Essex County Foreclosure Defense Attorney

Essex County Foreclosure Defense Attorney

Foreclosure Defense Attorney in Bloomfield, NJ

Foreclosure can have a far-reaching impact on your life. Not only can you lose your home, but your credit can be affected as well. If your mortgage lender is threatening foreclosure, you need to act immediately. 95% of all foreclosures go unchallenged. The Law Offices of Christopher T. Howell, Esq. is ready to help save your home, or, at least, help you get out from underneath a loan with as little damage to your credit as possible. Contact the Law Offices of Christopher T. Howell to stop foreclosure proceeding, guide you through your options, and help you make informed decisions about your future with our firm by your side representing your interests. Contact our firm to discuss your case.

You have options

Unfortunately, too many people think foreclosure is the end of the line and losing their home cannot be stopped. This is truly not the case. Speaking with an experienced attorney can be quite helpful. Not only can an attorney help discuss your options to prevent foreclosure, but he or she may also even be able to help you stay in your home. There are many options for preventing foreclosure. These include:

  • Loan modifications
  • Suing your mortgage lender
  • Counterclaims of predatory lending and mortgage fraud
  • Deed in lieu of foreclosure
  • Short sale

Loan Modification

One of the many options to prevent foreclosure includes a loan modification. This option is one of the most commonly used as it can save your home and avoid the financial impact of filing for bankruptcy. Loan modification programs allow parties to come together in good faith to see if it is feasible to modify a loan and save one’s home. For many, including possibly you, the results may be a lowering of interest rates and/or an extension on your mortgage, lowering payments and easy you out of a mortgage you cannot afford. It is in the best interests of you and your lender to come to an agreement and we can help you through the process of loan modification.

Short Sale

During the subprime mortgage crisis, many people ended up with homes they could not afford. Whether you originally bit off more than you could chew in terms of the amount of your loan, lost your job and cannot afford your mortgage, are the victim of predatory lending, or your house is now worth substantially less than the amount you paid for it, a short sale may be the best option for you.

A short sale allows you to work with the lender to sell your home at a lower price than the amount you currently owe. The remainder is called a “deficiency” and you can be held liable for that amount.

Our firm can work with you and your lender to arrange for a short sale of your home. This will do less overall damage to your credit and will allow you to get out from under your mortgage without going through foreclosure. There are fewer fees and penalties involved with a short sale, so it is to your advantage, and to the lender’s advantage, to make this happen. If a short sale is your best option, we will walk you through the process and protect your interests along the way.

Predatory Lending & Mortgage Fraud

The subprime mortgage market turned out to be fertile ground for unscrupulous lenders. Many different scams and illegal practices were carried out during high times for the housing market. Now homeowners are finding that they are victims of these abusive practices and don’t know what to do.

It has been several years since all of this was originally investigate, but it is not too late to take action and protect yourself. If you believe you may have been caught up in a case of lender fraud, we may be able to help. Depending on when you purchased your home, you may be able to sue the lender for improper practices.

The Department of Housing and Urban Development (HUD) conducted investigative forums to uncover the practices of abusive lenders. They found a system rife with misuse. Practices included:

  • Predatory marketing schemes
  • Home improvement scams
  • Mortgage broker fees and kickbacks
  • Steering borrowers to high-rate lenders, regardless of their credit
  • Lending regardless of the borrower’s ability to pay
  • Charging high points for buy-downs that do not benefit the borrower
  • Balloon payments
  • Negative amortization
  • Credit insurance and insurance packing
  • Padding closing costs
  • Spurious open-ended mortgages
  • Paying off low-interest mortgages in order to assume their costs at a higher rate
  • Paying off forgivable loans and non-interest loans in order to assume their costs at a higher rate
  • Shifting unsecured debt into mortgages
  • Flipping loans, usually not to a homeowner’s advantage
  • High pre-payment penalties
  • Foreclosure abuse

If you believe that you are the victim of predatory lending or mortgage fraud, it is important to discuss your situation with an attorney.

Contact Our Law Office

The Law Offices of Christopher T. Howell, Esq. is an experienced Essex County foreclosure defense law firm located in Bloomfield, New Jersey. Over the years, we have helped consumers resolve these stressful situations in the best possible way. We recognize how foreclosure can impact your life and we are ready to guide you. If you have received notice of foreclosure, contact our firm to discuss your options with a compassionate, knowledgeable, and effective legal team.

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