How to Avoid Foreclosure in South Jersey

Today, 1 in 6 homeowners is facing some part of the foreclosure process, including in many towns in South Jersey.  There are many reasons why a homeowner may experience a foreclosure including: loss of job, death of spouse, divorce or sickness.  When some experiences any of these financial hardships, it makes it difficult to continue to pay your mortgage and taxes in full and on time.

The Beginning Stages:

When you first miss a few payments, you will begin to receive pre-foreclosure notices.  Often times, people are embarrassed, ashamed and feel overwhelmed. For many families, they did not intend for this to happen and are unsure of how to get help.  Since there is a feeling of embarrasement, many homeowners will often “give up” and not try to fix the situation.

Where do I start?

If you have experienced a financial hardship in South Jersey, do not worry, you may have options.  The best thing you can do to put yourself in the best position possible, is to act early and get a professional involved. There are a select group of locally trained agents with the CDPE designation or more commonly, “Certified Distressed Property Expert.” These agents have undergone many hours of training in order to help families who may be experiencing some type of financial hardship and need a way out. To find a list of CDPE agents in your area, click here.

What Options do I have?

There are many alternatives to foreclosure in South Jersey.  Most easily, you can sell your home.  Since many people owe more on their home than what it is worth in today’s market, this is not a viable option.  You could also refinance or rent the property if you are not in a position to sell.  Another option for families who have a financial hardship, is a short sale.   A short sale occurs when your lender agrees to take less than what is owed on the property.  Of course, in order to be approved for a short sale, you will have had to experienced a financial hardship.  A financial hardship in its most basic form is any type of chance financially from the time you have purchased the home up until now.  This could include a loss of a job or a sickness that prevents you from working.  With foreclosure being the last option that you would want to take, there are many options that you should consider prior to a foreclosure taking place.  For a list of these options in South Jersey, click here.

How Can I get more information?

If you are looking for more information on Short Sales in South Jersey, you will want to see what you can find.  Many resources can be found on this local website.  There is information on how to avoid foreclosure, a FAQ section for your common questions and different resources available for free download to help understand how to avoid foreclosure.  For more information and extra resources, click here.

 

About Jessica JessicaHoltzman

has written 99 post in this blog.

Comments

comments