What a NJ Foreclosure Defense Attorney Can Do for You


Unfortunately, New Jersey has the dismal “honor” of being the state with the highest number of active foreclosures. To say that NJ has a bit of trouble with foreclosures would be a massive understatement.


Are you in the process of going through foreclosure of your home? Perhaps it’s just a “potential foreclosure” looming at this point. You’re probably trying to decide whether or not you should attempt to go through the foreclosure process alone or whether you should invest in a foreclosure defense attorney. Are you looking for more information regarding how an attorney might make the process easier?

To begin, let’s cover a few basic points about foreclosure. A foreclosure occurs when the bank or lender takes possession of your home or property if you fail to make the required mortgage payments. Typically, if you do not make 3 mortgage payments, the bank or lender will issue a Notice of Intention to Foreclose. Before issuing a Complaint, they are required to send the notice at least 30 days ahead of time. As soon as you receive the notice, you should contact a foreclosure defense attorney, as you only have 35 days to respond and 60 days to request foreclosure mediation.

It may come as a surprise to you that lenders don’t actually want to take your property from you; they would much rather you be able to make the monthly payments. If you are at risk of losing your home to foreclosure, a foreclosure defense attorney can help you fight to lower your monthly payments and allow you to keep your home.

Your foreclosure defense attorney will strive to:

  • File a Notice of Appearance (NOA) – This is filed with the court or bank to allow the attorney to enter into the case and fight for you. Following this, the bank will send all information to the attorney rather than force you to act as an intermediary.

 

  • Decrease the original amount of your loan – For example, your attorney could potentially lower your original loan amount from $500,000 to $450,000. It’s possible that the lender may be willing to take a small loss in place of you ceasing to make any mortgage payments.

 

  • Assist in acquiring a loan modification – This may be the only way to permanently keep your home. The positive here is that there are no costs associated with modifying your loan, but it can be quite difficult to obtain one on your own. Your original mortgage may have had a high interest rate (10%), but lowering it to a rate of 6 or 7% will significantly reduce the amount you pay in interest over a lifetime.

 

  • Apply foreclosure defense techniques – It’s possible that he or she will argue that the plaintiff has an unrealistic mortgage assignment and lacks the appropriate standing to foreclose. In addition, the attorney may argue for unfair lending practices. Various strategies have been known to delay foreclosure for years.

 

  • Eliminate late charges – As you might already know, penalties and late fees accumulate quickly, but your attorney will attempt to wipe your slate clean. This will prevent you from having to dig yourself out of a hole just to get back to your baseline.

 

  • Extend the life of your loan – Your attorney may be able to lengthen the life of your loan, say from 20 years to 30 years, which will lower the monthly payment.

An attorney may also be able to prolong the amount of time you’re able to stay in your home. You could potentially enter into a foreclosure avoidance mediation program, which would be an alternative to foreclosure. With the help of mediation, you may be granted a short sale, loan modification, or a deed in lieu of foreclosure. Normally, the foreclosing party is required to send you information on a mediation program, but an attorney can provide guidance through the process.

 


A foreclosure defense attorney can be extremely helpful in this daunting process, so don’t be afraid to reach out and contact a professional.


 

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