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Our Offices

  • Vernon Office

    Address

    244 State Hwy 94,
    Vernon, New Jersey 07462

  • Wayne Office

    Address

    73 Mountainview Blvd,
    Wayne, New Jersey 07470

    Phone

    973-764-1633

  • Pompton Lakes Office

    Address

    58 Colfax Avenue #1,
    Pompton Lakes, New Jersey 07442

  • Hackensack Office

    Address

    41 Main Street,
    Suite 2,
    Hackensack, New Jersey 07601

    Phone

    973-764-1633

  • Nutley Office

    Address

    345 Centre Street,
    Suite 2,
    Nutley, New Jersey 07110

    Phone

    973-764-1633

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Law Offices of James C. Zimmermann locations:

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  • lawyers
    5.0/5.0

    I’ve worked with Mr.Zimmerman on two different legal issues. In both instances he was fantastic! He is extremely knowledgeable and compassionate and able to breakdown a course of action into language anyone can understand. I would highly re...
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    — Client

  • lawyers
    5.0/5.0

    I highly recommend Mr. Zimmermann as an attorny. I recently purchased an investment property and boy was he helpful. He was easily available, very clear in explaining various concepts, laws and regulations, and provided very helpful tips o...
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    — Client

North Jersey Lawyer Arranges Deeds in Lieu of Foreclosure

Experienced advocate works to help clients leave mortgage debt behind

A deed in lieu of foreclosure gives homeowners who have fallen behind on mortgage payments a chance to end foreclosure proceedings by transferring ownership of their home back to the bank. “Turning over the keys” might release debtors’ mortgage obligations so they can move forward without a debt burden.

Firm assists homeowners in Sussex, Passaic, Bergen and Essex counties

Though it might seem simple to give up your home in hopes of a fresh start, there are factors that should be considered before you initiate a deed in lieu of foreclosure. From offices in Vernon, Wayne, Pompton Lakes, Hackensack and Nutley, the Law Offices of James C. Zimmermann takes the time to go over the potential benefits and pitfalls of these transactions, explaining aspects such as:

  • Deed in lieu of foreclosure vs. a short sale — While there are similarities between a deed in lieu of foreclosure and a short sale, your individual circumstances will determine whether one option offers a significant advantage over the other. Transferring ownership could be difficult or impossible if you have another mortgage on the home. A short sale might also be preferable if you don’t have alternative living arrangements worked out yet.
  • Deficiency judgment —It’s important to remember that surrendering a deed in lieu of foreclosure does not automatically relieve the borrower’s obligation to pay the full amount owed. If the value of the home is less than the amount remaining on the mortgage, it’s possible for the borrower to seek a deficiency judgment for the balance. When possible, our firm negotiates to ensure that transferring the deed will constitute full and final consideration for the entire debt amount.
  • Valuation and consideration — Some homeowners are attracted by the deed in lieu option because they can resolve their mortgage debt issue without having to go through the short- and long-term consequences of foreclosure. We’ll make sure you have a full understanding of the potential value of your property so that you can maximize the consideration you receive by giving it up.

When swapping the deed to your home is the right move to avoid legal complications and dispose of any remaining mortgage debt, our foreclosure defense firm will aggressively represent your interests and handle the process in a highly professional manner.

Contact a reliable North Jersey attorney regarding deeds in lieu of foreclosure

The Law Offices of James C. Zimmermann advises New Jersey clients about deeds in lieu of foreclosure and other options that can help them address their past due mortgages. Please call 973-764-1633 or contact us online to make an appointment for a meeting at one of our locations in Vernon, Wayne, Pompton Lakes, Hackensack and Nutley.