Receiving a foreclosure notice from your lender is sure to turn your life upside down. But before you pack your stuff and prepare to leave, it's important to note that there are ways to save your home from the foreclosure process.
Foreclosure left an indelible mark on New Jersey residents. According to NPR, a decade after the housing crisis, “zombie houses” still remain. These are houses in the foreclosure process, or which have since been abandoned. In fact, NPR estimates that no state has as many of these houses remaining per capita as New Jersey. There were roughly 17,000 of these homes in the state.
When homeowners in New Jersey lose their home to a foreclosure, they may have two main concerns. The first is where they will live and the second is how they will rebuild their credit score. Without rebuilding a good score, even finding a place to rent may prove difficult. Once the score is up again, however, the individual may even be able to purchase a new home.
As many people in New Jersey learned during the recession, if the market crashes or someone loses their job even financially responsible homeowners may find themselves facing foreclosure. While the American economy has come a long way since then, there are still many homeowners facing foreclosure due to falling behind on payments. What can people do when this happens?
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.