If you are about to lose your home in New Jersey, one of the key questions you may want an answer to is if you can stall the process. The short answer to the question is yes. The long answer requires more explanation.
To be clear, if you have received a Notice of Delinquency, this is no guarantee that you are going to lose your home. However, to prevent this scenario from playing out, or to stall the process so you can make other living arrangements, here are a few things you can try.
Do some research
If you are currently facing foreclosure, Forbes points out that the very Notice of Delinquency could help to prevent it. Read over the document carefully as it usually includes information that may help you to keep your home. If you know you will not be able to hold on to your home, then do some additional research on how your case may be handled in New Jersey.
Get in touch with your lender
Lenders are often quite willing to cooperate with you, so you can keep your home. This creates a win-win solution for both parties as foreclosure can cost lenders a lot of time and money. Here are five options you may want to discuss with your lender:
- Short sale
- Repayment plan
- Loan modification
File for bankruptcy
If all else fails, filing for bankruptcy is worth considering. Keep in mind, however, that your credit will take a serious hit when you do so. Still, it does mean an “automatic stay” may be placed on all your assets, bringing the foreclosure process to a temporary halt. There are two types of bankruptcy, namely Chapter 7 and Chapter 13. The one you choose should depend on your unique circumstances and your preferences.
The last thing you want is a bankruptcy or a foreclosure on your credit history. Even so, medical debt, loss of income or even divorce may create a financial strain that makes this inevitable. Thankfully, there are worthy options to consider.
This article provides information on how to delay or prevent foreclosure and should not be used as legal advice.