If your property is in foreclosure, or are facing foreclosure in NJ because you have fallen substantially behind in your mortgage payments, you may feel helpless and discouraged. No one purchases a home expecting that one day he or she will be facing foreclosure. As a result, many people respond to the Notice of the Intent to Foreclose that they receive from their lenders by doing nothing at all, hoping perhaps that things will somehow just work out in their favor.
You may be concerned about the possibility of Foreclosure. There are countless hardships that can impact a homeowner’s ability to stay current on a mortgage. The loss of a job, unexpected medical bills, legal judgments, divorce settlements, or a hike in monthly payments due to adjustable rate mortgages are all stressful circumstances and these can have a devastating effect on personal income and savings.
You have options when facing foreclosure in NJ
The good news is that you have options, even if your home is currently in foreclosure. You still have the chance to emerge from your situation without having a foreclosure or bankruptcy on your record. By making the best possible decisions given your circumstances, you may be able to achieve a fresh start with a bright and secure financial future ahead of you.
Short sale Is a good option if you’re Facing Foreclosure
If you owe more on your home than the home is worth, and bankruptcy won’t solve your financial problem, you can hire a short sale real estate specialist to market the property and negotiate a short sale agreement with your lender or mortgage servicer. A short sale allows you to avoid foreclosure and minimize the damage to your credit score. You may avoid a deficiency judgment if your lender forgives your mortgage debt in its entirety . Also a short sale keeps a foreclosure off your credit record.
Friendly foreclosure- Another Solution in NJ
Deed-in-lieu of foreclosure means you return the deed and house to the bank instead of facing foreclosure and walk away. Lender approval is required. If you have more than one mortgage this is not an option for you. Some lenders want to see the house on the market for at least 3 months before they consider accepting a deed in lieu. By voluntarily transferring the deed, you save your lender tens-of-thousands of dollars in foreclosure proceedings. Fannie Mae has reduced the mandatory waiting period to establish credit history to a minimum of 4 years. This waiting period after a deed-in-lieu of foreclosure is lower than the required 5-7 years following a foreclosure.
You Should Act Fast
Time, however, is not on your side. The longer you wait to explore your options, the fewer that will be available to you. As a homeowner, you have rights – but in order to protect them, you must first be aware of them. If you would like to sell your house for cash. CREIV Properties LLC buys houses in any condition. We have helped many homeowners facing foreclosure in N, NY and Nationwide. Call us to discuss you situation.
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New Jersey Real Estate In Perspective is a blog by Dwayne Randolph.
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Dwayne Randolph is the Founder of CREIV Properties, LLC, a real estate solutions company. If you have a property you need to sell fast. We buy houses in NJ and nationwide
