Many people think of the 2008 housing crisis as something which came and went over the course of four years. Over and done with.
For some, however, the nightmare never stopped. The 2017 statistics are out, and they place New Jersey at the top of the nation for the number of foreclosures that took place over the course of the year.
As bankruptcy and foreclosure defense attorneys practicing in New Jersey these statistics are obviously very concerning to us. The foreclosure figures are 19% higher than the 2016 figures, speaking to some real trouble.
If you are one of the countless homeowners facing foreclosure in New Jersey there are a few things you should remember.
Time is of the essence.
In New Jersey, the foreclosure process starts with two notices. The first is the Complaint for Foreclosure, which gives you thirty days to bring your mortgage current. If you can’t, the Foreclosure Summons and Complaint follows. At this point, you have 35 days to launch your foreclosure defense by filing a Contesting Answer.
That’s just 65 days in total, two months many homeowners waste by being paralyzed with indecision while the clock ticks away. Fail to launch an adequate defense, and the next thing you’ll see is a Judgement, which will give the bank the right to sell your property and recoup their losses.
There are ways we can help.
Foreclosure defense takes a number of forms. For example, we may be able to file claims against your lender in turn, such as violations of the Fair Debt Collection Practices Act (FDCPA), the Truth in Lending Act (TILA), or the Real Estate Settlement Protection Act (RESPA). Ignoring certain efforts on your part to bring the mortgage current, such as refusing to accept your payment, could also stop a foreclosure in its tracks.
Seeking a loan modification may serve as another option. A reputable loan modification program may lower your mortgage payments and give you a chance to get caught up.
Bankruptcy may also help you keep your home.
A foreclosure notice serves as the final straw for many of our clients. Chapter 7 or Chapter 13 bankruptcy, along with the “automatic stay” either form of bankruptcy will provide, may be the key to saving your home. It won’t save every home, but it will help you buy time and re-organize your finances so that making the payments may become less of a burden.
You need qualified help if you’re going to get through this.
No matter which foreclosure defense option you choose you will need qualified help to maximize your chances. Contact the attorneys at Sadek and Cooper today for your free consultation. We’ve helped hundreds of people just like you keep their houses. Call now.