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Avoiding Foreclosure

In April 2015 New Jersey ranked third highest state in the nation for foreclosure. If you are among this group of citizens, you are probably looking for solutions.

If you are facing foreclosure, there are resources available that will help you find a solution. Everyday people who work in various agencies and organizations throughout the state talk with folks in your situation. This section of our site is devoted to providing some basic information and fact sheets to give you the details you need to help yourself, along with web links and phone numbers so that you can learn more about state and local programs and resources. 

Getting Started

Foreclosure is a legal process in which mortgaged property is sold to pay the loan of the defaulting borrower. Foreclosure laws are based on the statutes of each state and so timelines vary.

Foreclosure doesn’t happen overnight – it starts with financial difficulties. 

Ask yourself the following:

  • Has your financial situation changed due to an increase in your mortgage payment, a change in your family life, a medical emergency, job loss or other reasons?
  • Are you using your credit card to buy groceries?
  • Is it becoming difficult to pay your bills on time?

As budgets collapse, mortgage payments are missed. It only takes a series of missed payments for the foreclosure process to begin. Whether you are struggling to pay your bills or are already missing payments, you can get help today.

Pick up the phone and learn about resources that could make all the difference.

Here are a few things you can do today:

  • Call your lender and explain your financial situation. Very often they will be able to suggest a manageable solution.
  • Call a financial counselor who knows how the situation works.
  • Carefully consider your spending habits, your current assets, and your capabilities. Look for ways to limit your expenses. Ask yourself if there are assets you can sell.
  • Learn more about foreclosure and the resources that will help you avoid it.