When you're facing the New Jersey foreclosure process, it may seem like you've got no one to turn to for help, but that is far from the truth. A number of resources exist to aid in New Jersey foreclosure recovery.
It's important to remember that you are not alone. New Jersey ranks 18th in the nation when it comes to the number of homes under foreclosure. Although panic may have already set in, know that several options exist to help distressed homeowners like yourself overcome foreclosure, even halting the process before damaging credit.
If you fear foreclosure looms near, consider the following New Jersey foreclosure information:
1. Time is on your side when it comes to New Jersey foreclosure proceedings. The state has the longest wait times—about 250 days in an uncontested foreclosure.
2. According to NJ foreclosure laws, all foreclosures are handled through the court system.
3. The NJ foreclosure process allows for the borrower to exercise the right of redemption during the 10 days following the sale of the foreclosure property at auction.
Action Steps
The best contacts and resources to help you get it done
Know how New Jersey foreclosure law affects you
The foreclosure process is strictly laid out by New Jersey law, from how many times a notice of foreclosure auction must be published and where, to how many days are allowed between court actions. Having a clear understanding of those laws and how they pertain to your specific situation will be key in riding out the process.
I recommend: Advantage Mitigation Services offers an overview of New Jersey foreclosure laws.
Find assistance through a New Jersey foreclosure help program
There are many credible foreclosure help and mitigation services to help you work with your lenders to halt foreclosure. Beware of those offering help with offers that seem too good to be true. Just as in other instances of financial vulnerability, people will take advantage of those in a foreclosure crisis.
I recommend: The
New Jersey Housing Resource Center offers a number of links to both federal, state and local foreclosure recovery help.
Hire a New Jersey foreclosure attorney
When it comes to protecting your real estate investment, it may be best to hire an expert. A number of attorneys in New Jersey specialize in foreclosure.
I recommend: LoFaro & Reiser—Attorneys at Law specialize in foreclosure cases and even help their clients find loss mitigation services. The firm is located in Hackensack, NJ. Check the foreclosure lawyer listings in the New Jersey Lawyers Directory at
NJ Law Network.
Watch out for mortgage recovery scams
The Federal Trade Commission warns that there are plenty of bad guys operating in the foreclosure recovery business who will take your money and provide no service. Some warning signs, according to the FTC: advertising terms like "guarantee" and "97% success rate", upfront fees before services and company names or websites designed to make you think you're dealing with a government or nonprofit agency.
I recommend: Educate yourself about foreclosure recovery scams through the
Federal Trade Commission. The FTC recommends you only seek foreclosure help from government sanctioned counseling agencies like the ones recommended by the
U.S. Department of Housing and Urban Development or the federal
Making Home Affordable program.
Tips & Tactics
Helpful advice for making the most of this Guide
- The first place to look for NJ foreclosure help is with your lender. It may be helpful if you try to negotiate directly with the lender yourself, especially if the bank has not yet hired an attorney to begin foreclosure proceedings. Successful negotiating before the process even begins can save a lot of money and time.
The official source of New Jersey Foreclosure Recovery is
the New Jersey Foreclosure Recovery page at Business.com
Related Resources from Business.com
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