In our latest post, we offer 6 ways homeowners can stop foreclosure of their homes in the New Jersey area so the future will not look pretty grim.
Keep reading to learn more about what you can do and how Savannah Properties can help you stop the foreclosure of your house in New Jersey. At some point, before the bank comes in and takes your home, you need to find a way out and find the way out so it will not become difficult to pay your mortgage each month and bills piling up, with no end in sight. Keep reading to learn more about what you can do and how Savannah Properties can help you stop the foreclosure of your house in New Jersey.
Sell Immediately
A direct and fast sale is often the best way to go in order to stop the foreclosure of your house in New Jersey. Giving up your home can feel difficult, but it is better to sell by choice than to have the bank come in and forcefully take over the property.
Savannah Properties is a professional buyer in New Jersey that will help you sell your house fast, stopping the banks and avoiding the destruction of your credit. Not all buyers are the same – Savannah Properties is dedicated to helping homeowners in difficult situations, providing fair solutions that make sense for all parties involved. While you may not receive the retail price, you will be able to sell in just a few days saving you thousands on commissions, repairs, and holding costs.
Borrow Money
Borrowing money from a family member can be a quick solution to stop the bank. However, this isn’t a long term solution to your financial struggles. If the mortgage has become difficult to pay now, it will be difficult to pay going forward. Getting continuously borrowing money will only get you into more debt, but this time it will be with multiple creditors. Borrowing money from loved ones can also strain your relationships with the people that you care about, making your difficult situation feel that much worse.
Ask For Foregivence
When you are struggling to make your mortgage payments, reach out to your lender and explain the situation so you will be able to defer a payment or work out a payment plan to make up what you owe. Hence, you will still have to find a way to pay your debts as deferring the problem will only push things back, it won’t erase the debt you are in. Asking for forgiveness is a one-time thing, to help deal with an unexpected situation… not something to bail you out long term. Loan forgiveness is also known as loan forbearance and is used after an illness, a loss, or another one-off circumstance.
Refinance
In achieving a lower monthly payment, refinancing can help you but there is a cost on your property. If you choose to refinance with a hard money loan, interest rates can be over the roof. While this may help you to save your house from the bank, it will ultimately have a high cost of money in the long run. You can also work with your current lender to refinance your current loan, however, you need to prove you will not have trouble with your payments going forward.
Rent The Property To Someone Else
If you aren’t able to pay the mortgage yourself, maybe someone else can. It means that you will need to find somewhere else to live at a price you can more easily afford. You’ll need to find high-quality tenants who you can count on paying the monthly rent. If your situation allows, you could also choose to rent out a bedroom in your home for some extra cash, while you continue to live in the home as well. Just make sure boundaries are set on both sides so that everyone is comfortable with the living arrangements. Having the wrong people move in can cause you to default on your mortgage anyway, ending up with the same result of losing your New Jersey house to foreclosure.
Declare Bankruptcy
In order to fight off foreclosure, declaring bankruptcy will restructure your debt and create a payment plan to get you back on track. It may be the answer you have been waiting for but nobody is thrilled about having to declare bankruptcy. While this won’t look good when applying for loans in the future, it can be a way for you to keep your current home, stopping the banks in their tracks.
Our team can help you review your options and make you a no-obligation offer to help you sell fast. At Savannah Properties, we want to help you stop the foreclosure of your New Jersey property. Let us help you quickly and efficiently handle any difficult property or situation you are dealing with.
