Good News: In New Jersey, It Usually Takes a Long Time to Foreclose
It's important that people in New Jersey be aware that they are not in jeopardy of immediately losing their home just because they fall two or three payments behind on their mortgage.
New Jersey foreclosure law contains many provisions that can be very helpful to homeowners who are behind on their mortgage payments.
One very important thing for you to understand so that you don't needlessly worry is that foreclosure is a court process that takes time, and it requires the mortgage company to follow a strict step by step procedure.
This means that in order to proceed with foreclosure, the mortgage lender must follow each and every step precisely as required by law. If the lender doesn't do it exactly right, the foreclosure may not be valid or legal.
Let's compare foreclosure to a nine inning baseball game. Many people come to us thinking that they are about to be locked out of their homes, when really they are only in the first or second inning of the foreclosure process.
So, if you've gotten some nasty letters from the mortgage company, or even if you have been served with a foreclosure complaint, you don't have to needlessly worry, because the game has only just begun.
We know how the foreclosure process works, and we usually know what to do to protect our clients. Therefore, our clients need to regularly communicate with us, and give us copies of all documents, Court papers, and everything else that they get from the mortgage company and their attorneys,
Please note that we have had clients who have lived in their homes for three years or more without paying a single penny on their mortgage, and recently we had a man here who hadn't paid his mortgage for 11 years, and he was still in his house. (Update- he recently got a loan mod).
I tell clients even if you can't foresee how you could pay your mortgage in the future, we don't want you to give up. We want to help you understand your legal rights, and we want to help you stay in your home.
Once we get all of the information that we need, we can usually help our clients legally stay in their home for as long as possible.
Believe it or not, sometimes the mortgage company might even give people money to walk away from their home. It's called cash for keys.
Another interesting fact for you to know is that mortgage companies often lose $40,000 or even more when they foreclose on a home. Many mortgage companies realize that they are better off working out a deal with the homeowner, rather than taking over ownership of a home that has dropped in value, and getting stuck with a home that they are going to have difficulty selling to someone else.
We also help many clients get loan modifications. This means that the foreclosure is stopped, the monthly mortgage payments may be reduced, the interest rate on the mortgage may be reduced (sometimes to 4%, and maybe even less), the arrears may be put at the back of the mortgage, and our clients get the opportunity to keep their home.
If our clients have other debts like credit card bills, medical bills, utility bills, pay day loans, car repossessions, motor vehicle surcharges, old income taxes, lawyer bills, and other debts, we can usually help our clients have those debts forgiven by the federal government.
To get a free credit report with no obligation, please go to: www.annualcreditreport.com.
If there are any mistakes on your credit report, let us know, and we will probably be able to tell you what can be done to correct the errors so that you don't lose points on your credit score because of mistakes by the credit bureaus.
Give us a call at 856 696 8300 for a totally free consultation, and we'll let you know exactly what you need to do.
My new eBook, “Don't Fear Foreclosure, Fight Foreclosure” is now available, and I'd be happy to give you a free copy, no obligation whatsoever. I'm happy to give it to you because you will learn an awful lot about how foreclosure really works. When you call us at 856 696 8300, we will get it right out to you.