Over the past decade, the amount of homeowners facing foreclosure has increased substantially and, as of 2015, New Jersey had one of the highest foreclosure rates of any state in the U.S. When a homeowner defaults on their mortgage or believes default may be imminent, they often do not know where to turn and may believe there are no other options than losing their home. However, the law provides many protections and defenses for homeowners facing foreclosure and there are alternatives that may allow you to keep your home and regain control of your mortgage payments.
Your home is likely one of your most valuable assets both financially and emotionally. The experienced home foreclosure defense attorneys at the Maduabum Law Firm, LLC help New Jersey homeowners fight to avoid foreclosure whenever possible.
If you have missed mortgage payments and believe there is no way to catch up, you do not simply have to wait for default on the mortgage and a foreclosure action to be filed. Instead, an experienced attorney can help you request a mortgage loan modification from your lender. A loan modification can change the terms of your mortgage to reduce the interest rate, extend the payment terms, or otherwise decrease your payment to a manageable amount so that you can afford to continue making payments and keep your house.
The application process for a home loan modification is complicated, however, and you must prove financial hardship and other circumstances to even qualify for approval. If you do not complete the application in the right manner, you could lose your chance at a modification and financial relief. An experienced attorney can assist you throughout the entire application process to ensure the best chance at approval. If you are initially denied a modification, an attorney can negotiate with your lender to help convince them that a modification would be the best solution for all parties involved.
Because of the high level of foreclosure cases in NJ, the courts refer lenders and mortgage holders to foreclosure mediation. In mediation, the two parties can discuss options to settle the case without a foreclosure including loan modification or short sale of the property. While mediation is facilitated by a neutral mediator, it is still critical to have an experienced foreclosure attorney by your side throughout the process. An attorney can ensure you are not convinced to agree to anything that is not favorable and can present arguments why you deserve a modification or another alternative.
Defenses to Foreclosure
If you are unable to obtain a loan modification or another form of relief through mediation, you still have the right to present certain legal defenses in court to fight against a foreclosure. Some of the common legal defenses include:
- The lender cannot establish that they own the mortgage
- The lender cannot present the mortgage note
- The lender did not comply with all the procedural and legal requirements of the foreclosure
An experienced foreclosure attorney will ensure that any possible legal defense to a foreclosure is presented and that lenders comply with all legal requirements before a foreclosure can proceed. Our attorneys will also keep negotiating for a possible short sale, modification, or another alternative throughout the case until a decision is final.
If you ignore a foreclosure case or try to represent yourself, chances are you will end up losing your home. This does not always have to be the resolution to a home foreclosure case and our skilled foreclosure defense attorneys will fight for your rights as a homeowner through every stage of your case.
Contact our New Jersey Foreclosure Defense Lawyers for a Consultation Today
At the Maduabum Law Firm, LLC, our skilled attorneys provide many different foreclosure services including seeking a loan modification, facilitating mediation, exploring other alternatives to home foreclosure, and even defending against mortgage foreclosure actions in court. If you have fallen behind on your mortgage payments, do not wait until it is too late—instead, contact us to discuss your options to regain control of your payments. If you are already facing a foreclosure action, we can help you in every way possible to retain ownership of your house or sell your home on your own terms. Foreclosures are complex cases and should be handled by an attorney with specific knowledge of New Jersey foreclosure law and procedure. Please call our office at 973-732-1490 for a consultation with an experienced foreclosure defense lawyer as soon as possible.