New Jersey’s Fair Foreclosure Act
New Jersey’s Fair Foreclosure Act says that lenders must send you a Notice of Intention to Foreclose via certified mail at least 30 days before they initiate foreclosure. The law also states that you have 30 days to rehabilitate your mortgage and bring it current, so that you can avoid foreclosure.
The Fair Foreclosure Act also requires:
Lenders state the reason they are foreclosing on your home.
Lenders notify homeowners that financial assistance is available from federal and state government programs and non-profits to help you cure your defaulted loan. Those programs include HAMP and other programs identified by the Commissioner of Banking and Insurance.
Lenders inform you of how much you must pay and by what date to cure your loan and must explain what happens if you fail to cure your loan.
Lenders must notify you that you can stop the foreclosure process even after they start it.
Lender to inform you of your right to sell or transfer the title while the foreclosure is ongoing.
A list of all available resources to help your cure the default along with contact information for the New Jersey Department of Banking and Insurance.
When you receive a foreclosure notice, you need to act quickly and begin figuring out what you are going to do. You have several options to avoid foreclosure, but your chance could slip away if you take too long to get expert advice. USAttorneys.com can help you locate a foreclosure lawyer in New Jersey to inform you of your options.
Navigating New Jersey’s foreclosure process can be confusing, and there is a lot of room for error. And when it comes to foreclosure the cost of a mistake or a missed deadline is enormous because it’s your home. Call one the foreclosure lawyers serving New Jersey listed on USAttorneys.com.
