• Haghi Law LLC

Foreclosure Defense in NJ: Homeowner remains in home 10 years after missing loan payments

The clock is ticking... but in many cases, quite slowly.

An article published in northjersey.com highlighted the case of a Wayne resident who was still in his home, 10 years after missing his mortgage payments. 10 years of living in a property without mortgage or rent payments is easily worth $240,000, assuming a rent of $2,000. In many cases, the value is greater than this amount. Where homeowners have taken tremendous losses due to bad mortgages and uncooperative banks, this can be a small consolation.

While the number one goal of foreclosure defense is typically to resolve the foreclosure through a home retention option such as a loan modification, there are times where the goal simply becomes to try to prolong the homeowner's occupancy as much as possible. This is especially true in cases where the bank has problems establishing its ownership of the loan, or where the homeowner has been given the runaround. We often see this where homeowners have made numerous diligent attempts to modify a loan or get short sale approval, only to have months or years of their time wasted. At a certain point, a homeowner becomes exhausted of trying to deal with the bank or their loan reaches a point-of-no-return, where the property is financially so far underwater that it does not make sense to try to keep it. In these cases, foreclosure defense focuses on using negotiation and other strategies to get the homeowner as much time as possible in the home. As seen in the article below, sometimes the additional time can add up to many years, or even a decade!

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