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The options one has when faced with the threat of foreclosure

The threat of losing your home to foreclosure can be disheartening. You may not be sure how you can ever get ahead or make the calls from creditors stop, but there are options available to you that will allow you to reclaim your financial security and stay in your home. You may be able to halt the foreclosure process without having to file for bankruptcy, and you may benefit from learning more about this option as soon as possible. 

Foreclosure alternatives could provide you a way to find the financial relief you need. The right choice depends on your circumstances, your finances and your objectives. It is in your interests to learn about all of the options available to you, as well as their potential benefits and drawbacks, before you make a decision that could impact your financial future.  

Saving your home 

No one wants to face uncertainty about where they will live. Foreclosure involves the repossession of your home, and you would no longer own it after missing too many mortgage payments. The lender could then decide to sell the property to recoup losses. The possibility of having to find another place to live during a time of financial uncertainty can be daunting, but the following foreclosure alternatives could give you a reason to hope that the future will be better: 

  • Mortgage modification is the process of modifying the terms of the loan to extend the term of the note or taking other steps that would make payments more affordable. 
  • Special forbearance is a unique repayment plan based on your individual financial circumstances. It may include a reduction or temporary suspension of your mortgage payments. 
  • Partial claim is when the borrower and lender jointly seek a one-time payment from the FHA-Insurance fund to allow you to catch up. To qualify, you would have to be able to make full payments from that point. 

If you are facing threats of foreclosure, you may feel hopeless and overwhelmed. While the situation is serious, there are options that will allow you to pursue an outcome that will provide you the opportunity for a better financial future. Staying in your home could be a possibility for you with one of the several foreclosure alternative options available to financially overwhelmed New Jersey homeowners.   

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