No one should have to worry about not being able to keep their home. If you’re concerned that you might be heading towards foreclosure, or if you have already received a Notice of Intent (NOI) to foreclose letter, there may still be steps you can take to stop or avoid foreclosure.
If you are at risk of falling behind on your mortgage payments or have already been contacted by your lender, you should consider working with an attorney. Working with an experienced foreclosure defense attorney may help ensure that your rights are protected and that you take advantage of every opportunity to protect your home.
Joshua Denbeaux has been a foreclosure defense lawyer since 2008 and has defended thousands of homeowners throughout the foreclosure process. If you are struggling to find resources to help you avoid home foreclosure, contact Denbeaux & Denbeaux Law today to see how we may be able to help you.
How to Avoid Foreclosure in NJ
When trying to avoid foreclosure, it’s important to act as soon as possible. The faster you start working to avoid foreclosure, the more options you’ll have. If you think you are going to struggle to make your mortgage bills, you should consider applying for a loan modification to lower your monthly mortgage payments.
Defaulting on a mortgage is when you are more than 30 days late on a mortgage payment. When you are more than 90 days late, the lender can send you a notice of default or an NOI. If you’ve already received an NOI, you may still have options to stop the foreclosure on your home.
The easiest way to avoid foreclosure is to reinstate mortgage. We understand this may not be an option for everyone, but it’s highly recommended for homeowners that are financially able to unless you believe there has been a mistake in processing payments. Paying the amount you owe on your mortgage can stop the foreclosure proceedings at any point up until the home is sold.
Applying for a loan modification is another reliable option to avoid foreclosure. A loan modification is a change to the terms of your mortgage. If you are wondering if a loan modification is a good idea for you, consulting an experienced foreclosure attorney may help you decide the best course of action.
As soon as an application for a loan modification is submitted and while the application is being reviewed, a lender cannot take any steps toward foreclosure. A lender moving forward with the foreclosure process while a loan modification process is under review is referred to as dual tracking and violates federal law. Dual tracking is one of many mortgage servicer violations that can void foreclosure claims by lenders.
Forbearance is another option that can help avoid foreclosure. A forbearance is an agreement made with a lender to temporarily lower or pause a mortgage payment. If you’re using forbearance to avoid foreclosure, you should be aware that you will still have to make your total mortgage payment when the period is over.
Similar to forbearance and loan modifications, repayment plans are another option that homeowners can pursue. Repayment plans are a great option if you’ve missed a couple of mortgage payments due to a short-term financial hardship. While it may offer some financial relief for a certain amount of time, it still requires that the borrower continues making mortgage payments on a consistent basis.
Finally, one of the best tips to avoid foreclosure is to consider working with a foreclosure defense attorney like those at Denbeaux & Denbeaux Law. Foreclosure is a complicated and time-sensitive process. Rather than dealing with it alone, you can have peace of mind knowing your house is in the hands of a trusted and experienced lawyer. Through our approach, we’ve helped clients obtain mortgage modifications, dismissals of foreclosure actions, cash for key settlement offers, and much more.
Contact an Experienced Foreclosure Attorney Today
Having to worry about losing your home can be a heavy burden to carry, and the foreclosure defense process can be challenging to navigate without experience or the right help. If you’re struggling to make your mortgage payments, a foreclosure attorney may be able to help you plan the best path forward.
Joshua Denbeaux works to protect the rights of homeowners and keep them in their homes. Contact us today to learn how we may be able to help you protect your home and financial future.