Foreclosure Mediation Cuts Through Red Tape in New Jersey
Attorneys Help NJ Homeowners Facing Foreclosure
Homeowners with financial problems often get no help from the big banks and faceless mortgage companies with which they have their home loans. New Jersey foreclosure mediation cuts through the red tape to get the answers you need. The New Jersey foreclosure attorneys at Ast & Schmidt, P.C. assist homeowners in northern New Jersey who are facing foreclosure and we explain the New Jersey foreclosure mediation program as a possible option.
What is Foreclosure Mediation?
A foreclosure sale has long-term consequences. The court system in New Jersey has set up a mediation process to help homeowners avoid foreclosure by making certain the mortgage company and the homeowner are working together. A court-appointed mediator ensures both parties exchange information and documents, communicate in a timely fashion, and use good faith efforts to come up with a workable plan.
I Already Received a Foreclosure Notice or A Sheriff’s Sale is Scheduled. Can You Still Help?
Yes! If you have received a foreclosure notice, you do not have to face the mortgage company bureaucracy on your own. Attorneys David Ast and Robert Schmidt assist clients in communicating with their mortgage companies directly or through the mediation process.
You may qualify for mediation even if a sheriff’s sale is scheduled or a judgment entered. However, an application alone does not stop a sale! You must file a motion based upon exceptional circumstances and the court must issue an order to send your case to mediation. A New Jersey foreclosure mediation attorney will help you determine if you are qualified and will make the necessary filings. Even without exceptional circumstances, a direct request for modification may be submitted to the mortgage company at least 37 days prior to any scheduled sheriff’s sale and submitting a facially complete application with the required documents.
How do I Qualify for a New Jersey Foreclosure Mediation?
To qualify for New Jersey or Morris County foreclosure mediation:
- The mortgage must be for residential property with 1 to 3 families
- The property must be your primary residence
- The homeowner must be the borrower
- The mortgage company has to have filed a foreclosure action
Even if you are in bankruptcy, you can qualify for mediation to save your home or to find an alternative to a foreclosure sale. You could have several options including:
- Loan modification
- Bankruptcy Court Loss Mitigation Program
- Short sale of the property
- Deed in lieu of foreclosure
Do I Need an Attorney for a Foreclosure Mediation?
The courts require a mortgage company to have legal representation at mediation hearings. They encourage homeowners to have an attorney as well. You should not have to face a mortgage company lawyer alone. A New Jersey foreclosure lawyer at Ast & Schmidt, PC provides the skilled and experienced representation you deserve.
I Still Have Questions. What Do I Do Now?
Foreclosure mediation puts you and the mortgage company on even ground. You need a qualified New Jersey foreclosure attorney on your side. We have put together a list of questions many clients ask about foreclosure. If that does not answer your question, or if you are ready to let our law firm help you, please take advantage of our free consultation with Ast & Schmidt, P.C. today to explore your options.