Jersey City Foreclosure Lawyer
With the economy suffering, there are families and businesses across the country facing foreclosure. The housing market in New Jersey has been hit especially hard. Luckily, there are options out there. If you are struggling to keep up with your mortgage payments, an experienced attorney can help you explore your options and find a way to save your home.
At the law offices of Scura, Mealey, Wigfield & Heyer, LLP, our Hudson County foreclosure lawyers protect the rights of individuals, families and small businesses across eastern New Jersey and the greater New York City metropolitan area that are facing foreclosure. From Chapter 13 bankruptcy to load modification, we can help you find a plan that works for you.
We understand the particular problems in Hudson County, New Jersey, with the high taxes and severely declining real estate market. Hudson County had a particularly high incidence of multiple mortgages on the same property. These multiple mortgages combined with declining market value may enable you to strip off or cram down second and third mortgages and pay them next to nothing in a Chapter 13 reorganization plan.
Can You Save Your Home With Your Chapter 13 Bankruptcy?
One of the best options out there for homeowners is Chapter 13 bankruptcy. It will allow you to work with your creditors to create a three- to five-year payment plan you can actually afford. Chapter 13 bankruptcy will provide you with immediate relief as well. The moment you file for Chapter 13 bankruptcy, you will receive an automatic stay, which will stop foreclosure and put an end to all creditor harassment.
When you file for Chapter 13, your initial mortgage will be reinstated, regardless of how much you owe. After your three- to five-year repayment plan is finished, your remaining debt will be discharged, and you will finally have the fresh start you are looking for. You will also have the chance to sell your home during the bankruptcy process.
Get Rid of Your Additional Mortgages
Many people in Hudson County and across New Jersey owe more on their homes than their homes are actually worth. When this happens, many people have to take out a second or third mortgage. When you file for Chapter 13 bankruptcy, you will have the chance to strip off your second and third mortgage if your home is worth less than the amount you owe on your mortgage.
Contact Us and Save Your Home
While Chapter 13 bankruptcy is not right for everyone, there are a number of options out there to help you save your home. Our Hudson County foreclosure attorneys can help you explore your full range of options and save your home. Contact us today to schedule a free initial consultation and learn more.
