Foreclosure can be scary. But at Casa Real Properties, we understand that life happens. We know that sometimes your situation changes. If you are having trouble keeping up with your mortgage payments and are facing foreclosure, we want to help. We are experts in the foreclosure process and have access to programs, lenders, and attorneys that can explain the process, offer options, and assist you so that you avoid losing your home.

Steps to Foreclosure in New Jersey

Default

  • If you don’t make your mortgage payments, you are considered in default of your loan. Typically, in the past, your lender would start the foreclosure process when you missed three or more payments. That is the normal procedure. However, they could start after only one missed payment, but things have changed. In most cases, federal law prohibits the lender from filing the initial foreclosure complaint until you are more than 120 days late.

Notice of Intention to Foreclose

  • Prior to filing a complaint to foreclose, the lender must first send a Notice of Intention to Foreclose. This must be sent via certified or registered mail to the borrower. This letter must give you at least a 30-day window before the Complaint is filed, giving you time to cure the default. This letter will outline the amount owed, indicate what is in default, your rights to sell the property, and other pertinent information.

Foreclosure Complaint

  • If you have not cured the default in the 30-day period, your lender will file and serve you with the Foreclosure Complaint. You have 35 days after being served with the complaint to either accept or contest the complaint.

Notice of Entry of Default and Entry of Final Judgment

  • If no answer is made to the complaint, the lender must send you a notice offering a final chance to cure the default, at least 14 days before the Entry of Final Judgment is made. If you are unable to cure the default, the court will issue a writ of execution.

Sheriff’s Sale

  • With a writ of execution, the sheriff will schedule a sale of the property within 150 days of receiving the writ of execution. You will get notice telling you when your home will be scheduled for sale.
  • After the property’s sale, you have 10 days to redeem the property by selling or refinancing.

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What You Can Do

Call your Lender

  • It is always better to be proactive if you are having trouble making your mortgage payments. The Consumer Protection Financial Bureau suggests calling your lender right away. Explain how your situation has changed and how you plan to work through the situation. Your mortgage lender may offer help in setting up an acceptable plan for both parties and avoid the foreclosure process. Sometimes they may give you a temporary reduction or suspension of your payments and then work with you to get you caught up.

Call a HUD-approved Housing Counselor

  • This is a free service offered by the Department of Housing and Urban Development to discuss options that may help you remain in your home.

Refinance

  • There are numerous programs available for those homeowners struggling to make their mortgage payments. Many programs offer free counseling, and special programs may be available if you are in the military or have other special circumstances. Casa Real Properties has access to a full network of mortgage lenders and attorneys to help you sort through the process.

Loan Modification

  • A loan modification is often available and is used to modify an existing loan by adding the default amount to the loan’s balance, sometimes changing the length of the loan or even the interest rate.

Sell Your Property

  • If things have changed and you can no longer afford your home, and you want to sell,  contact one of our realtors for assistance.

How Casa Real Properties Can Help

At Casa Real Properties, we want to help our clients live out the American Dream through homeownership. We want you to live comfortably in a home that you can afford. We can help with financing, sales and offer other suggestions for staying in your home. Contact us today for assistance.

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