If the bank is threatening to take your property after all you have put into it, we can help you stop the foreclosure of your house in New Jersey! Keep reading to learn about what you can do to fight back!
Dealing with the threat of foreclosure can be extremely overwhelming. The thought of losing your house after putting so much of yourself into it can feel devastating, and that’s not to mention the ugly marks it will leave on your credit. Nobody wants to deal with foreclosure, but luckily there are some things you can do to avoid it. In our latest post, we will help you learn how to stop foreclosure of your house in New Jersey.
Call Your Bank
Talking with your bank about your options is always the first place to start if you’re planning to keep your home. New Jersey is the highest foreclosure state in the country! Banks typically do not want to own your house, they want you to continue paying your loan. In these situations you can talk with them about a loan modification to help catch you up on your mortgage and make the payments less.
Sell Your House
A fast sale of your house to Savannah Properties can help you to quickly pay off your mortgage, without any negative marks on your credit. Listing your house on the MLS in New Jersey doesn’t necessarily guarantee your house will be sold quickly. Selling in this manner can take months, allowing the bank to foreclose on the house while it is listed.
On the other hand, a direct sale to a home buyer like Savannah Properties will allow you to sell your NJ house quickly and for a great price. Working with our team will let you choose the closing date that works best for you so that you can sell the house outright before the bank comes knocking. Our process is fast, convenient, and always fair!
Use A Short Sale
Another way to sell your house fast in New Jersey to avoid foreclosure is by using a short sale. A short sale occurs when your lender agrees to take a lower offer for the house, just to save them the time and money of reselling it themselves. To do this you must apply to your lender’s short sale program and meet the necessary requirements. You’ll need to run a BPO or Broker Price Option, to help you determine the fair market value for the property.
Declare Bankruptcy
When you declare bankruptcy, the bank will be forced to stop any collection activity against you, including the foreclosure of your home. That said, you will still be responsible for your debts. The bankruptcy court will work with you to set up a plan of repayment. Declaring bankruptcy doesn’t look very good when trying to borrow money in the future, so make sure it is the right choice for you before signing any paperwork.
No homeowner wants to have their house taken out from under them. If you are behind on your mortgage, don’t fret. There are ways to avoid foreclosure and sell your house before the bank begins the foreclosure proceedings against the property.
Get a Personal Loan
In some situation getting a personal loan to stop your New Jersey foreclosure could make sense. A loss of a job or high medical bills can all of a sudden put you in a tough spot behind on your mortgage payments. You can get a loan from family or friends and pay them interest on that money until you are back to catching up with your payments.
Rent your House
Another great option to stop your foreclosure is to rent out your house. If you are having a tough time keeping up with mortgage payments you can get renters in your house to make those payments for you.