Saving Your Home From Foreclosure

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One of the biggest accomplishments for many people in New Jersey is to be come a homeowner. It often takes years of saving and hard work to own a home. Of course, when a financial situation changes and an individual can no longer afford to make mortgage payments, foreclosure may be in one’s future. The concept of losing a home that one worked so hard for can be completely devastating to a homeowner.

However, there are a few ways that you may be able to save your home from going into foreclosure. First, you may want to try and have your mortgage loan modified. In the best cases, a loan modification can allow an individual to lengthen their mortgage term, lessen monthly payments, and even lessen interest rates to make it more affordable. However, a loan modification must be approved by the lender.

If the lender does not approve this plan, the homeowner may want to consider filing for bankruptcy under a Chapter 13 plan which will stop a foreclosure and allow to catch up on your payments over 3 to 5 years. While many bankruptcies can be filed without an attorney, if you want to save your home, it is best to seek legal advice to make sure you are protected.

If your home goes into foreclosure, it is best to speak with a lawyer early in the process. Our consultation is free, and the earlier you come in the more options you have. The saddest situation is when someone comes in to see me days before their sheriff sale and their mortgage payments are their only debt. They would have been a good candidate for a loan modification but now they can only save their home by filing for bankruptcy.

Don’t face foreclosure alone. Fight back and save your home.
Free case review, foreclosure defense, loan modifications, bankruptcy, debt litigation defense.
Frances Anne Tomes, Esq.
Tomes Law Firm, PC