Signing Document

Is It Possible to Slow Down the Foreclosure Process?

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
  •          Refinancing
  •          Forbearance
  •          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.

Categories

Get To Know David & Robert

  • David  Alan Ast Photo
    David Alan Ast
    Firm Partner David Alan Ast has more than 25 years of experience helping people throughout northern New Jersey get a fresh start and move forward with their financial lives. He is committed to protecting the rights of his clients seeking debt relief.
  • Robert L. Schmidt Photo
    Robert L. Schmidt
    Firm Partner Robert L. Schmidt earned his Bachelor of Arts in Business Administration and Finance from Stockton State College in 1990. Three years later, he earned his Master’s degree from Rutgers University School of Business in Camden with a major in finance. Robert then acquired his J.D. from James E. Beasley School of Law at Temple University in 1997.
/

Real Stories Inspired From Real Situations

Reviews
  • “They were always understanding of our concerns and patient with our questions. Thank you all!”

    - Ann R.
  • “One that is there to help instead of someone who will treat you like another number. 5 stars isn't enough.”

    - M.H., Chapter 7 Client
  • “'m am very grateful to have hired this firm. It was smooth and now I can breathe again. Thank you, everyone, at Ast & Schmidt.”

    - Rich L.

What Sets Us Apart

How We Can Help You 
Move Forward
  • Personalized Services Tailored for You
  • Over 30 Years of Bankruptcy Experience
  • Free Initial Consultations
  • Available After Hours by Appointment
  • Direct Advice from Our Attorneys
  • Realistic Expectations Provided

Begin Your Fresh Start

Our team has over 30 years helping clients.  Let us help you.
  • Please enter your first name.
  • Please enter your last name.
  • Please enter your phone number.
    This isn't a valid phone number.
  • Please enter your email address.
    This isn't a valid email address.
  • Please make a selection.
  • Please enter a message.