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FORECLOSURE OPTIONS TO TRY AND SAVE YOUR HOME

1. Reinstate of Your Mortgage.

You can save your home by reinstating your mortgage. You will cure the default by paying all past due amounts owed, including interest, late fees, legal fees, court costs, etc. You are entitled to request from your lender the reinstatement figure valid through a date certain. Your lender is required to provide this information. If you pay the amount stated within the time-frame indicated, you can stop the foreclosure and keep your home.

2. Redeem Your Mortgage.

You can save your home by redeeming it from your lender. This means that you pay the entire mortgage, plus interest, late fees, legal fees, court costs, etc. You are entitled to request from your lender the redemption figure valid through a date certain. Your lender is required to provide this information. If you pay the amount stated within the time-frame indicated, you can stop the foreclosure and keep your home. You are entitled to redeem any time up to ten (10) days after the foreclosure sale or until the Court confirms the sale.

3. Loan Modification.

Request the Lender modify your loan to make it more affordable or improve your ability to repay the loan.

4. Defend The Foreclosure / Request Court Mediation.

File a response to the Complaint for Foreclosure raising any applicable defenses and counterclaims. If this is done timely, you also can utilize the Court’s mediation process by requesting mediation and submitting the required forms and information in timely to try and negotiate repayment of the past due amount or a modified loan (mortgage) so you can afford to keep the home.

5. Bankruptcy (Chapter 13).

Evaluate whether a Chapter 13 bankruptcy is an option to save your home.

FORECLOSURE OPTIONS WHEN YOU DO NOT WISH TO KEEP YOUR HOME (Or keeping it is unrealistic or not in your best interest)

1. Sell Your Home.

You could try to sell your home on the private market and payoff the mortgage(s) prior to the foreclosure being finalized.

2. Short Sale.

You could try to sell the property for less than you owe on the mortgage(s). This requires lender approval, as the Buyer would be asking the Lender to accept a purchase price that is less than the amount owed on the mortgage. Lenders are not required to accept a lesser payment, but may do so if the amount is satisfactory to them.  You  are not likely to receive any proceeds from the sale, though some Lenders may offer a small incentive payment to you for relocation costs or as compensation for selling the house.

3. Deed In Lieu of Foreclosure.

You can propose to the Lender that it accept a deed from you for the property in exchange for them dismissing, or not pursuing, a foreclosure case in court. In some cases, the lender may negotiate with you as to the amount of time that you may remain in the property or even a small compensation for you for saving the Lender the trouble and expense of pursuing a foreclosure judgment in court.

4. Consent to Foreclosure.

You can propose to the Lender that you will consent to the foreclosure, saving them the expense of further litigation.  In some cases, the lender may negotiate with you as to the amount of time that you may remain in the property and may offer some small compensation to you for saving it the trouble and expense of getting the judgment without your consent.

5. Bankruptcy (Chapter 7).

You may be eligible to file for a Chapter 7 bankruptcy. This would get you relief from your dischargeable debts, it may buy you some additional time to find a new place to live and it may help you avoid the tax consequences of the forgiven / cancelled “debt” from the mortgage you did not pay, which could be enormous.

6. Bankruptcy (Chapter 13).

You may be eligible to file for a Chapter 13 bankruptcy. This could get you relief from some or all of your dischargeable debts, it may buy you some additional time to find a new place to live and it may help you avoid the tax consequences of the forgiven / cancelled “debt” from the mortgage you did not pay, which could be enormous. It also could enable you to get caught up in any arrearages on your mortgage to save your home, if financially feasible to do so.

7. Do Nothing / Wait / Buy Time.

Another option you have is to do nothing, other than wait until the Court forces you to vacate the premises and save up money in the meantime to find a new place to live. It is impossible to predict exactly how much time you have to remain there, but it may be possible to provide an estimate given the foreclosure status. There are some ways to minimally increase the amount of time you have to remain in the premises, which can be reviewed and discussed during your consultation.

The information above is not, nor is it intended to be, legal advice. You should consult an attorney for individual advice regarding your own situation. Review of this does not in any way constitute legal representation. Contacting Ms. Mann or the Law Offices of Laura S. Mann, LLC by telephone, fax, e-mail or any other method does not constitute legal representation, nor is any information you provide protected by attorney-client privilege until otherwise advised.

Since each case and circumstances are different, please contact us to schedule a consultation so your individual situation can be reviewed and explored.

We can quote you a fee for any requested services after reviewing your situation and the particular facts and circumstances of your case, once you advise us which of the above option(s) you wish to explore or pursue. 

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Attendees will be able to play poker, roulette, and other games of chance. All proceeds will support Habitat Bergen’s mission of providing affordable housing for hard-working families in Bergen County.  More information is available on the Habitat for Humanity of Bergen County web site.

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a Free Legal Seminar for West Milford and surrounding communities.

Presented by Laura S. Mann, Esq.

At the

Highlands Family Success Center

Thursday, August 11, 2016
10:00 AM – 11:00 AM
at 1546 Union Valley Road, West Milford
http://MannLegal.biz

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The Discharge is the “end goal” of the bankruptcy. It is the federal court order that permanently erases the debt. It also says that no creditors are allowed to take any action against the debtor to try and collect a debt as it now is erased, forever, by operation of law (assuming it is a discharged debt).

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Your help is urgently needed! Do you have 30 minutes or $5 to spare to help victims of domestic violence and their beloved pets?

This is a non-profit organization I co-founded several years ago to try and address an urgent, unmet need of domestic violence victims and their pets.

Please read the brief information below and, if you can, volunteer or donate, even the smallest amount helps. Thank you!! <3

25-40% of battered women won’t escape abusive situations in fear of leaving their pet behind

Most women’s shelters do not accept pets, leaving victims in a difficult position. Shelter Our Pets is an all-volunteer non-profit that finds foster homes for pets of domestic violence victims, giving them the opportunity to flee their abusive situation while also securing the safety of their pet. YOU can help give the victims of domestic violence a chance to rebuild their lives.

Volunteer >> www.shelterourpets.org/volunteer
Get involved in protecting your community.

Donate >> www.shelterourpets.org/donate
Every donation helps keep families safe.
See what clients are saying about Shelter Our Pets…

“My unfortunate situation was more than grueling and it was very endearing to know that my pets were being cared for by people as passionate for pets as I am.”

“Thank you for keeping my pet safe. Thank you for caring and thank you for existing.”

“I wanted to take a moment to express my gratitude for your endless giving, compassion and support during the most difficult season of our lives.”

Support Shelter Our Pets Today >> www.shelterourpets.org

Thank you for your help!

Love,
Laura & Jordan

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