If you get a foreclosure complaint or a notice of intent to foreclose, which will come as a certified letter, go see an attorney right away because you will need to make a plan to get control over the situation. Whether you want to keep the house or not, it’s important that see an attorney because you can lose the house and end up owing the mortgage anyway. It’s important at the very early stages to take control. Judges aren’t interested in hearing from people the day before the foreclosure action’s going to end and they’re going to lose the house that the person would like to see an attorney or has a plan to address it. This is one of those situations where procrastination and waiting is not your friend. Every legal situation gets worse if you wait.
When a foreclosure happens, you are giving up the title to your house because you can no longer afford to keep it. The house will be auctioned off in a sheriff sale and whoever buys it must also pay for the mortgage. Sometimes, people will buy foreclosures sight unseen so purchasing a foreclosure can be a big risk. However, many times the bank will end up having to buy back the house because of the risk associated with purchasing a foreclosure.
If you are in need of experienced legal counsel in New Jersey, please contact Tomes Law Firm, PC and we will be happy to assist you.