If you are facing foreclosure on your home, you may be feeling overwhelmed and hopeless. You may think that you have no options to save your house or avoid a negative impact on your credit. However, there is a free program that can help you find a solution to your mortgage problem: foreclosure mediation. Please continue reading and reach out to a seasoned Bergen County foreclosure mediation lawyer from the Law Office of Boyd & Squitieri to learn more about how the process works and some of the various benefits it may present. Here are some of the questions you may have:
How does foreclosure mediation work?
Foreclosure mediation is a court-sponsored program that allows homeowners and lenders to meet with a neutral third-party mediator to try to reach an agreement that avoids foreclosure. The mediator does not make any decisions for you or your lender, but helps you communicate and explore possible alternatives that work in your favor. Foreclosure mediation can be requested by homeowners within 60 days of receiving a foreclosure complaint and summons from the court.
What are some of the benefits of foreclosure mediation?
Foreclosure mediation can have many benefits for homeowners who are facing foreclosure, including the following:
- Saving your home: Foreclosure mediation can help you negotiate a loan modification, repayment plan, forbearance agreement, or other option that allows you to keep your home and make affordable payments.
- Reducing your debt: Foreclosure mediation can help you reduce the amount of money you owe on your mortgage, such as by reducing the interest rate, extending the term, or forgiving some of the principal balance.
- Avoiding a deficiency judgment: Foreclosure mediation can help you avoid a deficiency judgment, which is when the lender sues you for the difference between what you owe on your mortgage and what the property sells for at a foreclosure sale.
- Preserving your credit: Foreclosure mediation can help you preserve your credit score by avoiding a foreclosure on your record, which can lower your score by up to 160 points and stay on your report for seven years.
- Reducing stress: Foreclosure mediation can help you reduce the stress and anxiety that comes with facing foreclosure, by giving you a chance to work with your lender in a respectful and cooperative manner.
If you are interested in foreclosure mediation, you should act quickly and contact a seasoned New Jersey foreclosure defense attorney who has extensive experience guiding their clients through each phase of the process. Foreclosure mediation can be a valuable opportunity to save your home and improve your financial situation, but it requires preparation and participation from both parties. Fortunately, if you’re reading this, you are in the right place. The Law Office of Boyd & Squitieri is more than qualified to take the helm through your foreclosure mediation session, and we are here to fight for the best outcome possible on your behalf.
