Facing the threat of losing your home can be an overwhelming experience, and at Gillman Capone, we understand the stress this puts on your daily life. If you have received a Notice of Intention to Foreclose (NOI), you should know that New Jersey law requires your mortgage company to send this notice at least 30 days before they can file a foreclosure complaint. We help you navigate the options available to protect your interests, such as a foreclosure mediation program in Toms River.
Our team of experienced foreclosure defense attorneys has been practicing for over 25 years, and we can work for you to explore every possible alternative before recommending a bankruptcy petition. Our goal is to find a solution that fits your needs without forcing you into a bankruptcy process if other viable paths exist. However, if your situation requires formal intervention to halt a sheriff’s sale or stop aggressive collection actions, we may discuss how filing a Chapter 13 bankruptcy or a Chapter 11 bankruptcy can serve as a powerful tool for foreclosure defense.
The foreclosure mediation program in Toms River is designed to bring debtors and mortgage companies together to find a mutually beneficial resolution. This program provides a neutral environment where our lawyers can advocate for your right to stay in your property by negotiating a loan modification with your lender.
By altering the terms of your loan through this program, you may be able to address the amount you are in arrears on your mortgage and establish a sustainable path forward. We understand that many clients feel at a disadvantage during these negotiations, which is why our skilled advocates will ensure your voice is heard.
Participating in mediation does not require you to file a petition for bankruptcy, but it can work in tandem with one. If a mortgage company is moving toward a judgment in a property tax foreclosure or a standard foreclosure, mediation provides a formal pause to discuss alternatives. Our legal team will review the specifics of your loan to determine if we can modify the interest rate, extend the term, or re-amortize the amount if you are in arrears to make your monthly obligations more manageable.
If mediation alone does not yield a satisfactory result, filing a Chapter 13 bankruptcy is a common and effective way to prevent foreclosure. Once a petition is filed, an automatic stay is granted, which immediately halts all collection efforts and stops a sheriff’s sale from proceeding. Under a Chapter 13 bankruptcy, we can help you develop a plan of reorganization that allows you to pay back the amount you are in arrears on your mortgage over a three-to-five-year period.
This allows you to keep your property while discharging other qualifying unsecured debts once the plan is successfully completed. For debtors with higher debt limits or complex business assets, a Chapter 11 bankruptcy provides a similar plan of reorganization with additional flexibility. While certain obligations like tax debt and student debt cannot be discharged in these proceedings, we might be able to restructure the payments or temporarily pause collection efforts to give you breathing room.
Unlike a Chapter 7 bankruptcy, which may require you to liquidate assets, a Chapter 13 or Chapter 11 bankruptcy are focused on keeping you in control of your property. We are working for you to ensure that the final plan of reorganization is something you can realistically achieve.
At Gillman Capone, we pride ourselves on being strong and successful advocates for our clients. We understand the nuances of the local courts and the specific requirements of the foreclosure mediation program in Toms River. Whether we are negotiating a loan modification with your lender or filing a petition for a Chapter 13 bankruptcy to save your home, we remain committed to your financial recovery. We will never push a client into a legal strategy that does not serve their best interests, and we always prioritize alternative solutions first.
If you have already had a foreclosure complaint filed against you, time is of the essence. A judgment in a foreclosure case can move quickly toward a sheriff’s sale if you do not take proactive steps to defend your rights. By consulting with our team, you gain the benefit of over two decades of experience in New Jersey law. We are here to help you understand your rights, stop the harassment from lenders, and work toward a resolution that preserves your equity and your future.
Gillman Capone Law Group
N/a
