Please stop my foreclosure now! That is what we hear from sellers who are in jeopardy of losing there home to their lender. All too often we have homeowners coming to us the day of the sheriff sale asking us for immediate assistance. While we can assist homeowners even with these tight deadlines, it’s important to understand that it limits the options available. When facing foreclosure, it’s a race against the clock and there’s no time to waste. Below you will find a list of FAQs regarding the foreclosure process and some helpful information to help guide you in the right direction to avoid losing your home to 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/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, however, with the increase of foreclosures since 2007, it’s not uncommon to see this timeline extended well over two years. There are few situations that we have been working on that have gone into three and four years. No matter how long it takes, we are here to work with you each step of the way.
What is the foreclosure process?
This foreclosure process varies for each and every state. In New Jersey, a LisPendens (“a notice of pending litigation against a property”) is filed after three mortgage payments are missed (this is commonly referred to as the 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. If the home is not redeemed, the lender takes possession of the property and it becomes REO (real estate owned).
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 information regarding new jersey short sales and foreclosure prevention, please visit our short sale help in New Jersey page.
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. This basically meant the homeowner would stop making mortgage payments, even if they were current at the time, and then proceed with a short sale. We are happy to provide sellers with other, and in most cases, better alternatives to going this route. Please contact usfor a unique solution that might be suitable to your needs. You may also check out another option which may be available to you. This third option is called a rent to own or lease option. For complete information please visit our rent to own New Jersey program web site.
What if I owe less than what my home is worth?
If you have equity in your home and you are looking to sell fast for cash and avoid the sheriff sale, please fill out the Sell Your Home Fast form.
Can you really Stop Foreclosure Now?
Yes. My team and I have been successful in stopping foreclosure sales the day of the auction many times over. 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.
I live out of state, can you stop my foreclosure in NJ?
Yes. If you live out of state, we can still stop the foreclosure sale. We may need some additional paperwork to help facilitate the process but it is certainly possible. Please fill out the form to the right so we can stop your foreclosure today.
Can you guarantee you will 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 very last minute.
Ryan, how can you and your team help?
This is a very common question that I’m asked when speaking to homeowners try to stop foreclosure. The truth of the matter is, every homeowner’s situation is unique. A plan that worked for someone else may not be best suited for your 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 so we can help prevent foreclosure today.