Homeowners in New Jersey often work hard for years to be able to make a purchase as substantial as a house. Owning a house is one of the biggest investments a person can make. Unfortunately, when a homeowner starts finding it hard to make mortgage payments on their home, the property may be in jeopardy of being foreclosed. The mere idea of losing one’s home can be devastating.
One of the options that a homeowner can utilize in an effort to avoid a foreclosure is to try and request a loan modification. A loan modification can allow a homeowner to change the terms of their mortgage and ultimately achieve lower monthly payments over a longer period of time. Another option that a homeowner may want to consider, especially if they have other significant debt, is filing for bankruptcy. As soon as an individual files for bankruptcy, an automatic stay will go into effect. The automatic stay stops all collection efforts from lenders in its tracks. This means that even if a house is supposed to be foreclosed in just a few hours, a bankruptcy can put a stop to it. The homeowners will then be able to assess their options in an effort to keep the house out of foreclosure.
If you are concerned about foreclosure in New Jersey, contact our firm today.
For strong legal representation from an experienced personal injury, bankruptcy, workers’ compensation, criminal defense, or family law attorney, contact Underwood & Micklin and we would be happy to schedule a consultation to discuss your matter.