What is Foreclosure? Foreclosure involves a lawsuit in which a bank, a mortgage company, or any other lien holder seeks to take an owner's property to satisfy a debt. The bank or lender may actually take ownership of the property or have the property sold to pay off the debt. As a result of the foreclosure, the owner loses whatever rights he/she had in the property.
How long does the Foreclosure process take?
The timeline of the foreclosure process varies greatly between states. In New Jersey, the foreclosure process typically takes nine months. With the increase in foreclosures, it is common to see this timeline extended well over one year.
What is the Foreclosure process?
This process also varies greatly per state. In New Jersey, a Lis Pendens ("a notice of pending litigation against a property") is filed after three mortgage payments are missed (pre-foreclosure stage). Typically six months (or more) following this date, a sheriff sale is issued. If the mortgage payments are not caught up or paid off by the time of the sale, the home will be auctioned off at the County Court House. Once the home is auctioned off, homeowners have the right to redeem the property (ten days in New Jersey) under the requirements that the mortgage payment must be paid in full including costs of sale, interest, and other possible fees.
What if I owe More than my home is worth?
Many homeowners in today's market fall under this category. In this situation the most common solution is a short sale. For more information please visit: Short Sale Help in NJ.
What if I owe Exactly what my home is worth? Until recently, the only option for homeowners who fell into this category was to proceed with a forced short sale. We are happy to provide sellers with a unique solution called a mortgage assignment. For more information please visit:mortgage assignment help in nj.
What if I owe Less than what my home is worth? If you have equity in your home and you are looking to sell quick and avoid the sheriff sale, please fill out the Sellers Form.
Can you really Stop Foreclosure Now? My team and I have been successful stopping foreclosure sales the day of the the auction date. I recommend, however, that sellers do not wait until the day of the sheriff sale since your options become limited and there are no guarantees this late in the foreclosure process.
Can you save my home from Foreclosure?
While we cannot guarantee your home will be saved from foreclosure, my personal guarantee to you is we will do everything we can to prevent the sale of your home at the sheriff sale up until the the very last minute.
Ryan, how can you and your team help? Every homeowner's situation is unique. A plan that worked for someone else may not be best suited to your own needs. There is no "one size fits all" solution; however, our goal is to assist you personally and formulate a plan that works for you - NOT the bank or mortgage company. Regardless of what situation you're currently facing.
In order for us to better serve you, please help us to understand your current situation. Please contact us or fill out the form below:
