Linden, NJ Mortgage Foreclosure Lawyer

Homeownership has been the cornerstone of the American Dream for generations. Unfortunately, owning a home has become increasingly expensive, and many find themselves unable to carry the financial burden of a mortgage. If you have missed too many payments, you might face foreclosure, but a lawyer can help you fight to keep your home.

While foreclosure is certainly something homeowners want to avoid, it does not happen out of nowhere. Specific conditions must exist for a lender or creditor to initiate foreclosure. Even if they do begin foreclosure proceedings, it takes time to complete. During this time, our team can help you determine the best way to challenge the foreclosure and hopefully keep your home. Negotiating with creditors might be an option. You might instead choose to sell the house and cut your losses. If all else fails, bankruptcy might be more helpful than you realize. If you believe your mortgage foreclosure is illegal, call a lawyer immediately.

Start your case with a free review from our mortgage foreclosure attorneys at Young, Marr, Mallis & Associates by calling (609) 755-3115.

When Mortgage Foreclosure Usually Happens in Linden, NJ

According to 12 C.F.R. § 1024.41(f), a lender or creditor, usually the bank, may not foreclose on your home unless you are more than 120 days delinquent with mortgage payments. Missing one or two months of payments might be a cause for concern, and you might receive a notice or warning from the bank, but they should not be able to initiate foreclosure. Additionally, a lender may foreclose if you violate a due-on-sale clause of the mortgage or if a different loan servicer has already begun foreclosure.

Generally, you are supposed to be notified of the foreclosure in advance. Banks and other lenders or creditors cannot just show up at your front door and tell you to leave because they decided to foreclose. Notice requirements must be satisfied, and homeowners must be afforded some time to get their finances in order and possibly challenge the foreclosure. If you have received notice of a foreclosure, call our mortgage foreclosure lawyers right away.

How to Fight a Mortgage Foreclosure in Linden, NJ

You do not have to accept a foreclosure lying down. There might be ways in which you can challenge the foreclosure. You might even succeed and be able to hang on to your house. The only way to find out is to speak to an experienced lawyer.

Negotiate with Creditors

One method worth looking into is working out an agreement with creditors. People are often surprised to discover just how amenable lenders and creditors are to an agreement or negotiation many lenders. At the end of the day, a lender just wants to get their money back from the borrower. If they can accomplish that without foreclosure, they might listen to what you have to say. For example, the bank might accept a partial, lump sum payment toward your delinquent mortgage payments. While this might not completely catch you up on your payments, it might be enough for the bank to halt foreclosure and give you more time.

Sell the House

While most people facing foreclosure prefer to keep their homes, this is not always feasible. If holding onto your home is simply not a possibility, it might be wise to figure out a way to let go of the house while avoiding legal and financial repercussions. Some people choose to sell their homes ahead of foreclosure and use the proceeds to pay the mortgage in full. It might be time to let go if you cannot afford the house.

This might be a viable option if the house is currently worth about as much or possibly more than what you paid for it. If the house is worth less than what you paid, selling it might not help you get out from under your debt. Your lawyer can help you decide what to do.

File for Bankruptcy

Although it might not feel like it at first, filing for bankruptcy can be very helpful for those facing foreclosure. First, when a person files for bankruptcy, the court may impose an automatic stay under 11 U.S.C. § 362(a). The automatic stay prevents creditors and lenders from taking legal action related to unpaid debts. This means that a pending foreclosure may be stopped in its tracks, at least until the bankruptcy case is complete. This might buy you enough time to reorganize your financial situation and hopefully avoid losing your home.

What to Do if a Mortgage Foreclosure in Linden, NJ is Illegal

Sometimes, lenders and banks try to begin foreclosure proceedings when they are not permitted to. If you believe your bank has begun foreclosure prematurely or based on incorrect information, call an attorney immediately.

Our first step is to figure out why the foreclosure is illegal or unlawful. Maybe the bank is beginning the process too soon. Remember, you must be at least 120 days delinquent. If you are behind on payment but not that far behind, your lawyer can help you put a stop to the foreclosure.

Perhaps the bank is simply wrong. Are you actually caught up on mortgage payments? The bank might have incorrect information due to a clerical error, and they want to foreclose because your payments are not being recorded in their system. We can go through your personal financial records to show that you have kept up with your payments.

Were you ever notified of the foreclosure? If you do not receive proper notice, you might be able to buy more time. Lenders and banks must abide by laws regarding notice to borrowers. If you were not notified of the foreclosure, it must stop, at least for now.

Get in Touch with Our Mortgage Foreclosure Attorneys in Liden, NJ

Start your case with a free review from our mortgage foreclosure attorneys at Young, Marr, Mallis & Associates by calling (609) 755-3115.