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Foreclosure Resolution in New Jersey

May 19, 2010 by Robert Manchel

Although the economy seems to be slightly recovering, one major problem regarding New Jersey citizens relates to the growing number of individuals who have experienced an absolute crumbling of equity in their homes. This results with the mortgage payoff exceeding the fair market value of their homes. Whether the inability to fulfill mortgage payments is due to poor budgeting, excessive spending, failed investments, or unemployment, those facing foreclosure have various options in achieving foreclosure resolution.
While understanding the foreclosure process in New Jersey to its full extent is something that cannot be done in a matter of minutes, for those facing foreclosure, it helps to be familiar with a few important points. First of all, it usually takes two to three weeks after a foreclosure complaint is filed with the court for the lawsuit papers to be served to you or someone at your residence. Once you have been given the legal complaint, you still have some time to devise a valid and effective plan to save the property before the sheriff’s sale. Although, the foreclosure process, from the time of service to the sheriff’s sale, may take in excess of one year, the homeowner, should explore their resolution options immediately.
The first page of the mortgage foreclosure document is called a summons, which briefly explains the homeowner’s rights, including the fact that the court permits the individual 35 days in which to file a response. Most people do not believe that they have a valid defense to the lawsuit because the foreclosure action is due to a default on the payments. However, their may be a valid defense that is unknown to the homeowner.
To learn more about what your potential options are for foreclosure resolution in New Jersey, please visit www.bankruptcylawyer-nj.com for more helpful information. As an experienced attorney, Robert Manchel can help you decide what the best option is based on the circumstances surrounding your financial obligations. Call 866-503-5655 today.

Filed Under: Mortgage Foreclosure Resolution

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      Manchel
      New Jersey
      Bankruptcy Law

      This web site is designed to provide general information regarding the bankruptcy laws. The bankruptcy laws are complex and may be applied differently, in each case, depending on the particular facts. There may be numerous exceptions and variations for each law and rule. Do not rely on the information provided in this web site. If you are considering filing for bankruptcy protection, you should consult with an experienced NJ bankruptcy lawyer. We are a debt relief agency. We Help people file for bankruptcy relief under the bankruptcy code.

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      • Home
      • Chapter 7 & Chapter 13 Info
        • Chapter 7
          • How Does a Chapter 7 Bankruptcy Work
          • NJ Chapter 7 Bankruptcy Process
          • Chapter 7 and Chapter 13 Required Documents and Information
        • Chapter 13
          • How Does a Chapter 13 Bankruptcy Work
          • NJ Chapter 13 Bankruptcy Process
          • Chapter 7 and Chapter 13 Required Documents and Information
        • Chapter 7 and 13 Differences
        • NJ Bankruptcy Info
        • How Bankruptcy Affects You
        • How Bankruptcy Helps
      • Avoid Foreclosure
        • Loan Modification
        • Mortgage Foreclosure Mediation
        • New Jersey State Courts and Procedure
      • About
        • NJ Bankruptcy Attorney Robert Manchel
      • Why Hire Us?
      • Q&A
        • FAQ’s
        • Articles
        • Resource Links
      • Contact Us
        • Office Locations