Strategies to Prevent Foreclosure in New Jersey

There are several strategies that can help prevent foreclosure in New Jersey:

1. Loan Modification: Negotiating with your lender to modify the terms of your mortgage can make payments more manageable.
2. Forbearance Agreement: Temporarily reducing or pausing mortgage payments can provide relief if you’re facing short-term financial difficulties.
3. Refinancing: If you have equity in your home and can secure a lower interest rate, refinancing might be a viable option.
4. Short Sale: Selling your property for less than the mortgage owed, with the lender’s approval, can prevent foreclosure.
5. Deed in Lieu of Foreclosure: Transferring the deed to your lender voluntarily can avoid the foreclosure process.
6. Bankruptcy: Filing for bankruptcy can temporarily halt foreclosure and reorganize debt.

Participating in the New Jersey Foreclosure Mediation Program can also help negotiate a solution with the lender.

Each option has its pros and cons, and the right strategy depends on your specific situation. For personalized guidance and support in preventing foreclosure, contact Friscia & Associates. Call us today at (973) 500-8024 or (212) 960-8308, or submit your contact information online.