NJ Foreclosure Defense: How to Save Your Home

6774667607_ec4114c718_zAs of 2014, New Jersey has the not-so-distinguished honor of being the state with the most foreclosures in process. Earlier this year, we surpassed Florida for the highest number of mortgaged homes in foreclosure proceedings, and we beat out New York for the longest average foreclosure length. If you’re wondering, that time frame is a whopping three years.

To say that New Jersey is having a little trouble with foreclosures as of late would be a gigantic understatement.

If you’re reading this because you see yourself careening toward a potential foreclosure, GOOD. You came to the right place.

What is foreclosure defense?

In short, NJ foreclosure defense is a way for homeowners to fight to keep their homes. It involves some legal strategies that result in stalling or stopping the foreclosure completely.

If that sounds too good to be possible, keep reading.

Believe it or not, your bank really doesn’t want to take your home. They would much prefer it if you’d keep making payments to them, thank you very much. They would really like it if you paid them the amount marked on your mortgage statement every month.

However, in most cases, your bank (or lender) will be willing to let you….(are you ready for this?)…..

PAY LESS THAN YOU PAY NOW…… and still keep your home.

Getting to an affordable mortgage payment involves a process called mortgage modification. During the modification negotiations, your NJ foreclosure defense attorney works to convince your lender to change some or all of the original terms of your mortgage so that you can afford it.

During your foreclosure defense, your attorney will work to:

  • Lower the principal amount of your loan – Let’s say your original principal due was $400,000. Your attorney may be able to negotiate that down to $350,000 or even lower. Your lender will be willing to take a slight loss rather than have you stop making payments altogether.
  • Lower the interest rate on your loan – Maybe your original mortgage was negotiated with a really high interest rate (let’s say 9%). Lowering that rate to 6% or below will significantly reduce the amount of interest you’ll be paying over the life of the loan.
  • Wipe clean any late charges – Penalties and fees for missing mortgage payments can add up QUICKLY. You may have thousands of dollars due in late fees alone. Part of your foreclosure defense will involve attempting to wipe those amounts clean so that you don’t have to dig yourself out of a hole just to get back to the starting line.
  • Lengthen the life of your loan – If you had a twenty (or thirty) year mortgage, extending that by several years will also stretch out the payments so that your monthly amount due will be much lower.

At Veitengruber Law, we’ve had a lot of success in creating successful strategies for a multitude of clients.

If you’re waiting for your home to be taken away via foreclosure, don’t you think it would at least be worth an hour of your time to see if we can create a foreclosure defense plan that would allow you to keep your home?

Call us now at (732) 852-7295 and ask for your free initial consultation. Tell us “I want to keep my home!”

 Image credit: Essie

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