FORCLOSURE DEFENSE LAWYER
If you’re facing foreclosure in North Jersey and believe your mortgage lender has acted unfairly, the Law Office of Michael C. Schonberger offers strategic defense options. Whether you’re in Hoboken, Hackensack, or surrounding towns, we can advise on effective foreclosure defenses, including challenging lender actions, uncovering mortgage flaws, or negotiating a short sale. With our dedicated attorneys, we can review your case details and identify options to help you retain control of your home and protect your financial future.
Experienced New Jersey Foreclosure Attorney Serving Hudson, Bergen, and Surrounding Counties
Foreclosure on your home can have a serious impact on your credit, with effects lasting for up to 10 years on your credit report. Additionally, losing your home may prevent
access to future financing from Freddie Mac or Fannie Mae for four to six years. Understanding the legal aspects of foreclosure is essential to exploring your options and
protecting your financial future. If you’re behind on mortgage payments or struggling with mounting debt, reach out to our foreclosure defense team for personalized guidance
tailored to Hudson and Bergen County homeowners, including in Hoboken, Fort Lee, and Hackensack.
Foreclosure Alternatives for New Jersey Homeowners
Based on your unique situation and mortgage specifics, several options may be available for avoiding foreclosure:
Loan Modification
Adjusting loan terms to reduce payments.
Short Sale
Selling your property at market value to satisfy the debt.
Chapter 13 Bankruptcy
Consolidating debt and missed payments into a manageable repayment plan.
Lien Stripping
Potentially removing secondary liens through Chapter 13.
Chapter 13 Bankruptcy and Foreclosure Defense
If Chapter 7 bankruptcy is unavailable, Chapter 13 may provide relief by establishing a 3-to-5-year repayment plan approved by the court. This plan often includes overdue mortgage payments, creating a single, manageable monthly payment. Filing under Chapter 13 bankruptcy can help delay foreclosure and prevent collections, giving you time to regain financial stability.
First and Second Mortgagesand Foreclosures — Some Considerations
If you have a second mortgage on your home or you have taken out a home equity loan, certain considerations come into play if you decide to pursue a short sale in lieu of a foreclosure. In general, if you decide to work out a short sale with your lender, the bank can ask you to pay the difference between what you sold your house for and what you owed on your original mortgage.
However, if you have a second mortgage and aren’t protected by anti-deficiency provisions, the lender can pursue you for any losses it takes on your second mortgage. Depending on your situation, your second mortgage may be dis-chargeable in bankruptcy.
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