New Jersey Foreclosure Defense Attorney
Times are difficult for many people across the country. Even before the coronavirus pandemic struck, many individuals were already struggling with their mortgages and other forms of debt. For the millions of Americans struggling with credit card debt, mortgage payments, medical bills, and other forms of debt, one of their biggest fears is losing their home. If you are behind on your mortgage or have received a notice of default, you might still be able to delay or even prevent foreclosure with the help of an experienced and dedicated New Jersey debt relief attorney.
The foreclosure defense attorneys at Lance Brown & Associates are here to help down-on-their-luck individuals fight out from under crippling debt and find financial security and freedom. If there is a way to protect your home and rehabilitate your financial situation, we will help you find it. You do not have to face your financial hardships alone. The seasoned debt relief lawyers at Lance Brown & Associates are here for you when you need us.
Moratoriums on Foreclosure and Eviction
The COVID-19 coronavirus pandemic has put even more stress on many people’s finances, causing income reduction, job loss, and unexpected medical conditions. The federal government has put a temporary moratorium on foreclosures and evictions in light of the financial stresses caused by the coronavirus pandemic. The federal moratorium applies to single-home enterprise-backed mortgages, meaning mortgages backed by Federal Home Loan Banks, the Federal National Mortgage Association (Fannie Mae), and the Federal Home Loan Mortgage Corporation (Freddie Mac). As of this moment, the moratorium is set to expire on August 31, 2020, but it may be extended.
Many states have also enacted foreclosure and eviction protection during the pandemic. New Jersey Governor Phil Murphy put into place a moratorium on removing individuals from their homes pursuant to eviction or foreclosure proceedings during the pandemic. The moratorium will be in place until two months after the State of Emergency relating to the coronavirus pandemic is lifted. The moratorium stops only the final eviction but does not prevent lenders from proceeding with foreclosures in all other respects. Additionally, no new foreclosures were supposed to start in the 60 days after March 28, 2020.
New Jersey also passed a law granting a 90-day grace period for all mortgage payments to listed lenders (including the major banks and other federal and state-chartered banks and credit unions). Borrowers struggling with their mortgages can request forbearance, allowing them to reduce or delay their monthly mortgage payments, and they can also benefit from relief from mortgage-related fees and charges for that time period. Talk to a seasoned New Jersey debt relief and mortgage forbearance attorney for help applying for forbearance during the coronavirus pandemic or in other troubled economic times.
Foreclosure Prevention Through Bankruptcy
Even outside of a State of Emergency, there are a number of ways to delay or prevent foreclosure. While declaring bankruptcy should not be the first option to consider, if you are struggling with debt and need to restart your financial situation, bankruptcy may be your best option. When you file for bankruptcy under Chapter 7 or Chapter 13, the bankruptcy court will issue an “automatic stay,” which immediately puts the brakes on any collection proceedings by lenders. This stay applies to foreclosure and evictions, whether they have yet to begin or are already underway.
Under Chapter 13, you may be able to fold your mortgage into your repayment plan, thus reducing your monthly obligation. So long as you keep up with your payments, you can prevent foreclosure. Your arrears can also become part of the plan, and so as long as you keep up with your current monthly payments, your lender cannot foreclose as a result of preexisting arrears that are being repaid as part of your repayment plan. Under either Chapter 7 or Chapter 13, however, if you continue to be unable to pay your mortgage, your bank can request court permission to lift the stay and proceed with foreclosure. Bankruptcy will give you additional time to repay your loan and get back in the black, but it will not stop foreclosure forever if you continue to default.
Talk to a knowledgeable New Jersey bankruptcy and debt relief attorney to discuss your options for foreclosure defense. You may be eligible for forbearance, refinancing, or renegotiation of your mortgage terms. You may even be able to benefit from debt consolidation. Alternatively, it may be time to consider bankruptcy as your best option. A seasoned and compassionate debt relief attorney can help you find the debt relief solution best tailored to your needs and circumstances.
If you are facing serious financial troubles and are worried about losing your home, don’t wait until the creditors are banging down your door, and don’t torture yourself with sleepless nights filled with worry and anxiety. Call Lance Brown & Associates at 609-587-5100 to find real solutions and effective, lasting debt relief.