Your best efforts have not let you keep up with mortgage payments.
Your mortgage lender or servicer just sent you a Notice of Intent to Foreclose. This Notice says that you have 30 days to make up all of the missed payments and late charges. If you do not pay this money, then you may be sued to take away the ownership of your home and to cause you to move out.
Once you are given a foreclosure summons and complaint, this is the beginning of the process of taking your home away from you. Despite this, you will still have the right to make up all missed payments and late charges but you will also be required to pay legal fees and court costs to the mortgage lender.
If you do get caught up and stay current with your mortgage payments then the foreclosure case may stop. A response called an answer is due to be filed with the Superior Court of New Jersey 35 days after you receive the foreclosure complaint. Do not ignore a foreclosure complaint. It is serious.
Whether or not you get your payments caught up after receiving the foreclosure complaint, you should consult with an experienced foreclosure defense attorney as soon as possible.
The attorney can file an “answer” and a request for foreclosure mediation for you. The mediation request must be filed within sixty days of the day you receive the foreclosure summons and complaint.
Mediation is your chance to negotiate a way to get caught up on and/or reduce your mortgage payments and still keep your home. The Court will appoint a neutral mediator to help guide the process and to be sure both you and the foreclosing attorney exchange information efficiently. The result can be a modification of your mortgage so you can stay in your home and make lowered payments.
If mediation does not result in a way to keep your home, you may be able to negotiate a short sale or set a time to leave your home after a sheriff's sale.
Sometimes if none of these helpful “second chances” work, you may want to consider a bankruptcy filing to help you make up missed payments over five years while eliminating other debts. The Bankruptcy Courts have their own mortgage mediation or loss mitigation procedures to help you qualify for reduced mortgage payments.
You can try to navigate through this difficult time on your own. It is best to have an experienced lawyer assist you.
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