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:
- Loan Modification: You can work with your lender to modify your loan 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.
- Refinance: Depending on 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.
- Foreclosure Mediation: New Jersey has a Foreclosure Mediation Program that provides an opportunity for homeowners to negotiate with their lender.
- Chapter 13 Bankruptcy: Filing for Chapter 13 bankruptcy can provide an automatic stay, temporarily stopping the foreclosure process.
- Alternatives to Foreclosure: An attorney can explore alternatives to foreclosure, such as a short sale or a deed in lieu of foreclosure.
- Statutory Right of Redemption: An attorney can help you understand the statutory right of redemption in New Jersey.
It’s important to note that each case is unique, and different options may be more suitable for different situations. For personalized assistance, contact us to understand your rights and options.
If you are interested in learning more about New Jersey’s foreclosure process, call us today at (973) 500-8024 or (212) 960-8308, or submit your contact information online and we can contact you directly.
