- having difficulty paying the mortgage payment on time
- having very little savings for emergencies
- using credit cards to get to the next pay day
- paying the minimum on your credit cards
- neglecting doctor and dental visits
- shrinking from the ring of the phone
- change in employment or change in debt to income ratio
If your family is seeing signs of approaching trouble, you may be facing possible foreclosure. Here’s how to avoid foreclosure South Jersey:
- Don’t ignore your mail. Many have been in your shoes. The first thing many did when the mail came was throw the bills in a drawer. Those first envelopes will contain helpful suggestions to get things under control. Then will come legal action. Ignoring those notices can cause you to lose everything.
- Contact your lender and level with them. They may be nervous by the extent of your problem, but they have seen this before and will demand you take steps to fix it. That may require you selling your toys and making major cuts in your spending.
- Know the Process of Foreclosure: If you miss a few mortgage payments you are in default. Your mortgage servicer will probably send a letter or two reminding you to get caught up, as well as call you to try to collect the payments. You have several ways to avoid foreclosure South Jersey by the lender. When the lender issues a notice of default, called the notice of intention to foreclose, it provides at least 30 days to cure the default.If the borrower fails to cure the default, the foreclosing party starts the foreclosure by filing a lawsuit in court and giving notice of the suit by serving the borrower with a summons and complaint. The borrower gets 35 days to answer. If a defaulting borrower fails to respond to a foreclosure suit, the foreclosing party may apply for an entry of foreclosure judgment. The foreclosing party must mail the borrower a notice 14 days before applying for the final judgment that gives the borrower one final chance to cure the default. Even if the house is sold at a sheriff’s auction, the borrower still has 10 days to get the house back.
- Contact Professionals – Your banker does not want to own your house. When you come clean about your financial situation, he may be able to modify the loan, offer forbearance or give you repayment options to avoid foreclosure South Jersey. Loan modification could include a reduction of the interest rate, convert from a variable interest rate to a fixed interest rate, or extend of the length of the term of the loan. While a loan modification agreement is a permanent solution to unaffordable monthly payments, a forbearance agreement provides short-term relief for borrowers. With a forbearance agreement, the lender agrees to reduce or suspend mortgage payments for a certain period of time and not to initiate a foreclosure during the forbearance period. Pre-payment options could include a plan to repay missed payments in addition to making monthly payments, especially if there is a temporary hardship
- Contact a credit counselor. The objective of most credit counseling is to help the creditor avoid bankruptcy, as well as provide basic education on financial management. Many counseling services also negotiate with creditors on behalf of the borrower to reduce interest rates and late fees.
- Contact a bankruptcy attorney. That sounds contrary to taking responsibility, but you need to know your options so you can make informed decisions.
- Contact a professional real estate investor. You may want to sell your home fast to get out of the problem or to save your credit rating. Anchored Homes is here to help homeowners out of any kind of distressed situation. As investors, we can help homeowners out of just about any situation, no matter what! There are no fees, up-front costs, commissions, or anything else. Just the simple honest truth about your home and how we can help you sell it fast to resolve any situation.
In summary, to avoid foreclosure South Jersey recognize approaching trouble, contact your lender, and seek professional help.
The mission of Anchored Homes is to rejuvenate neighborhoods and increase the standard of living by improving the overall quality of housing for the residents. Call us today and let’s see how we can work together!
We not only purchase property but we also sell our homes directly to buyers, many of which are completely renovated and in move-in condition. Whether you are dreaming of becoming a first time home buyer or looking to upgrade your current home, we can help. If we don’t have a home to sell directly to you, we can connect you with a licensed agent who can help you find your dream home!
For homes for sale Egg Harbor Twp NJ call us today at 609-961-1116