FACING FORECLOSURE? 
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 or 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 to 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 a common remedy is a short sale. For more information visit: short sale help nj.
Ryan, How Can You 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, my 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 me to better serve you, please help me to understand your current situation. Please contact me or fill out the form below:
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My mission is simple; I want to help homeowners find relief from financial stress and/or headaches from unwanted property.
