Foreclosure is the legal process that lenders, typically banks, take to gain possession of a property when the borrower fails to stay current on their mortgage payments. The foreclosure process varies from state to state, but since New Jersey is a judicial state, lenders must go to court in order to repossess the property.
Foreclosure Assistance New Jersey
The process in NJ begins with a Notice of Default, which is typically issued after three missed mortgage payments, but can be issued after just one missed payment. The borrower then has a period of redemption in order to become current on any missed payments and penalties; otherwise the foreclosure is then made public. If the borrower still does not come clean, the property is scheduled for a sheriff’s sale – or auction. In NJ, even if the property is sold at the auction though, the borrower still has another redemption period of ten days afterwards to come clean, otherwise the proceeds go to the lender toward the amount of the mortgage still owed.
Foreclosure destroys credit and should be avoided at all costs. Many people are unfortunately faced with unexpected life events that inhibit them from paying their mortgages on time. Even though New Jersey’s judicial foreclosure process allows for plenty of time to catch up on payments and multiple opportunities to do so, if no action is taken, the results are devastating. Not only is credit destroyed, but the foreclosure is made public for everyone to see and the borrower loses their house, their place to live. Furthermore, finding a new home to move to becomes even more difficult with ruined credit.
Do you want to stop foreclosure NJ? If you are behind on your mortgage or facing foreclosure, then you can get in touch with Turbo Home Solutions who can help you avoid foreclosure in Sussex County. Many homeowners have contacted Turbo Home Solutions to avoid foreclosure in Essex County. Turbo Home Solutions can help you decide the best way to avoid foreclosure in Bergen County for struggling homeowners who need quick answers to their mortgage problems. Turbo Home Solutions assists troubled homeowners to avoid foreclosure in Passaic County by helping them refinance their mortgage. To avoid foreclosure in Morris County, Turbo Home Solutions helps them to qualify for a loan modification.
If you are facing foreclosure and need help or mediation, NOW is the time to act. Do not wait until you are out of options and are caught up in a much worse position. We can help you right now if you give us a call today.