The NJ foreclosure lawyer at Curbelo Law represent borrowers and lenders in real estate foreclosure proceedings.
Our firm has over 10 years of experience in all types of real estate cases. Our New Jersey real estate attorney is ready to work with you at every step of these processes. You can contact us via email, phone, or by scheduling an appointment at our Ridgewood or Newark, New Jersey offices.
How is a Foreclosure Fought In NJ In 2023 And How Can Our Lawyer Help?
In New Jersey, attorneys are in charge of the foreclosure process, which is brought before a judge. This process is not always in favor of individuals who are at risk of losing their home, so adequate legal defense must be in place.
The best way to combat this process is to have a lawyer by your side specialized in this legal issue. Our attorney, Carolina Theresa Curbelo, has vast experience to negotiate in this area to find a solution that protects their property, investment, business or home.
Among the extensive experience in foreclosure matters we can help you with:
- Commercial and residential foreclosures.
- Executions of tax lien.
- Help for NJ first-time home buyers at a judicial auction.
- Annulment of judicial auctions.
- Annulment of final judgments in tax lien foreclosures.
- Representation of lenders and/or owners in federal bankruptcy court proceedings.
- Representation of winning bidders.
- Post-foreclosure eviction of owners and occupants.
- Foreclosure litigation.
- Lender liability litigation.
- Actions for the eviction of tenants.
Our firm can also help you with real estate litigation and disputes between landlords and tenants in New Jersey.
What Does A NJ Foreclosure Lawyer Do?
The main function of these lawyers is the handling of the foreclosure processes. Such attorneys can work for both banks and other financial institutions as well as clients seeking to contest foreclosure or attempt to negotiate.
Does New Jersey Require An Attorney At Closing?
New Jersey does not require a real estate attorney for a property closing, whether selling or buying a home in New Jersey. However, a foreclosure attorney is necessary as it is a two-tier system involving the Superior Court of New Jersey and the Foreclosure Office.
In our article “Who pays closing costs in New Jersey“, we explain in detail the costs involved in the process.
What Is A Foreclosure In New Jersey?
A foreclosure is the legal means by which a lender can repossess your home. When this occurs, landlords must vacate their home.
If the full amount of the mortgage is worth more than the value of the property, a “deficiency judgment” may be requested. If this occurs, the owners will not only lose their house, but will also have to pay an additional sum to the lender.
Foreclosure judgments and deficiency judgments can greatly affect your ability to obtain credit in the future.
Visit our article about mortgage loans denied at closing to learn more about it.
Are Foreclosures Allowed In NJ?
Foreclosures in New Jersey are allowed, but the following must occur:
- Failure to pay. When the borrower fails to make their mortgage payments on time, the bank or mortgage company notifies them with a notice of default.
- Notice of intent to foreclose. By law, the lender must send this notice before filing for foreclosure.
- Foreclosure lawsuit filed in court. After a period of time after the notice of intent to foreclosure has been filed, the lender can file the lawsuit.
- Notice of demand. The bank must perform the “personal service” of the demand with the delivery in person to the owner or a member of the household. If the bank can’t find it, it uses a “substitute service” through a newspaper advertisement.
- Response time allocation. Once the lawsuit is served on the defendant, time is allotted for the defendant to file an answer.
- Presentation of the answer. It is important that the defendants get the advice of a lawyer who represents them with an effective response.
- Declaration of non-compliance. If no response is filed, a “declaration of default” is made to the court. Not to be confused with “default payment”.
- Notice to remedy. This notice gives the defendant time to clear up their arrears. If they don’t, the bank sets the amount due.
- Final judgment request. If the evidence submitted against the defendant is sufficient, the ruling will be in favor of the bank. The foreclosure order is then issued.
- Court auction. The local county schedules a “judicial auction” of the property. If sold, the bank or mortgage company usually takes the house when the debt is greater than the value of the property. At this point, the defendant is no longer the owner of the home.
- Eviction. At the conclusion of the judicial auction, the new owner can issue an eviction order. The sheriff will remove the occupants and their belongings from the property.
Can a NJ Foreclosure Lawyer Stop A Foreclosure?
With the help of an experienced foreclosure lawyer in New Jersey, it is possible to stop or postpone a foreclosure on your property. Curbelo Law has helped hundreds of clients stop or postpone such foreclosure cases.
It’s important to learn about the types of mortgage loans in New Jersey and the rest of the US so you know from the start which one is most appropriate for your particular scenario.
Saving your home from Foreclosure
Some of the methods our NJ foreclosure lawyer use include:
- Mortgage modifications: Lenders have programs available to help individuals modify their mortgage loans. However, it can be difficult to get a loan modification. Our attorney can help you in this process.
- Lender fraud detection: The lender may have committed fraud when making the loan. If fraud is determined, the lender will have to face the consequences under the New Jersey Consumer Fraud Law.
- Negotiating Deed-in-lieu of foreclosure: In some cases, the lender can accept a deed-in-lieu of foreclosure and repossess your property without going through this legal process.
- Service violation detection: The law requires mortgage servicers to meet certain criteria to manage your payment and allow loan modifications.
- Mortgage mediation: New Jersey courts have a “mortgage mediation” program which allows individuals in foreclosure to meet with the lender and an impartial mediator to find a solution to the problem.
- File for bankruptcy: If you are having general financial difficulties, you can file for bankruptcy to stop foreclosure immediately.
- A short sale: If methods of saving your property run out, a short sale can help you get out of your home with no mortgage obligations. A short sale is an uncovered sale, where your lender may accept proceeds below what is owed as payment in full on the remaining balance.
We invite you to view our article on how to sell a house in New Jersey and learn more about it.
Frequently Asked Questions About Foreclosures In New Jersey
Defenses to a foreclosure proceeding are usually not expensive. However, it will all depend on your lawyer’s fees.
Contact us to receive a preliminary study on your case where we can give you this information. With over 10 years of experience and hundreds of successful cases under her belt, Carolina Curbelo is a reputable New Jersey real estate attorney who can assist you in many areas of real estate.
In most cases, homeowners can continue to keep their home, lower their mortgage payments, and/or resolve the problem altogether.
Despite this, it is estimated that over 90% of foreclosures are not defended.
Lack of information is often the number one reason for individuals to choose not to defend themselves against foreclosure.
The reality is that it is important to contact a lawyer well versed in this process as you may have a chance of saving your home.
Since these cases differ from most regular trials in terms of process, prior experience in foreclosure cases is critical.
Some attorneys claim to have the necessary experience, but few will be able to prove it. Our attorney Carolina has more than 10 years of experience in this area.
In addition, in the office they can guide you on different mortgage matters such as the requirements to apply for a mortgage in New Jersey.
Fighting foreclosure is of the utmost importance if you want to save your home, negotiate a short sale, get relief from a loan modification, or buy time to reorganize your financial status or overall lifestyle.
Typically, the foreclosure process in New Jersey can take between 18 and 24 months.
Curbelo Law Helps You with Foreclosure processes
Our NJ foreclosure lawyer has vast experience representing borrowers and lenders in these cases, as well as in many other real estate matters.
If you are an individual, a bank or a mortgage company, contact us today. Our lawyer will analyze in detail everything related to the property, whether it is the title of the property, its purchase, its value, or letting you know what you should avoid when applying for a mortgage in the state. Let us know your legal needs.
With over 10 years in the New Jersey real estate area, the firm is prepared to become your legal support.