What is Foreclosure in Brick, New Jersey?

Find the right Foreclosure Bankruptcy attorney in Brick, NJ

Foreclosure is a judicial procedure allowing mortgage lenders to take ownership and/or possession of the debtor's real estate (which was used to secure the loan) in the event of nonpayment in Brick, New Jersey. Foreclosure usually requires the house to be sold at an auction. Usually, banks want to rid themselves of the property as soon as they can, in order to gather as much money as possible.

In every state, including New Jersey, borrowers have the option to go through foreclosure by judicial sale. This means that the auction will be supervised by a court, to make sure that the bank makes an effort to get as high a price as possible (to increase the chances that the whole balance will be covered, as well as the odds that there will be some money leftover for the debtor). In some states, original mortgages are "non-recourse loans," meaning that the lender may only recover ownership of the house in the event of default. If the house is now worth less than the balance of the mortgage, the lender has to take the loss. You should speak with a Brick, New Jersey Attorney to see if this state is one of them. However, it is almost always the case that this protection does not apply to loans that have been refinanced.

How Can I Avoid Foreclosure in New Jersey?

First, you should never dismiss the matter. As unpleasant as it seems, it is necessary to stay on top of the issue. Ignoring the problem will never make it go away. It is essential to remember that banks don't really want to own homes in Brick. In issuing a mortgage, they expect to make a profit through interest on the loan, and they'd prefer to continue collecting from you. Therefore, they're likely to make reasonable accommodations to your financial situation if it will allow you to keep paying them in the long run.

If you can't work things out with your lender, there are other avenues. You can try a "short sale," which is when you sell your house for whatever amount you can get for it, and use the proceeds to pay your mortgage. If the house sells for less than you owe, the bank still receives those proceeds, but the remainder of the loan will be forgiven. You may also try a "short refinance" which allows a piece of the debt to be forgiven, and the rest refinanced. This allows the bank to wash its hands of the matter, while taking a comparatively small loss, and allows the homeowner to keep their home.

How Can A Brick, New Jersey Attorney Help?

If you are facing foreclosure, a good Brick, New Jersey real estate Lawyer can help. While keeping your home might not always be possible, an Attorney can increase your odds of success, and help you minimize the negative impact if you do end up losing your home.

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Life in Brick

Brick, also known as "Brick Township," is located in Ocean County, New Jersey. Per the 2010 census, 75,072 people call Brick home. Brick is surrounded by the Barnegat Peninsula, Lakewood Township and Toms River Township. In 2006 Brick was named "America's Safest City" in a survey of over 371 cities nationwide. Another reason why Brick is known is due to the autism epidemic. A study was conducted in Brick in which forty out of six thousand children were found to be autistic.

Brick is home to attorneys who practice in various areas of law. Their vast practice and sharp skills allow these attorneys to cater to the legal needs of residents and local businesses.

Some famous people who have called Brick home include Harry Bernstein, Jim Dowd, Kirsten Dunst, Garrett Graham, Jack Martin, Travis Spader, and Warren Wolf.

Brick, overall, offers its residents a small-town charm and a safe place to call home.