Thanks to fierce competition among lenders, a dizzying array of mortgage options, and government policies to encourage home buyers, more people than ever before were able to buy homes pre-recession. Unfortunately, the increase in home ownership has been accompanied by record foreclosure rates. The recession left many New Jersey residents shouting “Save me from foreclosure in NJ.” Just a couple of missed mortgage payments can start foreclosure proceedings, and before you know it the house you’ve worked so hard to buy can be taken away from you. Worse yet, you may still end up owing money if the sale of the home doesn’t cover your loan balance, and a foreclosure hits your credit like a freight train. If you’re threatened with foreclosure you may be able to prevent this scenario, but you’ve got to act fast.
For any homeowner asking “Save me from foreclosure in NJ”, the first step is to make your mortgage payment your top priority. If you’re in serious financial trouble, don’t worry about credit card bills, personal loans, and other unsecured debts until after you pay your mortgage. The only thing to be aware of if you take this path, credit card companies can harass you faster than your mortgage company right now. So be prepared for phone calls. Falling behind on these debts can cause you to accumulate fees and can damage your credit, but the consequences are simply not as serious as falling behind on your mortgage, so prioritize your debts accordingly.
Next is to seek the guidance of a professional and ask for your help in your quest to save your home. If you’re having trouble making payments, you may benefit from credit counseling or a debt management program that includes housing counseling. Your lender may have such a program, or you can see if your local housing authority offers debt counseling or foreclosure avoidance services. If not, choose a credit counseling agency carefully, as some agencies charge exorbitant fees that will make you even worse off. Depending on your circumstances a debt management program may also be a good option. Finally, you may also want to consult an attorney, especially if your situation may be the result of predatory or deceptive lending practices. In any case, get help quickly so that you can take advantage of all possible remedies, and above all be careful about who you deal with.
Another way for homeowners searching for an answer to the question “Save me from foreclosure in NJ” is to contact your lender immediately if you can’t make your full monthly payment. Don’t wait for a letter from the bank, and certainly don’t ignore their correspondence. Lenders generally don’t want to foreclose on properties, and they’ll generally be willing to work with you if you make a good-faith effort to make payments and if your inability to do so is temporary. You will most likely need to provide the lender with bank statements and other financial documents so that they can review your financial situation. They may agree to extend your grace period for late payments or to allow you to skip anywhere from 1-6 payments over a 1-2 year period (a forbearance). They might also accept reduced payments for up to 18 months. Bear in mind that these remedies are all temporary, and you’ll need to “play catch-up” once you’re back on your feet.
Yet another option is for homeowners to sell their home in foreclosure to a local investor like Scotty Buys Homes. We can help anyone asking “Save me from foreclosure in NJ.”
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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.
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