Most homeowners never imagine needing a foreclosure attorney. Most of us are simply inclined not to believe our family would fall upon such hard times. Unfortunately, too many homeowners find themselves pacing the kitchen in panic. “They’re foreclosing on my house! Now what?”
If you own a home, foreclosure can happen to you as soon as you fail to make mortgage payments to your lender. In the state of New Jersey, a bank or lender can foreclose on a homeowner’s property at any point, provided the homeowner has demonstrated negligence in payments. As scary as that sounds, homeowners are entitled to a number of protections under the New Jersey Fair Foreclosure Act.
Understanding The New Jersey Fair Foreclosure Act
First and foremost, the state of New Jersey is a Judicial Foreclosure State. This means that before a bank or lender can foreclose on your home, they must appear in court and present the case to a judge. This gives homeowners the chance to find a foreclosure attorney, gather the proper documentation, and prepare an effective defense.
Fair Foreclosure Act:
• The lender must give a homeowner a minimum of 30 days of notice before beginning any foreclosure action.
• The notice of intent to foreclose must be clearly worded and easy to understand.
• The notice must also clearly explain the available options for financial help through various New Jersey services.
The Foreclosure Process
While most banks will wait until a homeowner has defaulted on at least three payments, they technically can issue an Intention To Foreclose notice after the first missed payment. Once the lender decides to bring about foreclosure proceedings, there are a few steps that must be followed.The lender must issue a Notice of Intention to Foreclose to the homeowner. This notice must be sent via certified mail, with a return receipt requested, and must be issued a minimum of 30 days before action is taken by the lender.If you are unable to pay the amount due, the lender may then file a Foreclosure complaint with the Office of Foreclosure after thirty days.The lender must personally serve the homeowner a Foreclosure complaint.
Copies of the summons and complaint may be sent through certified mail. At this point, a homeowner would be advised to seek an experienced, licensed lawyer for foreclosure. You then have 35 days to file an answer to the complaint with the Office of Foreclosure. If you fail to answer the complaint, the lender can file for an Entry of Default. If this is not answered in another 35 days, the lender can ask the court for an Entry of Final Judgment.
If foreclosure is decided on, a Sheriff’s Sale will take place. Once your home is sold, you have 10 days to reclaim it, as long as you have the financial means to pay your past due balance.
Getting Foreclosure Help
Foreclosure is a serious, frightening and complicated procedure. It can feel impossible to get past the initial shock at the thought, “They’re foreclosing on my house. ”Homeowners in danger of losing their family’s home are strongly advised to seek out the assistance of respected, experienced foreclosure or bankruptcy attorney at the law offices of Garces, Grabler LeBrocq.
Call today at 800-923-3456 to learn more about your legal rights.. Don’t let your home fall from your possession without a fight. Let a lawyer for foreclosure explain your rights and fight on your behalf.