Paterson Foreclosure Lawyer
While housing markets across the country have suffered, New Jersey was hit especially hard. The foreclosure rate is high, and there are no signs of it coming down any time soon. If you are struggling to keep up with your mortgage payments, there are options available. Filing for bankruptcy could allow you to save your home and get the debt relief you deserve.
Explore Your Options and Save Your Home
At the law offices of Scura, Mealey, Wigfield & Heyer, LLP, our Passaic County foreclosure lawyers protect the rights of individuals, families and small businesses across eastern New Jersey and the New York City metropolitan area looking to prevent foreclosure. From Chapter 13 bankruptcy to a number of alternatives, our attorneys will help you explore your full range of options and find solutions that are right for you.
One of the best options for homeowners facing foreclosure is Chapter 13 bankruptcy. It will give you the opportunity to reorganize all of your debt, including your mortgage, into a three- to five-year payment plan you can afford. Working with your creditors, we can help you come up with a plan that works. The moment you file for Chapter 13 bankruptcy, you will receive an automatic stay, which will put an end to all creditor harassment and foreclosure actions.
With 60 months to catch up on your mortgage payments, it will give you the time you need to get back on track. Once your file for Chapter 13, your original mortgage will be reinstated, regardless of how far behind you are on your payments. You will also have the option of selling your home after you file for bankruptcy.
Many homeowners in the greater Paterson area owe more on their home than their home is actually worth. Many of these homeowners own two or three mortgages. However, Chapter 13 bankruptcy could allow you to wipe out your second and third mortgage if you owe more than your home is worth. Often referred to as a cram down or a strip off, this could save your home from foreclosure.
Contact Us and Learn More
Chapter 13 bankruptcy is not right for everyone. In order to take advantage of it, you must have enough income to make mortgage payments. Our attorneys can help you explore your full range of foreclosure prevention options. Contact us today for a free initial consultation.
