Legal Question in Banking Law in New Jersey

Foreclosure

I was in an auto accident and was disabled for 14 months. I just returned to work recently. While I was disabled I kept up with my mortgage payments always on time but fell behind in my $6500 equity loan approx $300. I want to pay the loan off now that I--name removed--working again but they started foreclosure procedings. Can they take my home from me ... over $300? Will they let me pay the loan off and cease foreclosure?


Asked on 10/12/06, 7:45 pm

1 Answer from Attorneys
John Corbett Corbett Law Firm LLC

Re: Foreclosure

You have done well to keep your head above water.

The foreclosure action will be dismissed if you pay what you owe. This is probably going to be more than just paying the full amount of the loan because the creditor has no doubt sued for the costs of collection and they are entitled to some of that.

I recommend that you engage a lawyer to assist you in settling the matter. This is important because you have an interest in increasing the chances that it is done correctly so that there are no residual title problems. A lawyer also has a better chance than you of negotiating a lower figure for the creditor's cost of collection.

If I can be of further help to you, call using the contact information below.

See also: http://info.corbettlaw.net/lawguru.htm

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Answered on 10/13/06, 9:26 am


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