach an agreement that works for all involved parties. If your bank is unwilling to negotiate, it might proceed with a mortgage foreclosure case.

Implications of a Sheriff’s Sale of Your Foreclosed Home in Trenton, NJ

If your home is foreclosed upon and a sheriff’s sale takes place, you might be able to redeem your property. That said, if you could not cure your mortgage before foreclosure, it is unlikely that you will be able to do so in the days following foreclosure.

New Jersey has a ten-day right of redemption period following sheriff’s sales of foreclosed properties. During this period, you can redeem your home by paying the full amount you owe to your bank in addition to the costs of the sale. So, even if your home was sold in a sheriff’s sale in Trenton, you might be able to redeem it.

This is not feasible for many homeowners who have just lost their homes because of foreclosure. Instead of hoping that you will be able to come up with the funds to redeem your property after it is sold in a sheriff’s sale, it is best to make a concerted effort to defend your foreclosure case and stop a sheriff’s sale from ever taking place.

Pausing Mortgage Foreclosure Through Bankruptcy in Trenton, NJ

Mortgage foreclosure is not inevitable, even if you cannot cure your mortgage. By filing for bankruptcy in Trenton, you can pause any current mortgage foreclosure case.

Bankruptcy provides for an automatic stay. This puts a stop to any efforts from creditors or lenders to collect debts, including sheriff’s sales or mortgage foreclosure cases. An automatic stay can last for the duration of your bankruptcy case.

Furthermore, bankruptcy provides a pathway to debt repayment for debtors at risk of losing their homes in Trenton. If you file Chapter 7, you will have to use liquidation exemptions to ensure your home is not liquidated to repay creditors, like the bank that gave you your mortgage. New Jersey allows debtors to use either state or federal liquidation exemptions.

Chapter 13 bankruptcy will also allow you to pause mortgage foreclosure in Trenton. During a Chapter 13 case, debtors will have to follow repayment plans. This will allow you to repay mortgage debts over a period of three to five years. And with Chapter 13, you will not have to liquidate any assets.

Suppose you initially fell behind on your mortgage because your monthly payments were too high. In that case, our attorneys may be able to renegotiate the terms of your mortgage so that your new payments reflect your financial ability. That way, when you exit bankruptcy, you will not be at risk of facing mortgage foreclosure in the future.

Call Our Attorneys About Your Case Today

Call (609) 755-3115 to have the mortgage foreclosure defense lawyers of Young, Marr, Mallis & Associates evaluate your case for free today.