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New Jersey Loss Mitigation Order (NJB LMO)

Category:
New Jersey Bankruptcy - Official - Local District
State:
New Jersey
Control #:
NJ-SKU-0058
Format:
PDF
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Description

Loss Mitigation Order (NJB LMO) The New Jersey Loss Mitigation Order (NDB LAO) is a court order that allows homeowners facing foreclosure to have their mortgage payments temporarily reduced or suspended. It is designed to help those who are experiencing financial hardship due to events such as job loss, medical issues, or other unforeseen circumstances. There are two types of NDB LAO: a pre-foreclosure LAO and a post-foreclosure LAO. A pre-foreclosure LAO is issued prior to the foreclosure sale taking place and allows a homeowner to negotiate with their lender to temporarily reduce or suspend their monthly mortgage payments. A post-foreclosure LAO is issued after the sale has occurred and allows a homeowner to request a reduction or suspension of their mortgage payments for a period of time, usually up to two years. The terms of an NDB LAO must be approved by the court and are subject to review and approval by the lender.

The New Jersey Loss Mitigation Order (NDB LAO) is a court order that allows homeowners facing foreclosure to have their mortgage payments temporarily reduced or suspended. It is designed to help those who are experiencing financial hardship due to events such as job loss, medical issues, or other unforeseen circumstances. There are two types of NDB LAO: a pre-foreclosure LAO and a post-foreclosure LAO. A pre-foreclosure LAO is issued prior to the foreclosure sale taking place and allows a homeowner to negotiate with their lender to temporarily reduce or suspend their monthly mortgage payments. A post-foreclosure LAO is issued after the sale has occurred and allows a homeowner to request a reduction or suspension of their mortgage payments for a period of time, usually up to two years. The terms of an NDB LAO must be approved by the court and are subject to review and approval by the lender.

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