When a person buys a home, it is usually one of the proudest moments in their life. However, while no one likes to think about it, it is possible for a person to lose their home if they are unable to make mortgage payments. When facing these situations, homeowners should reach out to an experienced New Jersey foreclosure defense attorney for assistance saving your house.
How Can I Stop a Foreclosure?
One way that a foreclosure can be halted is by filing for bankruptcy. It is important to know that this is the case even if the foreclosure proceedings are scheduled to happen that day. When a person files for bankruptcy, the automatic stay goes into effect immediately. This requires all collections and contact efforts against the homeowner to stop immediately as well. This includes a foreclosure. With this, it can buy the homeowner some time to figure out what comes next for them in order to keep their residence.
What is a Loan Modification?
When a homeowner has difficulty making their mortgage payments, it is important to know that there are different options that can be considered. One of these is to arrange a loan modification, allowing the individual to work with a lender in order to make changes to their existing loan. This can be done so that it better suits their current financial situation.
A loan modification can be arranged through the Foreclosure Settlement Conference. This happens before the bank can sell the property. To receive this, the property owner must request that the bank considers it an option for their situation. It can only be granted if it is approved.
What is the Loss Mitigation Program?
Another option for homeowners is to participate in the Loss Mitigation Program. This may be allowed by the Bankruptcy Court if the homeowner requests their foreclosure case is handled through this program. The Loss Mitigation Program allows the homeowner to pursue a loan modification, forcing all parties involved to determine if the homeowner is eligible for bank loan modification or a government loan modification.
Contact our Firm
Kevin T. Conway is an experienced Bergen County criminal attorney handling DUI, DWI, traffic violations, violent crimes, sex crimes, illegal gun possession, shoplifting, and juvenile crimes. Attorney Conway is also experienced in commercial law matters, zoning law, and estate planning. If you need an aggressive criminal lawyer, contact The Law Office of Kevin T. Conway for a free consultation.