When you cannot pay your mortgage payments, it is a frightening situation. This is your home, the place where you have raised your family, and you have nowhere else to go if the bank forecloses. In most cases, the mortgage lender will not begin a New Jersey foreclosure action until the homeowner is several months behind on the mortgage payments. This gives the homeowner a brief time within which to try to stop a New Jersey foreclosure action; however, if the reason why the homeowner is behind on his or her mortgage payments is a lack of income, there may not be a way to catch up the mortgage payments in full prior to the foreclosure.
If you are behind on your mortgage payments and you are facing a New Jersey foreclosure action, contact my office immediately. Bankruptcy may be an option for you to stop the foreclosure and save your home. I offer free bankruptcy consultations to discuss your options. It does not cost you anything to get the bankruptcy advice you need that could save your home from a New Jersey foreclosure sale.
Filing Chapter 13 to Stop a New Jersey Foreclosure
If you are behind on your mortgage payments, you can stop a New Jersey foreclosure by filing a Chapter 13 bankruptcy case. Chapter 13 of the Bankruptcy Code is also known as a “reorganization” because it allows you to enter a bankruptcy plan to pay your debts over three to five years. You can you’re your home by paying the mortgage arrearage through the bankruptcy plan over time instead of trying to catch up the past due amount all at once. Unless the mortgage company has a valid reason to object to the bankruptcy plan, it cannot prevent you from including the past due mortgage payments in the plan at zero percent interest.
As soon as the bankruptcy case is filed, the bankruptcy stay prevents the mortgage company from filing or continuing a New Jersey foreclosure action. The bankruptcy stay remains in effect during the entire bankruptcy provided that you pay all plan payments on time and you pay all future mortgage payments on time. When you complete the bankruptcy plan, the mortgage arrearage is paid in full, you are current on your mortgage payments, and most, if not all, of your unsecured debts are discharged. This places you in a much better financial position to move forward.
Contact an Experienced Mount Holly Bankruptcy Attorney
Personal Approach, Professional Service, Affordable Payment Plans
The Law Office of Travis J. Richards, LLC is a full-service Mount Holly bankruptcy law firm focused on Chapter 7 Bankruptcy, Chapter 13 Bankruptcy, debt consolidation, credit repair, tax liens, student loans and foreclosure. We represent clients in Burlington County and throughout South Jersey.
If you are facing a foreclosure, contact our office at 609-267-5297 to schedule your free consultation to discuss bankruptcy and non-bankruptcy alternatives. You may also use our convenient online contact form and one of our friendly, professional staff members will contact you to answer your bankruptcy questions and/or schedule a free consultation with Travis J. Richards.