When you fall behind on your mortgage, it can feel like the mortgage company holds all the cards. If you are currently in arrears on your mortgage, you do not have to navigate the complex world of loss mitigation alone. Our team of experienced, successful foreclosure defense attorneys at Gillman Capone has been practicing for over 25 years, and we can work for you to ensure your lender treats you fairly.
A Toms River loan modification lawyer can prioritize alternative solutions to save your property, and we will not force a client into a bankruptcy petition if a loan modification is the better path. By proactively addressing the amount you are in arrears, we can often stop the transition from a simple default to a formal foreclosure judgment.
Under New Jersey law, a mortgage company must send you a Notice of Intention to Foreclose (NOI) at least 30 days before filing a foreclosure complaint. This window is a critical time for a Toms River lawyer to begin negotiating a loan modification with your lender. The goal of a loan modification is to adjust your existing contract to make your monthly obligations sustainable.
Our legal team will review your financial records to determine if we can modify your interest rate, extend the repayment term, or move the amount you are in arrears to the end of the loan. We help you present a professional package to the mortgage company that demonstrates your ability to maintain a new plan for your household finances.
In some cases, the mortgage company may be hesitant to cooperate until they see that you have formal legal representation. Once our lawyers become involved, this dynamic often changes.
We can work for you to ensure that the lender follows all state guidelines and does not move toward a sheriff’s sale while your modification application is under review. If a lender has already filed a foreclosure complaint, we can still intervene to seek a stay of the proceedings while we continue negotiating a loan modification with your lender.
If a mortgage company refuses to modify a loan voluntarily, a Toms River attorney can move to a secondary strategy – namely, filing a Chapter 13 bankruptcy. Once the petition is filed, an automatic stay is sent to all creditors, which immediately stops any pending sheriff’s sale or collection efforts. While a Chapter 13 bankruptcy is a formal court process, it is specifically designed to help debtors keep their property.
Under a Chapter 13 bankruptcy, we can help you create a plan of reorganization that allows you to cure the amount you are in arrears over a three-to-five-year time frame. You can retain control of your home while discharging other qualifying debts.
It is important to note that while priority debts like certain tax debt and student debt cannot be discharged, a Chapter 13 bankruptcy can provide the process needed to restructure those payments. We are here to help you understand how to secure a total solution for your financial recovery.
Choosing the right team is vital when your property is on the line. At Gillman Capone, our Toms River loan modification lawyers will work for you to explore every avenue to resolve your financial situation favorably.
We will never push you into a strategy that does not fit your goals, and can provide the steady, compassionate guidance needed to navigate this difficult time. If you have received a NOI or are already facing a foreclosure judgment, do not wait for a sheriff’s sale to be scheduled.
Our lawyers are prepared to act as a formidable shield between you and your mortgage company, ensuring that your rights are respected throughout the entire process. Request your case consultation now.
Gillman Capone Law Group
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