Union City Foreclosure Lawyers

Find the right Foreclosure attorney in Union City, NJ

Foreclosure Law in New Jersey

Foreclosure in Union City, New Jersey is a process that allows a lender to take possession of the property that was used to secure their loan, in the event that the borrower fails to repay it.

Foreclosure most often is a forced sale of a house at auction, since those are the most common types of property bought through a mortgage. Banks will usually try to get rid of the property as quickly as they can, selling it for as much money as they can get in a short period of time.

In every U.S. state, including New Jersey, a borrower has a right to a judicial sale of their foreclosed property. A judicial sale is simply an auction overseen by a court. The purpose of this is to make sure that the lender takes reasonable steps to sell the home for the highest possible price, and to ensure that the homeowner has an opportunity to bid on the house, if he or she is able. It is in everybody's interest for the bank to get the highest price possible for the house, even the borrower's. If the house fetches a higher price than what's left on the mortgage, the buyer can keep what's leftover. On the other hand, if it fetches less, the buyer might have to pay the deficiency.

In a large number of states, but not all of them, mortgages are a type of loan known as a "non-recourse loan." While the regulations governing these loans are complex, it most basically means that, once the house is sold, and the sale price doesn't cover what the borrower owes, the lender can't go after the borrower for the remainder. They simply have to take the loss.

How to Possibly Avoid Foreclosure in Union City, New Jersey

It is absolutely essential that you maintain a line of communication with your lender. Your can't expect your lender to accommodate your changed financial situation if they don't know about it. Ignoring the issue and hoping it will go away is the worst possible solution.

You should remember that the bank doesn't really want your house. They completed a mortgage hoping to make a profit from interest, and that's what they'd much rather do. They aren't in the business of buying and managing real estate. Therefore, banks will sometimes go to surprising lengths to accommodate your financial hardship, especially if it's temporary.

Because banks don't particularly enjoy foreclosing, they will probably be willing to work out an alternative payment plan with you, if necessary. However, if you think that this might be needed in the near future, you should contact your lender immediately. The sooner they know about it, the more options you have.

Some buyers in New Jersey, when none of the above options have worked, resort to a "short sale." This involves selling a house which is about to be foreclosed, usually for less than its market value. If the house sells for less than what's left on the mortgage, the homeowner is relieved of the duty to pay the balance. If you have decided that you have no hope of making your mortgage payments, and foreclosure seems inevitable anyway, this might be the way to go.

Can a Union City, New Jersey real estate attorney help?

If you are facing foreclosure in Union City, New Jersey, and want to do everything practicable to save your house, the assistance of a good real estate lawyer might prove invaluable.

Talk to a Real Estate Law Attorney now!

Life in Union City

Union City is situated in Hudson County in the state of New Jersey. Its population is just over 67,000, but it is the most densely populated city in the entire U.S. Union City is nicknamed both the "Embroidery Capital of the United States" and "Havana on the Hudson". These nicknames come from the waves of German and Cuban immigrants that greatly influenced the city's culture.

Union City is famous for being an outstanding place for retail and business. The centerpiece of the city is Bergenline Avenue, which is the longest commercial avenue in New Jersey. Bergenline Avenue features over 300 retail stores and eateries, and has been locally nicknamed as the "Miracle Mile". The area is the main commercial landing for the Northern Hudson County area.

In addition to Bergenline Avenue's influence, many businesses are flocking to Union City to take advantage of its favorable business sales tax incentives. Union City is located within in the Urban Enterprise Zone, which is a New Jersey Program established in order to assist cities in their commercial development. Revenue generated from the tax breaks is collected into a fund to assist Union City commercial projects.

Lawyers in Union City, New Jersey typically process legal claims at the Hudson County Municipal Court. Serving the nation's most densely populated city, Union City lawyers are accustomed to addressing a variety of unique and challenging legal issues.

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