Congratualtions On Stopping Your Lender's Foreclosure - Now What?
If you begin to miss mortgage payments in New Jersey, your lender will file what is called a lis pendens. Since New Jersey is a judicial foreclosure state, the lis pendens filing will notify the public that your lender is seeking to foreclose on your property to settle their mortgage lien.
When you are a homeowner facing foreclosure, the easiest sure fire way to stop the foreclosure sale is to make up the amount of missed payments, late fees and interest with your lender. What do you do after that happens?
Once you as the owner are 'caught up', meaning your mortgage is reinstated,
the lender, through their attorney, is supposed to file a discharge of the lis pendens. Make sure this happens.
Some suggestions for owners who have stopped their lender's foreclosure action:
1) Request a reinstatement letter from the lender/foreclosing attorney
2) Arrange to personally deliver the reinstatement amount to the attorney in exchange for a discharge of lis pendens
3) Take the discharged lis pendens to the county courthouse, along with the proper recording fee, and have the discharge recorded
