What is Foreclosure in Toms River, New Jersey?

Find the right Foreclosure Bankruptcy attorney in Toms River, 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 Toms River, New Jersey. Foreclosure normally results in the property being sold in an auction. Banks normally 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 various states, mortgages which have not been refinanced are "non-recourse loans." This means that, in the event of default, the bank can take ownership of the house and sell it; but if the sale price happens to be less than the balance of the mortgage, the lender cannot go after the debtor for the remainder. Because of this, some people have found that their best option is to simply walk away from the home if the mortgage is more than the house is worth. You should talk with a Toms River, New Jersey lawyer to see if this state is one of them.

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 the bank does not really want your Toms River 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 can't reach a solution with your lender, there are other options. You can, for example, try a "short sale," which allows you to sell your house for whatever amount you can get, and use the proceeds to pay your mortgage. If the house sells for less than you owe, the bank will receive the proceeds of the sale, and the rest of the debt will be forgiven. 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 Toms River, New Jersey Attorney Help?

If you are faced with the possibility of foreclosure in Toms River, New Jersey, an lawyer may be able to help. At the very least, he or she can advise you of your legal options.

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Life in Toms River

Toms River underwent a name change in November of 2006. Prior to being called Toms River, the city was called the Township of Dover. As of 2010, the city has a population of 91,239 people.

The city is known because in 2006 it was ranked fourteenth amongst the Safest City in the U.S. by Morgan Quitno. Three hundred and sixty-nine cities were surveyed. CQ Press, in 2007 and 2008 also ranked Toms River in their Safest Cities list.

Toms River has been pictured in popular television shows such as MTV's Made and Jersey Shore, as well as Boardwalk Empire on HBO. It has also been pictured in the popular film The Amityville Horror.

The area is home to many attorneys who have established well-respected practices. Therefore, the legal inquiries of residents and local businesses can easily be handled by Toms River's legal force.

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