If you are facing foreclosure in New Jersey, there are several options you can explore to try to save your home. Here are a few options to consider:

1. Loan Modification: You can work with your lender to modify your loan in order to make your payments more affordable. This can include reducing the interest rate, extending the loan term, or even forgiving a portion of the loan balance. An attorney can help you negotiate a loan modification with the lender.
2. Refinance: Depending or your credit score and income, you may be able to refinance your loan at a lower interest rate, which can make your payments more affordable. Note that this typically requires that you have equity in the property, meaning that the property is worth more than the debt associated with it.
3. Foreclosure Mediation: New Jersey has a Foreclosure Mediation Program that provides an opportunity for homeowners who are facing foreclosure to meet with their lender and a neutral mediator to try to work out a solution that will allow the homeowner to keep their home or to transition out of the property in an orderly manner.
4. Chapter 13 Bankruptcy: Filing for Chapter 13 bankruptcy can provide you with an automatic stay, which temporarily stops the foreclosure process and gives you time to work out a repayment plan with your lender. Additionally, filing for Chapter 13 bankruptcy can also discharge certain debts, including mortgage debt, which could make it easier for you to keep your home.
5. Alternatives to Foreclosure: An attorney can also explore alternatives to foreclosure, such as a short sale or a deed in lieu of foreclosure. These options allow you to sell the home for less than the outstanding mortgage balance or transfer ownership of the home back to the lender, respectively, and avoid a foreclosure on your credit record.
6. Statutory Right of Redemption: An attorney can help you to understand the statutory right of redemption in New Jersey, which means that you have a certain amount of time after the foreclosure sale to redeem the property by paying the outstanding mortgage balance, including interest and costs.

It’s important to note that each case is unique and different options may be more suitable for different situations, it’s essential to seek the help of an attorney or a housing counselor as soon as possible to understand your rights and options, and to work towards a solution that is in your best interest

If you are interested in learning more about New Jersey’s foreclosure process, or if you have any related questions call us today at (973) 500-8024 or (212) 960-8308, or submit your contact information below and we can contact you directly.