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foreclosure, foreclosure defense

Stop Foreclosure and Keep Your New Jersey Home!

Amid rising foreclosures in New Jersey, homeowners at risk are looking for ways to keep their homes.

On Behalf of Veitengruber Law | Oct 18,2022

Amid rising foreclosures in New Jersey, homeowners at risk are looking for ways to keep their homes. Early in the process, many options are available to struggling homeowners to assist them in getting on top of their debt and staying in their New Jersey residence. If foreclosure proceedings have already begun, you may be worried it is too late. With the right foreclosure defense, you CAN still save your home.

Filing for bankruptcy is the most effective way to bring any foreclosure proceedings immediately to a halt. Once you file for bankruptcy, a court-ordered automatic stay goes into effect that will prohibit any banks or lenders from foreclosing on your home for the duration of the bankruptcy proceedings. Even if your lender attempts to lift the stay by filing a motion for relief, this will take a couple of months, during which time you can work out alternatives.

Chapter 13 Bankruptcy

If you are trying to keep your home, Chapter 13 bankruptcy is the best option. In a Chapter 13 bankruptcy, the court will restructure your debts. You will make designated payments over three or five years to repay some or all of your debt. Any delinquent mortgage payments can be included in your bankruptcy repayment plan, allowing you to keep your home. Paying back what you owe over time instead of coming up with a lump sum can be more manageable for many people. You will be back on track with your New Jersey mortgage at the end of the designated three or five-year repayment period.

Chapter 7 Bankruptcy

For those simply looking to buy some time after foreclosure proceedings have begun (but do not expect to remain in the home long-term), Chapter 7 bankruptcy may be a better fit for you. While this is not typically a good way to save your home, it can allow you to stay in your home without making payments until you can figure out your next steps.

During this time, you can save money for a rental or work out an arrangement with your lender to avoid foreclosure. A loan modification, loan mediation, a deed in lieu of foreclosure, or even a short sale can help resolve your debt. Even if you go through foreclosure and your home sells at a sheriff's sale, Chapter 7 would eliminate your liability for any outstanding mortgage debt.

Depending on your goals, bankruptcy can be a great way to hold off foreclosure and keep your home. If you are struggling with unmanageable debt or have fallen behind on your mortgage payments, Veitengruber Law can help. The sooner you reach out to us for your first consultation, the more options you will have to keep your home. But even in the final stages of foreclosure, we can help. We have years of experience helping struggling homeowners keep their homes and get out of debt.

Reach out today for your free consultation.


Wall Township

1720 Highway 34 Suite 10 Wall Township, NJ 07727

Phone: (732) 894-4909

Fax: (732) 695-3917

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Phone: (609) 542-2339

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Phone: (908) 386-4767