Mortgage Foreclosure
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HOMEOWNERS RIGHTS Homeowners in New Jersey and mortgage lenders are subject to the Fair Foreclosure Act which requires a creditor to give the debtor notice of intention to take action 30 days before commencing a foreclosure. This is a law that may enable homeowners to prevent foreclosure and the loss of their home by getting caught up on missed payments by curing a default through programs operated by the State or Federal government or nonprofit organizations. More Info: http://www.state.nj.us/dobi/division_banking/index.htm or http://www.hud.gov/foreclosure/ |
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Forbearance Agreements & Loan Modification Homeowners having difficulty making mortgage payments may be able to reach an agreement to modify the term of their mortgage loans and should promptly contact the mortgage servicer to discuss a possible agreement. Caution: Many homeowners have reported having encountered great difficulty reaching an agreement and frequently the terms of these agreements are onerous. See http://www.nytimes.com/2008/07/13/business/13mail.html?r=1&ref=todayspaper&oref=slogin http://www.responsiblelending.org/issues/mortgage/ |
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Chapter 13 Bankruptcy - Court Ordered Plan Plan Prevents Foreclosure Chapter 13 Petition may allow a homeowner to avoid foreclosure and the loss of their home. If a homeowner can resume making their regular monthly mortgage payments, property taxes and insurance and make up the arrears on their mortgage over a period of 36 to 60 months, foreclosure can be prevented. Court Approved Chapter 13 Plans may also eliminate other debts such as credit card debt or personal loans,Esq. or may provide for the sale or refinancing of a home or other property. Foreclosure Proceedings are heard by the Superior Court of New Jersey General Equity Division Additional Information About the Court in the County in Which the Property is Located. Click Here |