The Current Eviction Moratorium
The COVID-19 pandemic has affected all of us in almost every facet of our lives. The effects of the pandemic have kept people out of work and have disrupted many people's income and ability to earn a living. Due to these disruptions, many protections were put in place to help people manage the financial difficulties posed by the pandemic. One major protection that is ending is the eviction and foreclosure moratorium first put in place by Governor Murphy in March 2020.
What Can Happen When the Moratorium is Lifted
Even though eviction and foreclosure cases are currently not being processed or heard by New Jersey courts, landlords have already filed over 50,000 eviction cases in the past year. These cases are all waiting for the moratorium to be lifted so they can be processed. The New Jersey Department of Community Affairs calculated that nearly 200,000 residents might be subject to eviction when the moratorium is lifted. If you are a homeowner, then the end of the moratorium also ends the protection against foreclosure. Asking for a forbearance from your lender or obtaining a loan modification may be potentially helpful options.
How to Protect Yourself
If you are behind on your rent or mortgage, you may face potential eviction or foreclosure once the eviction moratorium is no longer in place. It is important to take proactive measures to help avoid the potential of eviction or foreclosure. If you have been served with an eviction notice or a notice of foreclosure, it is important to get in touch with an experienced real estate attorney who can use the law to help you stay in your apartment or house. If you have other questions related to residential or commercial closings or any other real-estate-related issue, call us to help!
Get Professional Assistance
To schedule a consultation with an experienced attorney at The Law Offices of Melvin Monachan, call us at (347) 389-1682 or contact us online.