Foreclosure is a very complicated process; it needs the help of a foreclosure attorney NJ. The foreclosure process starts when the bank files a case in court. After the paperwork is filed, they are served on the Homeowner. Once the Homeowner has been served with the complaint they have 20 days to answer the complaint. If the complaint is not resolved, the bank's lawyer can ask the court for a judgment against the homeowner based on the fact that the Homeowner did not answer the complaint. This judgment sets the date of the public auction where the home will be offered to the highest bidder. Ten days after the home is sold at the public auction the Court will issue a Certificate of Title which transfers title to the property to the Highest Bidder. Once the Highest Bidder has the Certificate of Title he is permitted a Writ of Possession which he can take to the Sheriff's Office to have a police officer remove the Homeowner from their Home.
After being served property foreclosure and a Loan Modification is not available, the objective is to have the lender accept a short sale. A short Sale is when the homeowner owes more on their mortgage more than what the property is currently able to sell for in today's Real Estate market place.
Many debtors don't understand that lenders typically need the home be listed for sale first and in the case of a short sale, need a written offer from a buyer. Lenders typically wish to review the financial statements of the borrower to look for the amount of short payoff they are willing to accept. It is tough to get the lender to agree to release the borrower from the note which can result in a deficiency judgment. These are reasons why a foreclosure attorney should be hired.
Try not to be deceived by illegitimate companies that promise to help you with your foreclosure case. Due to the recent real estate market crash there are progressively more companies who are marketing themselves to Homeowners in foreclosure. These businesses claim to help Homeowners work with banks to lower payments but they cannot take the place of an attorney. By law, only a licensed attorney can council you on the law and represent you in court. These businesses can only provide a partial solution to foreclosure. They may be able to assist in the negotiation of an alternative to foreclosure but they cannot represent the homeowner in court in order to buy additional time to come to an agreement with the bank. Only an attorney can provide both services.
Many homeowners go through the foreclosure process without talking to a foreclosure attorney NJ. They allow their preconditioned notions about the expense of employing a lawyer or the feeling that they can do nothing about the foreclosure keep them from discussing their particular situation with an attorney. Even if you feel that you cannot afford a lawyer you can make use of the free consultation. Foreclosure attorneys offer payment options which look at the fact that many householders facing foreclosure do not have the ability to pay a sizable upfront retainer fee to an attorney.
After being served property foreclosure and a Loan Modification is not available, the objective is to have the lender accept a short sale. A short Sale is when the homeowner owes more on their mortgage more than what the property is currently able to sell for in today's Real Estate market place.
Many debtors don't understand that lenders typically need the home be listed for sale first and in the case of a short sale, need a written offer from a buyer. Lenders typically wish to review the financial statements of the borrower to look for the amount of short payoff they are willing to accept. It is tough to get the lender to agree to release the borrower from the note which can result in a deficiency judgment. These are reasons why a foreclosure attorney should be hired.
Try not to be deceived by illegitimate companies that promise to help you with your foreclosure case. Due to the recent real estate market crash there are progressively more companies who are marketing themselves to Homeowners in foreclosure. These businesses claim to help Homeowners work with banks to lower payments but they cannot take the place of an attorney. By law, only a licensed attorney can council you on the law and represent you in court. These businesses can only provide a partial solution to foreclosure. They may be able to assist in the negotiation of an alternative to foreclosure but they cannot represent the homeowner in court in order to buy additional time to come to an agreement with the bank. Only an attorney can provide both services.
Many homeowners go through the foreclosure process without talking to a foreclosure attorney NJ. They allow their preconditioned notions about the expense of employing a lawyer or the feeling that they can do nothing about the foreclosure keep them from discussing their particular situation with an attorney. Even if you feel that you cannot afford a lawyer you can make use of the free consultation. Foreclosure attorneys offer payment options which look at the fact that many householders facing foreclosure do not have the ability to pay a sizable upfront retainer fee to an attorney.
About the Author:
Hiring a Foreclosure Defense attorney is important in case you receive a Summons and a foreclosure Complaint. Your Foreclosure Attorney NJ can help you formulate your Answer to the foreclosure Complaint which must be filed with the Office of Foreclosure, in Trenton, New Jersey.
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