Rudikh & Associates, LLC. are experienced Bankruptcy and Foreclosure Lawyers who have represented hundreds of clients in foreclosure in the State of New Jersey (NJ). We are accessible to counsel individuals and businesses and help them understand their legal rights in the both the foreclosure and bankruptcy process. Dealing with foreclosures in New Jersey, we understand the pain and emotions that arise in such cases, and we offer the legal support necessary to help our clients through these difficult times. Clients can rely upon our lawyers to meet their needs and provide creative solutions to their complex problems.
Many foreclosures can be prevented by calling your mortgage company and asking to speak to someone in the “Loss Mitigation Department” about loan workout solutions, such as, a repayment plan, loan modification agreement, forbearance agreement, loan assumption or a deed-in-lieu of foreclosure or short sale. You may also be eligible for various State and Federal foreclosure prevention programs.
The foreclosure process in New Jersey is a two-tiered system involving both Superior Court General Equity judges and the staff of the Office of Foreclosure. The Office of Foreclosure is a unit in the Administrative Office of the Courts, Civil Practice Division. The Office of Foreclosure handles seven types of foreclosure actions: (1) residential mortgage foreclosure; (2) multi-family/ commercial mortgage foreclosure; (3) in personam tax certificate foreclosure; (4) municipal in rem tax certificate foreclosure; (5) condominium lien foreclosure; (6) strict foreclosure (to remedy foreclosure action errors) and (7) Fair Foreclosure Act optional foreclosure procedures.
The Office of Foreclosure recommends entry of mortgage, tax and condominium lien foreclosure judgments and orders to the General Equity judge sitting in Mercer County, regardless of the county where the property is located, pursuant to Court Rules 4:64-1, 4:64-7 and 1:34-6. This statewide practice creates foreclosure processing efficiencies and uniformity.
All foreclosure complaints are filed with the Clerk of the Superior Court, Richard Hughes Justice Complex, P.O. Box 971, 25 Market St., Trenton, New Jersey 08625. Even though the Complaint is filed in Trenton, a Complaint’s caption states the venue to be the county where the property is located. All subsequent pleadings continue to be filed in Trenton until an action becomes contested. When an action is contested, pleadings are filed with the General Equity judge in the county of venue.
The borrower and the lender in foreclosures in the State of New Jersey.
When the Borrower defaults on his/her mortgage loan, the Borrower receives a letter from the Lender, warning of the impending foreclosure and typically the Borrower is afforded thirty (30) days before the start of the foreclosure action. The Borrower can prevent the foreclosure during this pre-foreclosure period by paying off the amount owed to his Lender and bringing his loan current.
If the Borrower fails to pay off the amount owed, the Lender initiates the foreclosure through the courts and records a notice of pending lawsuit with the county clerk. The Lender can sue for either the default payments or the entire unpaid principal balance on the loan. The Borrower is notified of the foreclosure process personally or by publication if needed. Upon receipt of the Filed Complaint, the Borrower has thirty five (35) days by which the Borrower has to file an Answer to the Foreclosure Complaint.
Foreclosure sales are carried out as public auctions, supervised by the County Sheriff’s department. The property is sold to the highest bidder, and the sheriff must transmit ownership to the purchaser within ten (10) days after the sale. The court must also confirm the sale. During the ten (10) days after the sale, the Borrower has redemption rights that is he may buy back his or her property.
Chapter 13 Bankruptcy filing can stop the foreclosure any time prior to the sale of your home. Moreover, through Chapter 13 Bankruptcy, you are able to repay your mortgage arrearages that have accumulated with the Bank. Still you will have to make all future mortgage payments directly to the mortgage company, but they may not foreclose on your house while you are in bankruptcy.
The first consultation with Rudikh & Associates, LLC., is always free. We are experienced in foreclosure defenses and Chapter 13 Bankruptcies. We have handled hundreds of bankruptcy cases and foreclosure actions and would provide you with the competent advice you so deserve and require.