Methods For Stopping Foreclosure Of Your Home
Few things are more intimidating than a foreclosure notice. Foreclosure is difficult because it challenges you emotionally, legally and financially. Foreclosure creates tremendous uncertainty because an important part of your life — your home — is at stake.
At this crucial moment, it is important not to make rash moves. With skilled, clear-thinking, experienced legal representation, you can make smart decisions and move forward with your life.
At Simon, Monahan & Simon L.L.C., we use our knowledge of the law to protect your rights in the foreclosure process. Below are examples of some of the methods that can be employed. Every foreclosure case is unique, however, so it is important to discuss your options with legal counsel.
Bankruptcy And Short Sales
Bankruptcy can be a wise choice for people who are in financial distress. Filing for bankruptcy triggers a legal injunction that stops debt collection, including foreclosure.
Chapter 7 bankruptcy can stop a sheriff’s sale of your property and eliminate unsecured debt. Chapter 13 bankruptcy allows you to create a plan for paying back what you owe. If you stay current on your three- to five-year payment schedule, Chapter 13 stops foreclosure permanently.
Short sales are another method for taking control of a foreclosure action. A short sale requires skilled negotiation with the mortgage lender, who must agree to the sale of your home at a price that is lower than the mortgage balance. Lenders often are amenable to short sales because they get paid. Meanwhile, you are freed from the mortgage debt.
A mortgage modification changes the terms of the loan agreement between you and your lender. The objective with most modifications is to lower the mortgage payment. This can be accomplished by adjusting the interest rate, term or principal.
As with bankruptcy and short sales, it is important with modifications to have an experienced lawyer who will strive to negotiate the best possible outcome.
We Are Licensed In Four States
Since the founding of our firm in 1983, we have been located in the same location in East Brunswick, New Jersey. We are licensed to practice law in New Jersey, New York, Pennsylvania and Florida. If you live in New Jersey and are facing foreclosure in New York, Pennsylvania and Florida, we can help.
How To Contact Us
At Simon, Monahan & Simon L.L.C., our attorneys have decades of experience with foreclosures and loan modifications. To speak with a skilled lawyer regarding foreclosure and modifications, call our office in East Brunswick, NJ, today at 732-374-3309, or contact us online.