You might think it is too late to save your home, but the truth is we can find ways to stop a Sheriff’s Sale even if you have truly waited until “the last minute.” Many folks try for months to work with their lender to modify their mortgage and eventually get rejected or give up trying. If the Sheriff’s Sale is officially scheduled, it's easy to panic about really losing your home. Even if you are worried it is too late to get an attorney, don't panic. We can provide solutions to help you stay in your home.
The first thing we need to do is stop the sale. Every NJ homeowner is entitled to two adjournments under law. This means you as the homeowner can ask the court to stop the sale for any reason or no reason at all. You can request an adjournment twice and it will last for two weeks. This two-week period can give you and a legal expert the time needed to figure out how to keep your home. You may also be granted an extension of the adjournment if you have a good reason, like an imminent approval for a loan modification.
Loan modification can be enough to resolve a foreclosure and keep homeowners in their homes, but when you are down to the wire it can be difficult to secure a loan modification approval quickly. If you are short on time, filing for bankruptcy could be the best solution for you.
Bankruptcy is a very powerful financial tool. Filing for bankruptcy will stop the sale in its tracks, as the property will be included in a bankruptcy estate and will be subject to the outcome of that bankruptcy case. This can give you more time to explore your options or negotiate a loan modification with your lender. We can use the bankruptcy court’s built-in loss mitigation to get a loan modification approved. A bankruptcy can also bring your mortgage current which will ultimately save your home from foreclosure.
Keep in mind that even if you have tried and failed to get a loan modification approved, working with an experienced attorney can make all the difference. We know what lenders are looking for and how to put your rights as a homeowner to good use. Resolving a foreclosure is not a one size fits all solution. We have the experience to handle even the most challenging and complex of cases.
We have a lot of experience working with late-date loan modifications and helping NJ homeowners stay in their homes. We love a challenge. Even if you are CERTAIN it is too late, give us a call. We have kept countless clients in their homes all across Central Jersey.