If you are experiencing financial difficulties and own a home, there’s a good chance that bankruptcy and foreclosure are weighing heavy on your mind. You no doubt fear the implications of either process, and the notion that you may face both can be overwhelming. With your home and credit rating on the line, you may feel powerless to take control over your monetary situation.
At Ark Law Group, we understand there's a lot at stake, and our foreclosure bankruptcy attorneys have assisted many clients in tackling difficult financial hardships, helping them move on with life debt-free. Get in touch with us today for immediate help.
This debt reorganization plan allows you to keep certain property, including your home, as you pay off all or some of your debts over a period of 3-5 years. If you’re behind on mortgage payments, these can be rolled into the monthly payment that goes to your bankruptcy trustee. While you must still pay your mortgage going forward, you get a leg up on past obligations. A bank cannot seek foreclosure during the pendency of your case.
The New Jersey Court system has established a foreclosure mediation process that has helped many homeowners keep their homes. Mediation is simply a meeting between you and your lender, in the presence of a neutral third party mediator. The mediator works to facilitate communication and assist with negotiating a loan modification, so you can keep your home and go forward with new mortgage payment terms.
Foreclosure is triggered by your inability to pay the agreed monthly payment on your mortgage, which reflects both principal and interest. After a few missed payments, the lender will take action to protect its security interest. You won’t lose your home immediately, as there are many legal requirements, tasks, and time limits with which the bank must comply. Still, with your home and credit history at risk, it’s critical to work with an experienced attorney as soon as foreclosure becomes a threat.
To hear more about bankruptcy, foreclosure, and ways you may be able to avoid both, please contact us today. Our knowledgeable lawyers can explain all available legal options, so you can make informed decisions about your financial future.
Borrower misses first payment
Lender can mail borrower a Notice of Intent to Foreclose
Lender can record a Summons and Complaint. Complaint delivered to borrower. Borrower has 35 days to answer complaint, 60 days to request mediation
Order of Default can be entered. Notice of Intent to File Final Judgment can be sent to borrower.
Deadline for borrower to reply to lender and confirm intent to cure default
Deadline for borrower to cure default. If no cure, Final Judgment can be entered. Writ of Execution can be sent to the Sheriff.
Deadline for sheriff to schedule the sale. Sheriff needs to publish notice of sale for four weeks prior to sale. Sale can be postponed twice by sheriff in two week increments.
Deadline to redeem property or object to sale
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