Rothamel Bratton Lawyers Can Help Homeowners Facing Foreclosure
Creating Options for Clients in NJ, PA and FL
The recent economic recession wreaked havoc with real estate markets all around the country. It’s no wonder that, as people were forced to deal simultaneously with decreased home values as well as job losses or meager salary increases, foreclosure statistics in New Jersey, Pennsylvania and Florida rose dramatically. Many people now face losing their home to bank foreclosure.
If you find yourself upside down on your mortgage, we invite you to speak with the knowledgeable real estate lawyers at Rothamel Bratton. We work tirelessly on your behalf to help you solve your complex real estate issues through an appropriate remedy such as a short sale or loan modification. You can obtain free information about short sales, including an application and other important documents, by visiting Rothamel Bratton’s Resource Center.
However, when foreclosure proves itself the best option, we are on your side guiding you through the process in an effort to help protect your financial health as much as possible.
The Foreclosure Process Can Be Confusing; We Can Help
When homeowners are in default on their loan(s), the primary property mortgage holder – after repeated attempts to collect on the debt – may take action to foreclose on the property. The process usually begins with the primary lien holder, but soon after, it’s likely your other creditors will attempt to do whatever possible to collect on the promissory notes they hold.
- The lender(s) file complaints against the homeowner.
- If, after strict time limits, the homeowner fails to respond and correct the default, the foreclosure will be entered in court.
- When a foreclosure judgment is entered by a judge, the property will be advertised for foreclosure sale through the local sheriff’s office.
- In Florida, New Jersey and Pennsylvania, the foreclosure process takes about 18 months.
Homeowners Have Options Besides Foreclosure
If you are a property owner who finding yourself in debt and worried about losing your home to foreclosure, we want you to take a moment to consider your options. Allow us to explain that you may very well have other remedies that will allow you to stay in your home and possibly reduce impact on your credit rating.
The experienced attorneys at Rothamel Bratton have helped numerous homeowners in New Jersey, Pennsylvania and Florida avoid foreclosure by guiding them through either a loan modification or property short sale. Call us today so we can explain your options and advise you about the best course of action in your particular circumstance. We may be able to save your home and credit rating through:
- Defending the Foreclosure Action – You may be able to launch a defense against your lender and stave off foreclosure. Agreeing to pay off a tax lien in the short term may buy you time to save your home from foreclosure. You need an experienced attorney representing you in such an argument.
- Short Sale – Ultimately, a short sale will force your family from your home. However, this is often the least disruptive debt crisis solution because it will satisfy your lenders, offer your buyer a clear title and allow you to emerge with your credit ready for repair.
- Loan Modification – If keeping your home is your goal, it’s possible your loan holder(s) may be willing to let you pay the arrears over time as long as you keep up the monthly payments. The loan modification process can be lengthy and complicated. We will help you determine if you have a good chance to be approved for a loan modification.
- Deed in Lieu of Foreclosure – This remedy gives the foreclosing entity the right to sell your property themselves. There may be some credit advantages for the homeowner in these cases.
- Right of Redemption – New Jersey and Pennsylvania both have “redemption rights.” This means a homeowner can pay off the loan balance, fees and costs within a set time-frame after foreclosure. In Florida, there is no right of redemption after foreclosure.
Contact Rothamel Bratton for Foreclosure Advice Today
In addition to the emotional anguish you are feeling when you are facing losing your home, foreclosure proceedings will destroy your credit rating. Even worse, your lenders may not agree to take the proceeds from the foreclosure sale as final satisfaction of your loan. In this case, you will still have to pay back those lenders.
Contact Rothamel Bratton for a consultation with an experienced lawyer who will discuss the pros and cons of foreclosure, short sales, loan modifications and other home-saving remedies. Call 888-981-9510 or fill out our convenient online form to set up an appointment with an attorney in one of our four offices: Haddonfield and Lawrenceville, NJ, Philadelphia, PA, and Fort Lauderdale, FL. We represent clients in all neighboring locations such as Cherry Hill, Mount Laurel, Moorestown, and Voorhees.
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