Homeownership is part of the American Dream for many New Jersey residents. That dream is often threatened when making mortgage payments is no longer possible. If you are struggling with making the monthly amount, you may believe a short sale or bankruptcy are your only options. At William H. Oliver, Jr. & Associates, we often help clients keep their home out of foreclosure.
For at-risk homeowners with subprime adjustable-rate mortgages, interest rates may reset to significantly higher percentages soon. Americans who took out non-traditional mortgages may also have a rough road ahead. According to FindLaw, there are steps you can take to avoid foreclosure and keep your house.
The mortgage company does not want you to lose your home. Over the last few years, most lenders have programs that can help you through difficult financial times. Contact the loan company before missed payments become a problem. They may have options available for you.
It may be tempting to ignore the calls and letters from the mortgage company, but that is not a good idea. The longer the problem persists, the harder it will be to reinstate your loan. Take the calls, open the mail and respond appropriately.
Find the documents for your current loan and find out what your rights are as well as that of the lender. The paperwork should contain information about actions the mortgage company can take and when. The State Government Housing Office has information regarding foreclosure timeframes and laws.
Make keeping your home a priority. Go through your monthly expenses to see where you can make cuts, such as cable, eating out and memberships. An experienced professional can help you understand your rights. Depending on your situation, bankruptcy may not be the best option. Visit our webpage for more information on this topic.