5 Mistakes to Avoid when You’re in a Foreclosure in New Jersey
Levitt & Slafkes, P.C. » Foreclosure & Alternatives
by jhashisaki
4y ago
Just because you are behind on your mortgage it does not necessarily mean you will lose your house in a foreclosure. What happens often depends on how you respond to your situation and if you do so in a timely manner. Here are five mistakes to avoid that could help you save your home: Do Not Ignore Calls or Letters from the Bank, their Lawyers or the Sheriff It is better to contact your mortgage company as soon as you know you will be late on payments. Many lenders will help you work out another solution that works for you. Further you need to review all communication to know if you are being ..read more
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How Long Do I Have to Answer a Foreclosure Complaint in New Jersey?
Levitt & Slafkes, P.C. » Foreclosure & Alternatives
by Levitt & Slafkes, P.C.
4y ago
Many people call us wanting to know how long they have to file an answer to a foreclosure complaint that they have been served with. This blog will answer that very important question. A foreclosure action begins when the mortgage company files a complaint against you, the borrower, in the Superior Court of New Jersey, Chancery Division, in the county where your home is located. The entity filing the lawsuit is known as the Plaintiff. The borrower/ homeowner who the lawsuit is brought against is known as the Defendant. You have 35 days from the date you are served with the summons and complain ..read more
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Effective Defenses to a Foreclosure Lawsuit
Levitt & Slafkes, P.C. » Foreclosure & Alternatives
by anamika.joshi@thomsonreuters.com
4y ago
A defense is a reason why the Plaintiff (the Bank in a foreclosure lawsuit) should not win their case.  You tell the Court your defenses when you answer the summons and complaint.  You must then prove your defenses in Court.  If you prove your defenses then the plaintiff will lose and you will win the case. Below are some defenses to a foreclosure case.  Everyone’s case is different.  Some of the defenses may apply to you and most may not. When you work with Levitt & Slafkes to defend you in a foreclosure lawsuit, you can be confident that we use every resource available to protect your ho ..read more
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The Threat of Foreclosure
Levitt & Slafkes, P.C. » Foreclosure & Alternatives
by gayatri.choudhury@thomsonreuters.com
4y ago
The threat of foreclosure can be an incredibly unnerving experience. Despite your best efforts, you have been unable to keep up with your mortgage payments, which has led to the stress of phone calls, notices, and threats that you will lose your home. And to make matters worse, mortgage lenders are not forgiving and will not always show you the flexibility you need in modifying your mortgage. Foreclosure Defense Besides attempting to modify a loan or work with the lender to avoid foreclosure, it is also advisable to speak with an attorney about answering the lawsuit and raising a foreclosure d ..read more
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Can I Get Rid of My Mortgage Through Bankruptcy?
Levitt & Slafkes, P.C. » Foreclosure & Alternatives
by Levitt & Slafkes, P.C.
4y ago
For many overwhelmed debtors, bankruptcy offers a chance to move past certain debts, and to ensure that those creditors can no longer harass you. This applies to many types of unsecured debts, like credit card debts, medical bills, loans, and more. So when it comes to many people’s most important asset-their home-it is critical to understand what bankruptcy can, and can’t, do regarding mortgage debt. In other words, can you get rid of a mortgage through bankruptcy? Mortgages are Secured Debts Unfortunately, the answer is not a simple one as bankruptcy does not generally let debtors shed liens ..read more
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The Consequences of Foreclosure
Levitt & Slafkes, P.C. » Foreclosure & Alternatives
by Levitt & Slafkes, P.C.
4y ago
Purchasing a home is one of the most exciting times in a person’s life. While it is a major financial investment, it represents much more than that for the security, stability, and future of homeowners and their families. Unfortunately, life is not free of hurdles or challenges, and some people find themselves unable to make their mortgage payments. Whether this is because of a bad loan, unforeseen circumstances, or changes in financial status, the ultimate result of failing to make home payments is foreclosure. The Effects of Foreclosure · Foreclosure results in a significant hit to a person ..read more
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When Does it Make Sense to Hand Over Your Deed?
Levitt & Slafkes, P.C. » Foreclosure & Alternatives
by Levitt & Slafkes, P.C.
4y ago
When a homeowner falls behind on their mortgage payments, it is very likely that foreclosure proceedings will soon follow. Struggling to make payments and facing foreclosure is all incredibly stressful and emotionally draining. However, you do have legal rights, and it is in your interest to speak to a foreclosure defense attorney to learn your options. One of these options is to simply hand your deed over to the bank or financial institution that owns your mortgage. While this is not an option that we generally recommend, it is important to us that our clients have all the information they ne ..read more
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Does Mortgage Fraud Impact Foreclosure?
Levitt & Slafkes, P.C. » Foreclosure & Alternatives
by Levitt & Slafkes, P.C.
4y ago
Your home is likely the most valuable asset you own. Beyond its monetary value, your home has incredible sentimental value as it represents your hard work, the place where you have raised your children, and the roof over your family’s head. This makes foreclosure a stressful and scary prospect: you are literally facing the possibility of losing your home to a financial institution. In our experience, there are financial institutions that will engage in unscrupulous behavior to secure your signature and lend you money. This can create a tremendous harm, as the lender’s promises to you are not k ..read more
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Is Foreclosure Mediation for Me?
Levitt & Slafkes, P.C. » Foreclosure & Alternatives
by Levitt & Slafkes, P.C.
4y ago
Foreclosure can be a really scary word. For many Americans, a home is their most valuable asset. For individuals who have struggled with their mortgage payments, the prospect of losing this home can be overwhelming. Mortgage lenders can foreclose on a property when borrowers fail to make timely or complete mortgage payments. Unfortunately, foreclosure proceedings are incredibly common. Sometimes it is because borrowers take on more debt than they can handle, or their circumstances change that make their mortgage payments unaffordable. It only makes matters worse when financial institutions act ..read more
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Over 65 & Being Foreclosed On–What is the Best Course of Action?
Levitt & Slafkes, P.C. » Foreclosure & Alternatives
by Levitt & Slafkes, P.C.
4y ago
Most Americans dream of retiring comfortably one day. Often, that is the motivation that keeps so many of us focused on the daily work grind, commuting to work, long hours and other sacrifices. While working for the same company for 40 years and then retiring at 65 with the gold watch and a sendoff to Florida may not be in the cards for most anymore, you probably still envision a more relaxed lifestyle in those much anticipated ‘golden years.’ If you are 65 or older today, it is very possible you may still be working-whether you have some retirement funds waiting for you or not. The cost of li ..read more
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