Don't lose your home! New Jersey and the federal government have resources that you can access if you are having difficulty meeting your mortgage payments -- to help avoid a foreclosure.
Here is some guidance on default and foreclosure prevention in New Jersey, provided by HUD and the State of NJ:
Housing counseling - counseling on buying, renting, defaults, foreclosures, credit issues and reverse mortgages
New Jersey Fair Foreclosure Act: organizations providing financial assistance or counseling to borrowers (PDF)
New Jersey foreclosure law summary
Legal assistance
New Jersey Office of Consumer Protection
Additional resources:
New Jersey Fair Foreclosure Act - Creditor's rights explanation provided by a NJ law firm.
HUD: How to Avoid Foreclosure
See also my previous article about Financial Resources for Homebuyers and Homeowners of Houses Needing Repair.
Visit my web site for additional services and support: LawrenceYerkes.com
and visit Besthomes-NJ.com to shop for the latest New Jersey Real Estate property listings (Residential, Commercial, Multi-Family, Farm, Land).
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Avoiding Foreclosure In New Jersey
1 comment • Lawrence Yerkes - Broker Associate, Southern New Jersey Real Estate Services • February 15 2007 01:18PMComments
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Despite available counseling, most borrowers don't seek the help they need until too late in the process. One problem is the media's oft-repeated "truth" which is that lenders don't want your home and they'll bend over backwards to help you keep it.
The truth is unless the financial hardship has been resolved, and the homeowner is able to make payments... oftentimes larger than the missed payments... the options for homeowners wanting to avoid foreclosure are few. Those which may be available are usually expensive.