There have been many changes and updates about the foreclosures in NJ because of what happened in different states. The law has become stricter to the lenders which makes it beneficial for the borrowers. This is great news for those on the verge of being foreclosed, as they can get more time recovering their homes. They can even use certain reasons to avoid foreclosure altogether. With these changes, you may consider the following:
Check your documents.
Latest updates about the foreclosures in New Jersey say that the state’s Supreme Court now requires banks and lenders to be named before they can be allowed to seize your property. This is so that borrowers can actually deal with the lender, or arrange a modification with them. So check your documents and see whether the name of your lender is in there or it’s just the mortgage servicer, because if it is, then you can buy more time to recover your property.
There is a mediation program in NJ.
The New Jersey Judiciary Foreclosure Mediation Program is a state-supported program that helps decrease foreclosure actions in the state by ensuring that there will be a work-out and payment arrangements before the actual foreclosure. You can start applying for this after a foreclosure complaint is filed until the sheriff’s sale. This process does not stop the foreclosure case; however, the home will be on sheriff’s sale while the mediation is happening. It is also a free program, which is a huge help for those trying to save their home.
NJ is a judicial state.
Being a judicial state means that every foreclosure happening in New Jersey requires judicial review. It usually would take more than 900 days for foreclosures in NJ to finish, which means more time for you to live in the home or to fight back.
You can hire a foreclosure attorney.
The moment you feel that you won’t be able to make regular payments, you should start talking to a professional. A foreclosure attorney can help you make sense of things, they will just ask your financial status, your expenses and anything they need to help you figure out how you can make a payment. They can haggle with your lender for a lower interest rate, or they can even help you get debt forgiveness. Do not underestimate these attorneys, they do not only know how to help you get out of foreclosure, they can also help you avoid it.
According to news about NJ foreclosures, it now takes long for a lender to foreclose a property. This is good for people who are afraid of losing their homes. If you are one of them, use this time to assess your situation and to get help.