Chapter 13 Can Save Homes As New Jersey Mortgage Moratorium Ends

As a result of the Coronavirus, New Jersey imposed a mortgage moratorium to temporarily stop mortgage foreclosures from proceeding to help people keep their homes. However, on November 15, 2021 that moratorium ended. As a result, foreclosures can again proceed. However, there are still ways to keep your home. One way is to file a Chapter 13 bankruptcy which will allow  you to pay any missed mortgage payments over 5 years. The Chapter 13 can also significantly reduce or eliminate some unsecured debts like credit cards, making it easier to pay the mortgage arrears over time. In addition, depending on your circumstances, a mortgage modification may be possible. So if you are behind in your mortgage payments and receive a foreclosure complaint, you should immediately contact an experience attorney to consider your options.