If your home is under threat of foreclosure, the first thing you’ll want to do is educate yourself about your rights. The foreclosure process can be long, and there might be viable legal avenues you can pursue that could safeguard your home or might delay the foreclosure process.
If you can delay the foreclosure process then you may be able to pay the debt or, at the least, find suitable housing arrangements. To determine your rights and options based on the specifics of your case, consult a local foreclosure defense attorney.
Understanding Your Rights During Foreclosure
Foreclosure is a complicated legal process, and both the bank and homeowners have certain rights, as well as certain procedures they must follow. If you do not contest the foreclosure, it will take a year or more to complete. If you contest it, it will likely take much longer.
So know your rights and how to exercise them if you’re facing foreclosure. The discussion here is by no means a complete picture of homeowners’ foreclosure options. For answers specific to your situation, you’ll need to contact a lawyer.
As a homeowner, you have several rights that you should take advantage of, if applicable:
- pay off your debt immediately and keep the home (perhaps from a large sum of money from a settlement or inheritance);
- contest the foreclosure in court (this requires following the proper legal channels, including filing an answer to the initial foreclosure complaint);
- seek out loan modification in some cases (this may allow you to avoid foreclosure and ultimately keep your home under new loan terms);
- buy your home back within ten days of a foreclosure sale (this is called the right of redemption); and
- federal help if your lender does business with government-sponsored corporations.
If you declare bankruptcy, it may not necessarily save your home. Filing Chapter 13 bankruptcy may allow you to negotiate an arrangement to keep your home. In fact, filing either Chapter 7 or Chapter 13 bankruptcy can create an automatic stay that prevents creditors from collecting debts. So even if you’re unable to save the home from foreclosure, filing bankruptcy might delay the proceedings.
There may be other programs that homeowners can explore to avoid the foreclosure process and stay in their homes. It’s important to discuss these programs and the rights mentioned above with an attorney to help you determine if they apply to your case.
Don’t Forgo Your Rights if You’re Facing Foreclosure in New Jersey or Pennsylvania
We understand that recent economic challenges have exacerbated finances for homeowners. We encourage you to consult a legal professional and see what options are available. Feel free to consult the attorneys at Dash Farrow, LLP in Moorestown, New Jersey. We can look into all possible solutions, such as short sales, bankruptcy options, and loan modifications.
NJ Leads Country in Zombie Foreclosures in 2016
The zombie foreclosure crisis in New Jersey is creating unique opportunities for buyers of distressed properties. Zombie foreclosure properties are homes that mortgage borrowers vacate before the foreclosure process was completed, leaving these properties more or less in limbo. Less than 5% of foreclosure properties are considered zombies nationwide, but NJ has 21% of the total US zombie foreclosure volume currently (more than 4,000). Additionally, New Jersey leads the nation in average time to complete a foreclosure filing (over 1,100 days), so window of opportunity for buyers to make an offer to the lender is wider than other places across the country. If you are pursuing the purchase of a vacated property that is in foreclosure, or pre-foreclosure, you need legal advice from New Jersey attorneys with the specific background and knowledge necessary to represent your best interests.
Dash Farrow, LLP Specializes in Assisting Buyers in the Purchase of Zombie Foreclosures Prior to Sheriff’s Sale
Did You Recently Purchase a Foreclosure Property in New Jersey or Pennsylvania?
Know your rights when purchasing a foreclosed home to ensure that you are getting what you paid for, whether a first-time home buyer or a seasoned real estate investor. As foreclosure levels in NJ and PA continue to rank in the top of foreclosure levels nationwide, the volume of foreclosure transactions and real estate fraud/foreclosure fraud cases related to these transactions are also on the rise. With over 15 years of experience representing clients in New Jersey and Pennsylvania real estate law cases we have the answers to the important questions related to your foreclosed property purchase.
Call us today for a free, no-obligation consultation at 856-235-8300 or contact us online.