The threat of losing your home or business is never easy, especially if you do not have professional help. The foreclosure process might feel hopeless but the reality is you have options to keep your home and potentially stop the foreclosure altogether. A Hackensack foreclosure defense lawyer can help you explore those options.
While the financial difficulties you are facing might feel overwhelming, an experienced attorney from Gillman, Bruton & Capone has the knowledge and experience to address your problem and determine a solution that leaves you in a good place. Real estate agents cannot help you with this issue and there are many scam artists who will take advantage of you if you are not careful. A professional lawyer is in the best position to take on the lenders.
Homeowners should understand that it is possible to stop a foreclosure at any point in the process—even when a sale of the property is imminent. A Hackensack foreclosure defense attorney can explain how a foreclosure could be paused or halted entirely.
In some cases, the court will have no choice but to hold up a foreclosure sale and allow the legal process to play out. When a homeowner files for protection from the bankruptcy code, something known as the “automatic bankruptcy stay” requires the courts to pause all foreclosure proceedings, even Sheriff Sales.
There are also situations where the bank will voluntarily agree to pause or stop a foreclosure. In the end, most banks prefer to reach an agreement as opposed to foreclosing on a home. If the lender fails to send a Notice of Intention to Foreclose to the homeowner (which they are required to do), a lawyer may be able to get the foreclosure proceeding dismissed.
There are plenty of reasons to hire a Hackensack home foreclosure attorney. The right legal counsel can offer a number of paths toward avoiding a foreclosure sale and staying in the property. Some of the most common ways for an attorney to resolve a foreclosure case include the following:
Mortgage lenders often have programs designed to modify loans and keep property owners in their homes. However, navigating the mortgage modification process alone can be challenging. An attorney could improve the chances of a favorable modification by negotiating lower interest rates, the elimination of interest arrears, and even a reduction in the principal amount owed.
There are times when all that is needed to avoid foreclosure is a private meeting between borrower and lender. An attorney could help this happen by facilitating mortgage mediation. This process relies on a third party—known as a mediator—to help borrowers and lenders reach a viable agreement moving forward.
Not every defense option involves reaching an agreed settlement with the mortgage lender. For some homeowners, the best path forward involves litigation. A lack-of-note defense challenges the lender to prove they are actually the appropriate party to foreclose on the property. Often, mortgages change hands multiple times. It is not unheard of for a party to foreclose that was not the actual holder of the mortgage note. This defense strategy requires the lender to prove they are the appropriate party to seek foreclosure.
If other solutions are not working, it may be possible to halt foreclosure and buy some more time to make arrangements when you file for Chapter 13 bankruptcy.
Facing the risk of foreclosure is never easy but there are multiple options for a favorable outcome. When you rely on the guidance of experienced legal counsel, it can be possible for you to retain your home.
Now is the time to reach out to a Hackensack foreclosure defense lawyer. Call us as soon as possible for a free and confidential case review.