Mass foreclosures can have a devastating effect on a county both directly and indirectly to homeowners. What foreclosure essentially means is that a creditor is foreclosing on a debtor’s right to redeem their property because there has been a default of some sort, usually a debtor falling behind in a payment. At the end of this process a debtor will often find themselves locked out of the home they had worked so hard to create. However foreclosure also has a secondary effect of driving down the value of the surrounding properties in the county. Currently the northern counties of New Jersey are facing an extreme foreclosure crisis and many residents are losing substantial value in their homes or their homes altogether.
Foreclosure, Chapter 13 and Bankruptcy
In these turbulent times it is important for homeowners to protect themselves from the harsh punishment of foreclosures. Relief from foreclosure takes on few forms; however one successfully proven method comes in the form of “Chapter 13 bankruptcy.” A chapter 13 bankruptcy consists of an interest-free debt repayment plan that allows the debtor to pay back some or all of the debtor’s debts over a 3-5 year period. What is unique about Chapter 13 repayment plans is that stops foreclosure and sheriff’s sales and prevents repossession and utility shutoffs. Such a plan is open to both homeowners and business owners.
Northern Counties that the Law Offices of Lee Perlman Serves:
- Bergen County
- Essex County
- Hudson County
- Morris County
- Passaic County
- Sussex County
- Warren County
At the Law Offices of Lee M. Perlman we strive to help business owners, homeowners, and the community as a whole. With three offices around the state, we make ourselves available to every resident of New Jersey. For those feeling the effect of the foreclosure crisis in the Northern regions of New Jersey, we offer assistance in the preparation and filing of a Chapter 13 plan. If you are currently facing a foreclosure or are having difficulty in maintaining your payments to your mortgage company, we urge you to consider calling the Offices of Lee M. Perlman to set up a free consultation. Let us help you take your first step to a fresh start.