NJ COURT DENIES EXTENSION OF FORECLOSURE REDEMPTION PERIOD

HNW Real Estate, Landlord/Tenant, and Zoning

By Fredrick P. Niemann, Esq., a NJ Foreclosure Attorney With the harsh economic times have come more and more foreclosures, as real estate values have declined and individuals have unfortunately fallen behind on their mortgage payments. The NJ Courts and some lenders have been understanding of this situation, with lenders often being open to mediation and renegotiation of mortgage agreements and the NJ Courts often encouraging settlement between mortgagors and mortgagees as opposed to foreclosure. New Jersey law offers what is known as a “redemption period”, a 90-day window in which the property owner is allowed to live on the property and attempt to negotiate some sort of settlement with the lender before the lender is allowed to foreclose on …

CAN YOU STOP A FORECLOSURE BECAUSE OF A DEFECT IN THE PAPERWORKING GIVING NOTICE?

HNW Real Estate, Landlord/Tenant, and Zoning

By Fredrick P. Niemann, Esq. a New Jersey Foreclosure Lawyer In a recent decision, a New Jersey Court dismissed a foreclosure complaint for failure to identify the lender’s name in the notice of intention to foreclose. The Court was faced with two questions: (1)             Was the homeowner entitled to vacate a judgment of foreclosure because the bank failed to identify the “lender” in the written notice of intention to foreclose? (2)             What is the appropriate remedy for that violation of the Act’s notice of intention provision? The answers to these two questions were simple. The Court held that the homeowner was entitled to vacate the judgment of foreclosure, and the appropriate remedy for such a violation of the Fair Foreclosure …