New Initiative In NJ for Home Owners in Foreclosure

New Jersey has implemented a new initiative called the NJ Judiciary Foreclosure Mediation Program for home owners who are in foreclosure.  NJ is trying to help prevent as many foreclosures in the state as possible.  Foreclosures are not a winning solution for any of the parties in today’s economy.  The home owners don’t want to lose their homes, the banks don’t want any more asset on their books that will take months to dispose of (at a substantial loss, probably), and the municipalities don’t want the vacancies and loss of property tax revenues.

So, if you’re one of the NJ home owners currently facing foreclosure, check out our web site that outlines the different options you have (the sale of your home is NOT the only option you have) besides waiting for foreclosure.  We also have details on the NJ Judiciary Foreclosure Mediation Program.

Tags: foreclosure, Foreclosures, new jersey foreclosures, stopping foreclosures

Use Bankruptcy to Stop Mortgage Foreclosure

It is sad but true that bankruptcy is a sure-fire way to stop mortgage foreclosure on your home. That being said, you do need to know what you are doing and you do need competent legal help to make it happen. Not everyone qualifies for bankruptcy and you have to file the right kind of bankruptcy in order to stop mortgage foreclosure on your home.

Chapter 13 bankruptcy involves coming up with a three to five year plan to pay back everyone that you owe. This kind of bankruptcy is essentially a way to restructure your debt. You will still need to pay everyone at least a portion of what you owe but it gives you longer to pay them and within terms that work for you. In order to stop mortgage foreclosure with this kind of bankruptcy, you will need to make sure that your mortgage is part of this debt restructuring. A good bankruptcy attorney will make sure that everything is handled correctly to make that happen. This is the only kind of bankruptcy that can stop mortgage foreclosure on your home and allow you to keep your home.

Filing Chapter 7 bankruptcy can delay the sale of your home but you will not be able to keep your home if you file this kind of bankruptcy. This kind of bankruptcy essentially erases all of your debt. If you are willing to give up your home, need to buy some time to find another place to live, and will not be able to pay any of your debt, this may be a good option for you. Again, a good bankruptcy attorney will be able to advise you as to the best option for you.

If you decide to declare bankruptcy to stop mortgage foreclosure on your home, you will need to inform your lender that you have declared bankruptcy. They cannot stop mortgage foreclosure on your home unless they know that you have declared bankruptcy. Bankruptcy is also not a painless solution. It stays on your credit record and will affect any loan that you try to get for the next 7 to 10 years. While bankruptcy can be a good option in order to stop mortgage foreclosure, it is one that has a price. Be sure that you understand what that price is before you decide.

You can stop mortgage foreclosure on your home by filing bankruptcy. A good bankruptcy attorney will be able to tell you what kind of bankruptcy you need to file and how it will affect your financial future. Be sure you understand all of the risks and costs involved before deciding. Be sure to seek legal advice from a professional attorney before making any moves in this direction.

Tags: bankrupcy, Foreclosures, stopping foreclosures