Facing Foreclosure? In a perfect world, avoiding foreclosure is as simple as making your monthly mortgage payment. Unfortunately the world we live in is not perfect and things happen and circumstances change.
Have you heard the saying "one second can change a person's life", well one hardship can change a person's life as well. Just because someone is facing foreclosure doesn't mean that they were irresponsible or bought a home above their financial means. It simply means that circumstances changed and a hardship that might have not been there before, is there now. Some of the common hardships include:
If you are facing foreclosure the absolute worse thing you can do is nothing. I know you may want to bury your head in the sand, but doing nothing, is NOT avoiding foreclosure. There are several options available if you qualify which can assist in avoiding foreclosure. First and foremost, if you fall behind on your mortgage payments for any reason or hardship, contact your lender immediately to explore other options to avoid foreclosure, such as loan modification, refinance and/or forebearance.
If the above options fail and losing your home is in the foreseeable future, avoiding foreclosure can be as simple as doing a short sale. Many homeowners have financial hardship have turned to short sales to avoid foreclosure. By accepting and agreeing to a short sale, your lender may agree to accept less than the amounts required to pay off the liens on the property. In essence, as defined by the New Jersey Association of Realtors (NJAR):
A short sale is a transaction for the sale and purchase of real property where the purchase price is less than the amount required to pay off the liens on the real property, such as mortgages, judgments, taxes, homeowner or condominium association fees, assessments, as well as closing costs including but not limited to brokerage commissions, realty transfer fee, and attorney's fees.
If you think a short sale may be the option for you or if you lender has suggested a short sale as an option to avoiding foreclosure, contact Essex County Real Estate Agent Gina Chirico directly to discuss your options and the entire process of a short sale.
Sometimes when faced with foreclosure you feel all alone, but there is help for New Jersey Homeowners facing foreclosure. To find out more information on help available for New Jersey homeowners facing foreclosure and possibly avoiding foreclosure, visit these foreclosure websites and knowing and understanding foreclosure terms and phases of foreclosure is important.
Making Home Affordable
New Jersey Foreclosure Mediation
Foreclosure Rescue Scams
New Jersey Hope
Foreclosure Fast Facts - Statewide Foreclosure Prevention Resources
Government and Non-profit Agencies Providing Foreclosure Assistance
Short Sale vs. Foreclosure
Tenants Rights in Foreclosure
Credit Score Impacts - Short Sale vs. Foreclosure
Homeowner Association Dues after Foreclosure
Millions of Homeowners Eligible for Foreclosure Eligible for Foreclosure Settlement
Are you a Victim of Robo-Signing?
The above links are meant as a reference to help New Jersey homeowners facing foreclosure. Each circumstance is different but options are resources are available.