Home » Bankruptcy Law » New Jersey Bankruptcy Attorneys » Union City, NJ Bankruptcy Lawyers » Union City, NJ Mortgage Foreclosure Defense Lawyers

Union City, NJ Mortgage Foreclosure Defense Lawyers

Facing imminent foreclosure can feel discouraging for anyone. Fortunately, there things you can do to stop mortgage foreclosure in Union City.

Mortgage foreclosure can happen anytime a homeowner falls a few months behind on their mortgage payments. If you have defaulted on your loan, you will likely receive a notice of intent to foreclose letter from your bank. After receiving this letter, you will have 30 days to cure your mortgage or negotiate a new agreement with your bank. Once 30 days have passed, your bank can file a petition for mortgage foreclosure with the court. You can prevent mortgage foreclosure with a strong defense or by filing for bankruptcy. Stopping foreclosure on your property is important for several reasons, one being so that you do not have deal with the adverse impact to your credit that comes with mortgage foreclosure while also having to find a new place to live in Union City.

You can call the Union City, NJ mortgage foreclosure defense lawyers of Young, Marr, Mallis & Associates now at (609) 755-3115 to get a confidential and free assessment of your case.

Why Mortgage Foreclosure Happens in Union City, NJ

Mortgage foreclosure is a legal process through which a bank can repossess a borrower’s home. This might happen when a homeowner fails to make payments to their lender, causing them to default on their loan. The lender might then file a foreclosure petition with the court in Union City, putting the borrower’s home in jeopardy.

Homeowners are never that far from mortgage foreclosure. Defaulting on your loan for just a few short months could make you vulnerable to foreclosure. Depending on the situation, our mortgage foreclosure defense lawyers may be able to negotiate an agreement with your lender to push off mortgage foreclosure. That said, some lenders want repayment immediately and might threaten foreclosure even if a homeowner is not that far behind on their mortgage payments.

Banks have to follow specific procedures when proceeding with mortgage foreclosure in Union City. If your bank fails to follow these procedures, we might be able to get the foreclosure petition thrown out of court.

Receiving a Notice of Intent to Foreclose in Union City, NJ

If you recently defaulted on your loan, you should receive a specific notice of intent to foreclose letter from your lender before mortgage foreclosure proceedings are officially initiated in Union City.

Banks have to send notice of intent to foreclose letters to homeowners at risk of foreclosure in New Jersey. After you receive this letter, you will have 30 days to respond and cure your mortgage. After those 30 days are up, the lender can proceed with filing its foreclosure petition with the court.

Properly responding to a notice of intent letter is important. After you get the notice, our attorneys can speak with your lender to determine if there are any actions we can take to ward off a foreclosure petition. If you cannot cure your mortgage, meaning you cannot pay all necessary amounts to your lender, or negotiate an updated agreement, foreclosure proceedings may begin in court. That does not guarantee that your home will be foreclosed upon, as our attorneys can still build a case against foreclosure.

Preventing Mortgage Foreclosure in Union City, NJ

Losing one’s home because of mortgage foreclosure can cause a whole host of problems for homeowners in Union City. Because of this, finding means to prevent foreclosure is of the utmost importance.

You can prevent mortgage foreclosure in several ways. First, you can defend your case in court if you have a valid defense against foreclosure. For example, if there is evidence that the lender acted in a predatory fashion when initially giving you your loan, their mortgage foreclosure complaint might be denied.

Or, if the bank did not follow state or federal lending laws, you might be able to use that fact in your defense against mortgage foreclosure in Union City. Furthermore, we might be able to get to your lender before the foreclosure process begins in court, meaning we could possibly negotiate more affordable payments and a restructuring of your existing mortgage agreement so that it becomes easier for you to work toward paying your lender without running the risk of losing your home.

Homeowners can also prevent mortgage foreclosure by filing for bankruptcy. Any outside efforts to collect on debts, like mortgage foreclosure, have to pause when you submit a bankruptcy petition. Filing for bankruptcy can allow you to retain your home, even if mortgage foreclosure has progressed up to a sheriff’s sale in Union City.

How Mortgage Foreclosure Impacts Credit Scores in Union City, NJ

Mortgage foreclosure can cause a homeowner’s credit score to drop dramatically, leaving them in a vulnerable position, especially if they are now without housing because of foreclosure in Union City.

Simply put, mortgage foreclosure affects homeowners’ credit. The change to your score may depend on a few factors, like how high it was prior to the foreclosure. That said, your score will drop, and you might be without a home, making it hard for you and your family to purchase another property and get a new mortgage anytime soon.

This is one reason why stopping mortgage foreclosure in Union City is important for all homeowners. Although filing for bankruptcy might also harm your credit score in the short term, it can allow you to keep your property and avoid mortgage foreclosure, meaning you should not have to buy a new house soon after bankruptcy. If you are married, you can also consider the benefits of filing for bankruptcy without your spouse to stop mortgage foreclosure, depending on the total debt you have. When you do this, your spouse’s credit will be unaffected by your decision to file for bankruptcy.