Dealing with financial hardship is never easy, especially when the ownership of your home is on the line. If you are currently in arrears on your mortgage, you could find that your lender is pursuing foreclosure on the property. While a foreclosure is never easy to face, our experienced attorneys at Gillman, Bruton & Capone can consult with you about the options and rights available to you to prevent the loss of your income.

If you are dealing with the possibility of foreclosure on your home or business property, you have more options to fight back than you may realize. It is not uncommon for property owners to reach an agreement with the mortgage lender that allows them to keep their property while resolving the arrears. We have a foreclosure defense lawyer with an office in Edison that can provide you with all of your available options and rights.

Foreclosure Notice Requirements

Mortgage lenders cannot simply foreclose and seize the property the moment the property owner defaults on their loan. Before they can ever file a complaint in foreclosure, the mortgage company must provide you with something known as the Notice of Intention to Foreclose – or NOI.

The NOI requirements associated with foreclosure must be followed to an exact degree. Before filing a complaint to foreclose, your lender must provide you with formal notice at least 30 days, but no more than 180 days, prior to doing so. These notices must be sent by certified or registered mail with the return receipt requested.

Notices of Intention to Foreclose require several pieces of important information, such as:

  • Description of the property
  • The reason for the foreclosure attempt
  • Information on curing the default
  • Explanation of what happens if a default is not cured
  • Details on your right to sell the property
  • A statement on the importance of legal counsel

During the course of the 30 days prior to filing the complaint, you have the opportunity to cure your default. This means that if you can catch up on your payments, the lender must bring the foreclosure to an end. It is crucial to contact a foreclosure defense attorney like ours in Edison as soon as you receive a Notice of Intent to Foreclose.

Potential Defenses in a Foreclosure Action

There are different ways an Edison attorney could approach a foreclosure defense strategy. Although many people believe that foreclosure is often inevitable, the reality is that there are ways to delay or defeat it. Often, slowing the process down is enough to provide you the time needed to reach a resolution. The representation and counsel of an experienced attorney is a powerful resource to have when facing a foreclosure.

One of the most common defenses to a foreclosure involves the notice requirements. These notice requirements must be followed to the letter and the failure of a mortgage lender to do so could be fatal to the foreclosure action. An error in the foreclosure notice does not mean it will prevent the lender from filing a new foreclosure complaint at a later date.

Administrative errors are also a possible defense. In some cases, the banks will pursue foreclosure after making an accounting error. If the lender misapplies a timely payment that leads to default, that could be enough to bring the foreclosure proceedings to an end.

There are other situations where it is not appropriate or lawful for the lender to pursue foreclosure, such as when an ongoing loan modification is in place or when property owners have filed for bankruptcy. Gillman, Bruton & Capone can also help with both of those actions.

Contact Our Foreclosure Defense Attorney Located in Edison Today

If you have received a notice of intent to foreclose on your home, all is not lost. There are viable defenses and strategies that might be able to keep you in your home and sort out the situation.

If you are ready to fight back against foreclosure, now is the time to seek legal counsel. Call our office located in Edison to speak with an attorney who consults with New Jersey residents facing foreclosure as soon as possible. We have helped homeowners for more than 25 years and can utilize all options to prevent you from losing your property.