Vineland Foreclosure Lawyers

Find the right Foreclosure attorney in Vineland, NJ

Foreclosure Law in New Jersey

Foreclosure in Vineland, 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 just an auction supervised 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 essentially 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 Vineland, 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 altered financial situation if they don't know about it. Ignoring the issue and hoping it will go away is the worst possible solution.

You must keep in mind that banks are in the business of lending funds, not flipping property: the bank doesn't really want your house. To that end, they'll occasionally go to great lengths to accommodate your financial situation, whatever it may be. For banks, foreclosure is a last resort.

It's possible that your lender is willing to negotiate a plan that results in temporarily-lower payments on your mortgage, particularly if this means that they will be able to get some payments, instead of none at all.

In New Jersey, some buyers have no choice but to resort to a short sale. This is simply the sale of the house, and using the funds to pay off the remainder of the mortgage. One benefit of a short sale is that, if the house sells for less than the mortgage balance, the remaining debt is discharged, and the borrower is free and clear.

Can a Vineland, New Jersey real estate attorney help?

If you are worried that your Vineland, New Jersey house is going to be foreclosed, and want to try and stop this, a reputable real estate lawyer can help.

Talk to a Real Estate Law Attorney now!

Life in Vineland

Vineland is the largest city in the state of New Jersey, encompassing just over sixty nine square miles. Vineland is located in Cumberland County and has a population of just over 57,000 residents. Vineland gets its name after the city's fertile soil, which is perfect for growing grapes.

Not surprisingly, Vineland was the birthplace of giant juice producer Welch's Grape Juice. Vineland is also home to the Vineland Produce Auction -- the east coast's largest farmers cooperative. Other points of interest in Vineland include: the site of New Jersey's only drive-in theatre, and the Palace of the Great Depression. Not all grapes, the city has a bustling downtown and also has an Urban Enterprise Zone which gives a 31/2% reduced sales tax to shoppers that purchase goods in the zone. Vineland is also home to a thriving legal community, with some of the Garden State's top lawyers practicing their craft there. Vineland lawyers are skilled in a range of legal specialties and able to help their local clients with any legal problem he or she may be facing. In addition to a booming legal practices, other Vineland professionals such as doctors and lawyers are also contributing to the city's overall growing professional community.

Clients Rate LegalMatch Attorneys
(click to read reviews)

Nicholas M.
Nicholas M.

Real Estate, Housing & Property Law

Golden, CO

Carl M.
Carl M.

Real Estate, Housing & Property Law

Seattle, WA

David A.
David A.

Real Estate, Housing & Property Law

Walnut Creek, CA

Gotham Light