Bergen County Lawyers Handle Foreclosure Proceedings
Experienced Glen Rock attorneys assist New Jersey lenders and homeowners
A home holds great financial and personal significance to its homeowners. Accordingly, when someone falls behind on their mortgage, lenders must follow strict rules to complete a foreclosure. In many cases financial institutions might be willing to modify loan terms so that a borrower can remain in their home. At Feitlin, Youngman, Karas & Gerson, LLC in Glen Rock, we represent financial institutions and homeowners throughout New Jersey in matters relating to property foreclosures. We are adept at reaching mutually beneficial settlements with lenders that allow our clients to remain in their homes.
Skillful litigators guide financial institutions through the legal foreclosure process
New Jersey is a judicial foreclosure state, which means that lenders who want to foreclose must go through the civil court system to so. A lender can begin the process after one missed payment, though these actions usually don’t start until a borrower is three-months delinquent. A lender starts the process by serving a Notice of Intent to Foreclose on the borrower, and must then wait 30 days to file a foreclosure action with the court. Those 30 days give the borrower time to pursue a remedy with the lender.
If the case goes to court, the lender can win foreclosure judgment which enables to lender to:
- Force a sale of the home
- Evict the borrower
- Hold the borrower responsible for any “deficiency” in the sale. This means that if the house sells for less than what you owe on it, you are obliged to make up the difference.
Our real estate lawyers have a wealth of experience litigating contested and uncontested foreclosure actions on behalf of creditors including national and community banks, loan servicers, finance companies, real estate investors and other lending institutions in commercial and residential foreclosure matters. Indeed, our attorneys have recovered, tens of millions of dollars in properties and judgments for our clients whether through litigation, mediation or loan workouts.
Accomplished firm advises borrowers on ways to maintain ownership of their home
It is often possible to avoid foreclosure through a negotiated settlement or court-sponsored mediation. Our firm also advises homeowners on options that might be available to avert foreclosure, such as:
- Loan modification agreement — The parties restructure the loan, perhaps for a lower monthly payment over a longer period of time at a higher interest rate.
- Repayment plan — The parties negotiate a plan for the borrower to catch up on missed payments.
- Reinstatement — After a default, the borrower agrees to pay the past due amount in exchange for restoration of the loan.
- Deed in lieu of foreclosure — The borrower hands over the deed in exchange for relief from mortgage obligations.
- Short sale — The lender permits the owner to sell the property for less than what is owed on the mortgage without demanding a deficiency payment.
- Market sale — Instead of going through the court to force a sheriff’s sale, the parties agree that the borrower will sell the home on the open market.
Homeowners may request to enter the Residential Foreclosure Mediation Program when the lender serves a Notice of Intent to Foreclose. Our firm’s experience on both sides of foreclosure matters helps us to find creative, mutually agreeable solutions when a mortgage is delinquent.
Contact our Glen Rock real estate attorneys for advice on home foreclosure
Feitlin, Youngman, Karas & Gerson, LLC represents lenders and homeowners in foreclosure matters throughout Bergen County and the rest of New Jersey. To speak with an experienced real estate attorney, call us at 201-468-0966 or contact our Glen Rock office online.