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Scura, Wigfield, Heyer, Stevens & Cammarota Blog

Saving Your Home After a Sheriff Sale

The foreclosure process can be complicated and seeking legal representation is always recommended.  Sometimes borrowers ignore the foreclosure timeline until their property is sold at a sheriff sale.  The borrower, however, should have been properly served with the notice of sale.  The sale is the last step in the foreclosure process and effectively divests the ownership interest into the sale purchaser.  What happens if the borrower seeks to save their property after the sale? This is a possibility, but places a large burden on the homeowner.   

Bankruptcy & Real Estate Holding LLCs Facing New Jersey Foreclosure

Many people who own real property through a single member limited liability company or sole shareholder corporation tend to think of the real property being owned by them individually. However, the Bankruptcy Code has different rights for individuals who own real property than entities. This blog will explore how the Bankruptcy Code affects an entity whose sole asset is real property and things to consider if you are considering putting such an entity into a bankruptcy case.


Can You Protect Your Home In Chapter 7 or Chapter 13 Bankruptcy?

If you own a home and you are in financial turmoil, you may be wondering what will happen to your home if you file for bankruptcy. For many, the primary concern that they have when entering the bankruptcy process is that their home is protected. This blog will explore the implications of filing for personal bankruptcy in a chapter 7 or chapter 13 on an individual’s residential real property.

As an aside, in either chapter 7 or chapter 13 a debtor would need to continue to pay their mortgage and property taxes in order to avoid an eventual foreclosure.

Avoiding Foreclosure with Mortgage Loan Modifications Made Simple

Due to unforeseen life circumstances, many individuals fall behind on mortgage payments, which will eventually lead to foreclosure proceedings. In order to avoid foreclosure, or during the foreclosure process, an individual may seek a loan modification from the lender. A loan modification is a permanent restructuring of the mortgage terms to provide a more affordable payment to the borrower. In general, the primary goal is to help the borrower reduce their monthly mortgage payments to 31% of their gross income.

Potential Title Problems in a New Jersey Foreclosure

Real estate foreclosure in New Jersey has many technical requirements and many different time frames to keep track of whether or not you are the lender or the borrower.  Sometimes when title defects are discovered during the foreclosure process, it is sometimes best to dismiss the action without prejudice and re-file to ensure clear title.   A clear title is a property title without any kind of lien or levy from creditors or other parties and poses no question as to legal ownership.  However, not all errors will necessarily cause the foreclosure to be defective.  This post describes some, but not all, of the potential issues that may arise as well as some solutions to these problems.

A New Jersey Foreclosure Attorney Explains the Foreclosure Process

Foreclosure is the action of taking possession of a mortgaged property when the mortgagor (borrower) fails to keep up with their mortgage payments.  The collateral is ultimately put up for sale by the creditor.  Foreclosures vary from state-to-state and can be initiated either judicially or non-judicially.  To be non-judicial, there must be a clause in the mortgage that provides for sale of the property in the event of default.  In a non-judicial foreclosure, the lender will complete the foreclosure without the court system.  In a judicial foreclosure, a civil lawsuit is filed against the borrower to obtain a court order to foreclose.  Judicial foreclosures eventually end with the property being sold at a sheriff sale to the highest bidder.  New Jersey is a judicial state. 

Injunctive Relief In Foreclosure Actions

Even before a foreclosure judgment is entered, a mortgage holder may be entitled to injunctive relief restraining a homeowner from collecting or receiving rents if it can show that it will undoubtedly suffer immediate, irreparable harm in the event the restraints are not granted.   It may also be able to obtain a court order compelling the tenants of the mortgaged premises to pay rents to a receiver.

The Impact of a Sheriff Sale & Your Options In New Jersey Bankruptcy

In the aftermath of the 2008 financial crisis, many people have found themselves facing foreclosure wondering what their options are.  When a secured lender files for foreclosure, the end game (unless a modification is entered into between the parties) is for the secured lender to take the property to sheriff saleThis blog will explore the impact of a sheriff sale and your options through the bankruptcy code that are at your disposal.

Why Do I Still Owe Money After A Foreclosure Or Repossession?

Commonly, we receive calls from potential clients asking why they owe money to a creditor after their home was sold at a sheriff’s sale or a lender repossessed their automobile. Generally, the potential client is referring to a deficiency judgment.

If a debtor’s mortgage lender forecloses on a home, or if a car lender repossess a automobile for missed payments, and the lender cannot resell the property to satisfy the originating loan, then the debtor may be required to pay the “deficiency”. This can be terrifying, because many individuals believe that the sheriff’s sale or repossession was the end of any collection efforts.  Luckily, filing for bankruptcy can eliminate your personal liability for a deficiency judgment.

The Appointment of a Rent Receiver after Mortgage Loan Default

A mortgage holder is entitled to an order appointing a rent receiver to collect rents (as that term is defined in the loan documents) and maintain the mortgaged premises in the event of a borrower’s default.  Failure to make obligatory monthly installments of principal and interest is a defined as a default under most mortgage notes and mortgages.

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