Monmouth County Foreclosure Defense Lawyer explains options.
Monday , 4, May 2015
Foreclosure lawyer in Howell NJ.
Our Monmouth County Foreclosure Defense Lawyers are knowledgeable as to how the banks make decisions when deciding what to do with a delinquent mortgage. Because of the foreclosure backlog as explained in this previous post the banks are willing to resolve delinquent mortgages rather than beginning the foreclose process against the homeowner.
It costs the banks time and money in order to go through the judiciary foreclosure process in New Jersey. It cost the banks money to hire a law firm to represent them in the process. It costs them even more money when the homeowner hires legal counsel to fight on their own behalf.
Consequently, the mortgage lenders have been forced to consider other options which just years ago they refused to entertain.
Some of the options that the banks may be open to include:
- Mortgage Modification of Forbearance. You may be eligible for the Making Home Affordable Program, which is the first loan modification program offered by many banks. If you do no qualify for the Making Homes Affordable Plan, your bank may allow give a forbearance period of time in which you do not have to make payments . The bank may work with you on a payment schedule, temporarily, until you can get your finances healthy again. One of our experienced attorneys can help or you can contact on of New Jersey Citizen Action’s Loan Counselors.
- Short Sale. By definition, a short sale is when a house is sold for less than what is owed. The difference between these two amounts is referred to as a deficiency. By law, a bank has the right to collect the deficiency, unless the bank agrees in writing to waive that right. If the bank does not agree in writing or if the agreement is poorly written or not enforceable, the lender may come after you at a later date to attempt to collect.We will make certain this agreement is clearly written, enforceable and that any debt in connection to your home loan is in your rearview mirror.
- Your loan may get sold to an investor. In some instances banks are eager to just sell your bad mortgage paper so that they can collect some cash and ascertain a specific loss for their books. How the new investors decide to handle the property may come as a surprise to the homeowner. The investor most likely purchased the mortgage at deep discount and therefore can afford to offer the homeowner better modifications terms.
Our Monmouth County foreclosure defense attorneys office is currently helping many Eatontown, Jackson Township, Old Bridge, Ocean County, Howell Township homeowners resolve their mortgage arrears by working with mortgage lenders with some of these options.