William H. Oliver, Jr. & Associates
Call today for a free consultation
Local 732-988-1500

Blog

Can you prevent foreclosure from destroying your future?

If you are facing a potential foreclosure on your property in New Jersey, it can be unsettling to think about your future and how this decision may impact your ability to get credit in the future. While foreclosure undoubtedly has consequences, you have the ability to overcome its effects by carefully planning your next steps and taking precautions to prevent similar risks from happening in the future. 

If you have been delinquent on your payments and are unable to continue to pay your mortgage, you may have been informed by your lender that they will be foreclosing your property. In these situations, you may have the chance to slow or even stop the process if you are able to negotiate the terms of your contract with your lender. If you are lucky, you will be able to modify the original contract to reflect how payments will be made going forward. However, if your inability to pay becomes a repetitive offense and is left unattended, your home will undoubtedly foreclose. 

According to Zillow, Inc., foreclosure will have a significant impact on your credit score. In fact, your current score could drop a couple of hundred points. Fortunately, you can work quickly and strategically after the foreclosure is finalized to rebuild their credit. After seven years, the foreclosure notification will disappear from your credit. You can also create a new budget and make new financial goals for yourself. With your commitment to do things differently, you can avoid ever being in that position again. 

The information in this article is intended for educational purposes only and should not be taken as legal advice. 

No Comments

Leave a comment
Comment Information

Get A Free Lawyer Consultation

With offices in Toms River and Neptune, attorney William H. Oliver is ready to answer your questions and help you find the right debt relief solution. Evening and Saturday appointments are available. Call local: 732-988-1500 or fill out our contact form.

Email Us For a Response

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Toms River Office
609 Main Street
Toms River, NJ 08753

Fax: 732-775-7404
Toms River Law Office Map

Neptune Office
2240 State Route 33
Neptune, NJ 07753

Phone: 732-341-1550
Fax: 732-775-7404
Neptune Law Office Map

visa, master card, american express, discover network