Anytime a homeowner runs into financial trouble dire consequences like tactics like stopping foreclosure in NJ can enter into the equation. That is especially true when it comes to foreclosure of the home that was used to secure the debt owed to the lender who is now foreclosing to get title to the property back.
However, there are several methods that homeowners in financial distress can use in stopping foreclosure in NJ. Some methods require money, while others require agreement to forgo money by the lender or through the court system.
No matter which choice you make in choosing a tactic for stopping foreclosure in NJ, be sure to consult with a foreclosure assistance consultant that may be able to help you avoid foreclosure in NJ. Many states including NJ offer free consultation services. Be wary of services that are for profit as many claim to be able to assist in stopping foreclosure in NJ, but instead require many service related fees which could be actually being used to save your home from foreclosure. Be sure to do your due diligence when choosing a firm to assist in you stopping foreclosure in NJ and ask for references.
Here’s 4 steps to take that can help lead to stopping foreclosure in NJ dead in its tracks:
Step 1: Don’t Panic:
Most households have a surprising array of assets that can be used to make payments and help with stopping foreclosure in NJ. Unemployment insurance, disability insurance and savings are each potential cash sources. Household budgets can be slashed. Big, expensive cars can be traded in for cash. Retirement funds are often available, but be aware that withdrawals may result in penalties and additional income taxes.
Step 2: Late and Missed Payments:
If problems cannot be delayed or deferred, and if mortgage payments will be late or unpaid, then you MUST contact the lender as soon as possible to be able to avoid foreclosure now in NJ.
At this point your goal is to help the lender create a “workout” agreement that effectively modifies your mortgage so that the stopping foreclosure in NJ.
Step 3: Refinance The Loan:
Since 2001 millions of loans with new formats have been issued, permitting low monthly payments for the first several years of the loan term and then much higher monthly payments thereafter.
If you have a loan where soaring payments are a certainty, don’t wait to refinance. Do it now while you have a strong credit profile and no missed payments.
Step 4: Sell The Property:
In some situations there is no workout or refinancing option which can aide in stopping foreclosure in NJ. If a job is lost, medical payments are overwhelming, or mortgage payments are rising to the point of bankruptcy the only plausible choice may be to sell the property.
If the situation is getting worse every month, you have to protect your interests and sell the property. This is a hard choice but if you sell before foreclosure you will get a better price for the property and preserve your credit standing.
Most importantly, remember that there still are options, but you have to act quickly. Also do your homework before working with any firm to avoid foreclosure scams. If you are interested in stopping foreclosure in NJ by selling your property, contact Scotty Buys Homes!
We Buy New Jersey Houses For Cash. Get Your Fair Cash Offer Today.
Give us a try! At Scotty Buys Houses we believe in a 100% no-hassle and no-obligation process.
Selling your New Jersey house shouldn’t be tough or stressful.
If you need to sell your house fast and can’t wait the 3-6+ months it can take to sell your house yourself or through an agent, you don’t have anything to lose by seeing what we’ll offer on your house.
Fill out the short form through the link below or give us a call anytime at (973) 910-1001. We’ll get some basic information about your house and within 24 hours will send you a formal written offer. If the offer works for you, we’ll work with a local neutral 3rd party title company to put the sale paperwork together and set a closing date that fits your schedule.
Get the process started below or call (973) 910-1001!