${site.data.firmName}${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

Property owners may choose bankruptcy to stop foreclosures

When New Jersey residents experience events that jeopardize their financial stability, it may not be wise to procrastinate. When consumers stand to lose their homes, it may be appropriate to consult with an attorney. The laws related to foreclosures may differ from state to state, and gaining the relative information may be beneficial.

Property owners have certain rights when it comes to foreclosure, including the right to reinstate the mortgage by making a payment that is large enough to make the mortgage current during the months that the mortgage lender takes to effect the foreclosure. If the property owner can obtain the funds to pay the outstanding amount of the mortgage in full during that time, the mortgage can be redeemed. Some states even allow a property owner to redeem the mortgage within a limited period after foreclosure.

If the property owner cannot exercise any of the above rights, the foreclosure sale will continue, and the proceeds will be used to pay off the mortgage -- any surplus will be paid to the property owner. He or she will then be evicted from the property, although the mortgage lender has no right to any of the property owner's personal belongings. However, foreclosure can be prevented by filing for bankruptcy.

Many property owners in New Jersey have opted to use the protection of personal bankruptcy to stop foreclosures. As soon as a consumer files for bankruptcy, all debt collection actions will cease, including any foreclosure actions. To learn about the protections offered under the U.S. Bankruptcy Code and the requirements for filing along with the legal proceedings that will follow, a consultation with an experienced bankruptcy attorney can provide the answers that may prevent foreclosure and re-establish financial stability.

Source: homeguides.sfgate.com, "Owner's Rights Upon Foreclosure of Property", Phil M. Fowler, Accessed on May 6, 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