If you have taken out a mortgage in New Jersey, you should know this state has the highest foreclosure rate
in the United States. Statistics show that one in every 495 homes is at some stage in the foreclosure process
– this is three times the national average.
Know your enemy before you go to war, they say. If you think the bank could take your property, it’s vital
that you know every legal aspect of your situation.
The first thing to do is read your mortgage contract carefully before signing it, and get back to it
afterwards if you have difficulties meeting the mortgage repayment schedule. Next, you also need to know how
the Clifton NJ foreclosure process takes place.
In theory, you have four to six months from your missed payment to having your house foreclosed, but in
reality, the whole process can last up to 3 years. Clifton, New Jersey is known for having some of the
longest foreclosure timelines, and if you miss mortgage payments in this state, you have plenty of time
available to redeem your property.
Act quickly if you are a month or two late and get to the phone immediately to talk to your lender.
Sweeping the dirt under the rug certainly doesn’t help, and the more you ignore this problem, the worse it
gets.
This is an important thing that is overlooked in the foreclosure process. If you have equity, the lender
will try to do everything in their power, including letting you stay in the home, to try to eat up all the
equity in your home by assessing fees/ past due balances. They want to do this, because the equity in the
home is leverage they can use to avoid the costly legal process of foreclosure. Once they are exhausted
your equity, they will then work hard and fast to secure your home and leave you with nothing.
If you have equity in your home, and you are having trouble making payments, it is very important that
you immediately try to sell your home. By selling your home, you can secure your equity in cash, and make
plans to identify more afford
If you are facing foreclosure, bankruptcy can be an efficient tool to help you keep your house. Those who are
in debt and dealing with financial difficulties can choose to file bankruptcy, either Chapter 13 or Chapter 7,
and as a result the court will automatically issue an Order for Relief. This order grants the homeowner an
“automatic stay”, which prevents creditors from completing their collection attempts. Any foreclosure
scheduled for your home will be postponed by law until bankruptcy is finalized.
This strategy can offer you three to four months of extra time to solve your financial problems. Bankruptcy
may not prevent you from losing your home, but it enables you to pause the action of the bank for a while.
Borrowing money to repay another loan is not the best personal finance strategy, but in desperate cases it
can help. For instance, if you have contracted a certain type of government loan, you may be allowed to apply
for another loan which will pay back the missed payments. This is called a partial claim and you will need to
meet specific criteria established by the lender.
Dealing with the perspective of a foreclosure can be depressing and dreadful. However, you shouldn’t be
ashamed of the circumstances, because no one gets a mortgage planning to go into foreclosure. Most people
end up risking the loss of their home usually after facing sudden extenuating circumstances that forces
them to stop making their monthly payments. The important thing is to take action fast and make informed
decisions, based on your mortgage terms and on the NJ legislation in the field.
This is an important thing that is overlooked in the foreclosure process. If you have equity, the lender
will try to do everything in their power, including letting you stay in the home, to try to eat up all the
equity in your home by assessing fees/ past due balances. They want to do this, because the equity in the
home is leverage they can use to avoid the costly legal process of foreclosure. Once they are exhausted
your equity, they will then work hard and fast to secure your home and leave you with nothing.
If you have equity in your home, and you are having trouble making payments, it is very important that
you immediately try to sell your home. By selling your home, you can secure your equity in cash, and make
plans to identify more afford
able housing while securing a small nest egg to rebuild your life. If you wait, and leverage your equity
to stay in a home that you cannot afford, it can be beneficial today, but may be more costly down the
line.
If you consider selling your home, you have three options: For Sale By Owner, a company that purchases
homes for flip, or by a Realtor.
Selling by owner in Clifton NJ is difficult, and has proven to yield a lower asking price and takes up to
3x as long to sell.
A Home Buying Company ,You will not get top dollar, because a home buying company needs to flip and make
a profit.
A Realestate company, such as Nicholas Real Estate, is a great compromise. Realtors are useful, may get
you a higher price and somewhat shorter terms.
Imagine that, a fair offer, cash, and a flexible closing date. If you are looking for the fastest, most
convenient way to move into a more positive and sustainable living situation, Nicholas Real Estate may be
right for you.
Learn more and get a free no-obligation quote please fill out the form bellow.
