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How to Protect Your Home from New Jersey Foreclosure

With so many Americans going through the foreclosure process across America, no doubt many are wondering what they can do to help protect their home. The U.S. Federal Reserve Board offers a few tips to homeowners to help prevent foreclosure.

First, you shouldn’t ignore your mortgage problem if you’re having trouble paying it. Talk with your mortgage lender or the company collecting your mortgage payments as soon as you can. More options are available to you if you contact them sooner. Explain your situation to them and ask to work with them to find a payment solution that you can meet. If they won’t talk with you, talk with a housing counseling agency that is approved by the U.S. Department of Housing and Urban Development (HUD).

Second, before talking with your lender or a housing counselor, do your homework. Review your mortgage loan documents and your income and budget. Get information together on your expenses, including insurance, utilities, and other bills. A counselor will help you conclude what options are available to you based upon this information. They may also suggest ways you can work with your lender or possibly offer to negotiate with them for you.

Third, be aware of your options. Some options will only provide short-term help, while others offer long-term or even permanent solutions. It may be possible for you to work out a plan that is temporary to make up any payments you have missed, or you may be able to modify the terms of the loan. In some cases, the best choice could be to sell the house.

Fourth, be careful not to fall for a foreclosure resolution scam. Unfortunately, with the nation in foreclosure crisis, con artists have found a way to take advantage of people who are behind on their mortgage payments or are facing foreclosure by offering solutions that are actually scams. If you think you are being scammed, contact local and state consumer protection agencies, which are found on the Consumer Action website.

Lastly, when you decide on a plan, stick with it. By making payments on time, you can help protect your credit score. Prioritizing your bills and paying those that are crucial, such as your revised mortgage payment is also a good practice. You should also consider getting rid of other expenses, such as premium cable TV services.

Contact the New Jersey foreclosure lawyers at The Law Offices of Robert Manchel to learn more about how to stop the foreclosure process in New Jersey. Call 866-503-5655 today.

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