When your mortgage lender receives a final judgement in a foreclosure, they have the ability to schedule a Sheriff Sale of your home. While this might seem like the end of the fight to stop foreclosure, you may still have options left if you want to save your home.
Can I Get a Loan Modification? What Would the Payment Be?
New federal guidelines say that as of January 10, 2014, you have the right to make an application for a modification. If a complete loan modification application is submitted at least 38 days prior to the Sheriff Sale, the lender should adjourn the Sheriff Sale until the application has been reviewed, and you have been given the opportunity to appeal any denial. Additionally, you are entitled to submit a new application any time that the Servicer changes. Finally, it has been our experience that lenders will stop the foreclosure process and review a second or third application, if a borrower can show changed circumstances.
It is important to know what loan modification programs are available to you, and whether you can qualify. There are various programs which can reduce the amount you owe on your mortgage, extend the duration of your loan, reduce the interest rate, or defer part of the amount owed to permit a lower monthly payment. This firm has the resources available to conduct an analysis to identify what loan modification program(s) are available to you, and to determine whether you would qualify for the program(s). We can also provide you with an estimate of the payment terms if you qualify for a modification.
How Can I Postpone the Sheriff Sale?
In New Jersey, you have the right to contact the County Sheriff and adjourn the Sheriff Sale twice. Each adjournment is for up to 30 days. This means that you can adjourn the sale for a total of sixty (60) days. We strongly advise our clients to monitor the County Sheriff’s web site to be sure you know when your sale is listed, because the lender will not always send prompt notices. You can also call the Sheriff if you have a question. You also have the right to file a motion to ask the Judge to stay the sale.
You have the right to file for Bankruptcy, as provided by federal law. In most circumstances, upon the filing of a Bankruptcy Petition, you will be entitled to the “Automatic Stay” which is an automatic injunction that halts the Sheriff Sale and other actions by creditors. In order to fully understand your options concerning Bankruptcy, you should seek a consultation with an experienced bankruptcy attorney to determine whether it is an option for you, and what you need to do to be prepared to stop a Sheriff Sale.
Contact Us Today
The Law Firm of Ira J. Metrick has the resources and experience to determine your eligibility for a loan modification, and represent you to ensure that your lender complies with federal and state laws during this process. Contact us today to discuss your options for stopping a sheriff sale and staying in your home.