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Fazzio Law Offices

New Jersey's Foreclosure Mediation Program Can Be a Good Option for Some Homeowners

If you or your attorney has been having difficulty getting bank representatives and loss mitigation personnel to work with you on your loan, the New Jersey Judiciary Foreclosure Mediation Program will assist you in trying to reach a resolution with the bank.

New Jersey's program for foreclosure mediation is a great opportunity for some homeowners to get the help they need from HUD-certified housing counselors, attorneys, and a neutral mediator. The goal is to help the homeowner avoid foreclosure and figure out payment arrangements that suit both the borrower and the lender. Instead of arguing back and forth with your lender, you're able to bring in a neutral third party—the mediator—who will guide you both to a resolution that both sides can live with.

In order to be eligible for these free mediation services, the home involved must be your primary residence, the homeowner must be the borrower, and the property must be a residential property for no more than three families. You may have heard that New Jersey residents who had pending bankruptcy cases were not eligible. Luckily, the United States Bankruptcy Court for the District of New Jersey has issued an order that mortgagors and debtors with pending bankruptcy cases can now participate in the foreclosure mediation program, as long as they meet all other qualifications.

Mediation is available for homeowners with both contested and uncontested foreclosures. The homeowner can request foreclosure mediation up to 60 days after the service of the summons and complaint; after that, a homeowner would only be allowed into the program by a judge after demonstrating exceptional circumstances exist.

If you are having problems related to foreclosure law, the New Jersey foreclosure attorneys at Fazzio Law Offices can help. Call our Jersey City and Manhattan offices today at 855-743-0262.