Guide to Foreclosure in New Jersey
This article continues from Part 1, a Brief Overview and Guide to Foreclosure in New Jersey. Some background for the firm – we are a foreclosure defense law firm operating out of Jersey City with offices in both New Jersey and New York. Our team focuses on foreclosure litigation and loss mitigation, including short sales, loan modifications, deed-in-lieu, and other options for NJ/NY families on foreclosure. We also practice in other areas, including civil litigation and immigration law.
After the defendant in a foreclosure action has filed for mediation, it is critical to begin focusing on loss mitigation. This can include a short sale, loan modification, and bankruptcy. Knowing what is right for you will require you to sit down with an attorney so he/she may go over your specific facts and suggest a course of action.
HAMP in New Jersey
The Federal Government after the 2008 financial crisis instituted the Home Affordable Mortgage Program, better known as “HAMP.” When applying for a loan modification (depending on your income to debt ratio), you may choose to have your application reviewed for HAMP Tier 1 or Hamp Tier 2. Both programs have the potential to save you a great deal of money and/or buy you significant breathing space to make payments should your application be accepted. This is fact sensitive and knowing what your results could be requires a consultation with an attorney.
During the period of pursuing loss mitigation, there will come a time when the Bank’s attorney will likely file for summary judgement in advance of the pre-trial date. There are numerous tactics that can be used at this time to 1) Defeat the motion and bring the case to trial or 2) Buy extra time to pursue loss mitigation. Both options must be fully explored by your attorney for New Jersey Foreclosure Defense Practice.
What happens in New Jersey after summary judgement in foreclosure
There are three things that can likely happen after the summary judgement motion has been filed. First, if the motion is granted, your answer will be stricken and the Bank may proceed to move for a final judgement. Second, you may defeat the motion and take the Foreclosure case to trial. And finally, there may be the possibility to settle. Should you fail to defeat the motion or chose to settle, this generally ends litigation on the Defense side with exceptions. It is critical that the loss mitigation portion of your case be aggressively pursued if your case has reached this time in the Superior Court.
This sums up the brief overview of Foreclosure Defense from our Foreclosure Lawyers in New Jersey and New York. Our offices are located in Jersey City, NJ. If you’d like to schedule a consultation, please feel free to call 1-844-5-DEFENSE. (844) 533-3367 We’d be happy to discuss your case with you.
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