${site.data.firmName}${SEMFirmNameAlt}
East Orange: 973-677-9000
Paterson: 973-247-9445
Jersey City: 201-659-6226
Toll Free: 888-827-5493
FREE Initial
Consultation Se Habla Espanol
Go to Practice Area Categories

Which remedies are available that can prevent foreclosures?

Sometimes, during difficult times, New Jersey homeowners may find it impossible to meet their mortgage obligations. Fortunately, remedial steps can be taken. During this stressful time, all options must be researched to prevent foreclosures. The research will show that available remedies include the assistance of foreclosure prevention counselors who may negotiate with mortgage companies for leniency, government programs and personal bankruptcy for protection under the U.S. Bankruptcy Code.

One option will be to sell the house; however, if the proceeds of such a sale are lower than the outstanding mortgage amount, the mortgage holder will remain responsible for the difference. With the help of a foreclosure prevention counselor, a homeowner may explore the possibility of a loan modification or a refinancing plan. Successful negotiations with a lender may lead to a temporary suspension of payments on the mortgage, a loan modification or refinancing.

Help may also be provided by the U.S. government through the Making Home Affordable program. This program aims to help homeowners whose properties are worth less than the outstanding balances on their mortgages. Loan modification or refinancing may form part of this plan. A property owner can also arrange with the mortgage company to exchange the deed of the property for the mortgage debt cancellation, but, by doing this, the consumer will lose ownership of the property.

An option that may deserve proper scrutiny is filing for personal bankruptcy. Upon filing for bankruptcy, an automatic stay is put on all debt collection actions, including mortgage payments. Foreclosures -- even if actions have already been initiated -- will be prevented, and homeowners will be allowed time to reorganize their debts and regain control of mortgage payments. If navigating bankruptcy proceedings seem overwhelming, an experienced New Jersey bankruptcy attorney can provide the necessary guidance and support.

Source: FindLaw, "How to Avoid Foreclosure", Accessed on April 27, 2016

No Comments

Leave a comment
Comment Information

PRACTICE AREA CATEGORIES

Tell Us About Your Case

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

PROFESSIONAL ASSOCIATIONS

  • NACBA | National Association of Consumer Bankruptcy Attorneys
  • NACA | National Association of Consumer Advocates
Review Us
Goldman & Beslow, LLC

Goldman & Beslow, LLC is a Federal Debt Relief Agency by an Act of Congress. We have proudly assisted consumers seeking relief under the U.S. Bankruptcy Code for over 38 years.

FindLaw Network

qr code

EAST ORANGE
OFFICE
7 Glenwood Avenue,
Suite 311B
East Orange, NJ 07017
East Orange Law Office

Phone: 973-414-8069
Phone: 973-419-7631
Phone: 973-419-5266
Phone: 201-205-2496
Toll Free: 888-827-5493
Fax: 973-675-5886
E-mail the firm

NEWARK OFFICE 168 Bloomfield Avenue
Newark, NJ 07104
Newark Law Office

Phone: 973-483-1333
Phone: 973-419-5266
Phone: 201-205-2496
Toll Free: 888-827-5493
E-mail the firm

PATERSON OFFICE 100 Hamilton Plaza,
Suite 405
Paterson, NJ 07510
Paterson Law Office

Phone: 973-247-9445
Phone: 973-419-5266
Phone: 201-205-2496
Toll Free: 888-827-5493
E-mail the firm

JERSEY CITY OFFICE 26 Journal Square,
Suite 603
Jersey City, NJ 07306
Jersey City Law Office

Phone: 201-659-6226
Phone: 973-419-5266
Phone: 201-205-2496
Toll Free: 888-827-5493
E-mail the firm

Back to Top