What is Foreclosure in Parsippany, New Jersey?

Find the right Foreclosure Bankruptcy attorney in Parsippany, NJ

  • /10
  • Client Overall
    Satisfaction Rate*
*TrustPilot score as of 010118

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 Parsippany, New Jersey. Foreclosure usually results in the property being sold in an auction. Banks usually want to get rid of the property as soon as possible, even if it means taking a financial hit, and an auction is the simplest way to do this.

In every state, including New Jersey, there is an option to go through foreclosure by a judicial sale, which is a process in which a court supervises the sale of the property, and makes sure that the proceeds first go the to the holder of the mortgage, then to anyone else who may have a lien on the property, and lastly to the debtor if anything is left. In numerous states, original mortgages (as opposed to refinanced loans) are "non-recourse" loans, meaning that the most the lender can collect is whatever the foreclosed property sells for. The bank cannot go after the debtor for the balance, if the sale nets less than the amount due. You should consult an Attorney in Parsippany, New Jersey to learn the details of the law here. You should also know that this rarely applies to loans that have been refinanced.

How Can I Avoid Foreclosure in New Jersey?

Most importantly, you must not dismiss the problem. Doing so will not make it go away, and will probably make it worse. You should stay in close contact with your bank, and be honest with them. It is critical to remember that the bank does not really want your Parsippany house - they expected to make a profit through the interest on your loan, and that's what they'd prefer to do. Accordingly, they will probably make reasonable accommodations to your financial situation if it means that you will be able to make some form of payment to them.

If you believe that foreclosure is imminent, there are some other avenues. For example, you may be able to engage in a "short sale," which sometimes allows you to sell your house for whatever amount you can receive, give the proceeds to the lender, and walk away free of your mortgage debt, even if the sale netted less than the balance of the mortgage. A "short refinance" may also be an option in some cases. This allows you to have some part of the debt forgiven, while refinancing the rest.

How Can A Parsippany, New Jersey Attorney Help?

If you are facing the possibility of foreclosure, a good Parsippany, New Jersey real estate Lawyer can help. At the very least, they will be able to inform you of your legal options.

Talk to a Bankruptcy & Finances Law Attorney now!

Life in Parsippany

Parsiappny, a.k.a. Parsippany-Troy Hills Township, is located in Morris County, New Jersey. The name stems from the Native American word "parsipanong," which means "the place where the river winds through the valley." In 2006, Money Magazine ranked the city seventeenth amongst The Best Places to Live in the United States. In 2008, the rank increased to thirteenth.

The city is also known because it has been referenced in both television and films. References include the television sitcom Seinfeld, specifically "The Mom Pop Store" episode. Film references include The Ex, Beer League, and The Karate Kid.

Many attorneys practice in Pasippany. These attorneys focus on providing personalized legal services to their clients. Therefore any and every legal need of residents and businesses can easily be handled by the legal force in Parsippany.

Famous residents include Keith Ferris, James Jean, Jeff Koyen, Robert Lazzarini, Johnnie Moran, Joe Orsulak, Angelo Savoldi, and Chris Singleton.