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Posts tagged "Foreclosure"

How to slow or avoid foreclosure

Purchasing a home in New Jersey is an exciting experience. Unfortunately, medical debt, loss of employment and other changes to a person’s financial status can lead to foreclosure. Many people facing a foreclosure may believe their banks are eager to evict them from their homes and seize the property. However, banks often stand to lose more from taking this route than trying to work something out with the homeowner. Because of this, if creditors are calling, it may be beneficial to take the call.

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. 

Understanding the consequences of your foreclosure

Owning a home in New Jersey is certainly something to be proud of, but there may be times when the stress of homeownership could have you grasping for solutions to stay financially afloat. When weighing your options for financing your home when you have run into a cash flow issue, a foreclosure may be the most suitable option. At William H. Oliver, Jr. & Associates, we understand how a foreclosure may affect people and their ability to secure financing in the future. 

Am I at risk of foreclosure?

Losing your home to foreclosure can be a devastating prospect. In some cases, there may be signs indicating a foreclosure is on the horizon and recognizing these signs will help develop a plan and potentially prevent the process from occurring. The U.S. Department of Housing and Urban Development offers the following tips, so you can identify signs of trouble before this situation becomes much worse.

How lien stripping may save your home from foreclosure

Sometimes, having a good job and a solid income is not enough to keep a person in New Jersey afloat financially. In fact, if you are struggling to pay all your bills every month and still have enough left for the necessities of life, you are not alone. We at William H. Oliver, Jr. & Associates often advise our clients about how lien stripping may be the solution to their debt problems.

How long can I stay in my house after foreclosure?

When you fall behind on your house payments, your lender will start the foreclosure process. While you will not have to leave right away, you should be aware that eventually you will likely be forced out of the home. It is best to know ahead of time how long you will have so you can find a new place to live and be ready when the time comes to leave.

Preventing foreclosure by planning ahead

When homeowners in New Jersey are informed that their house is in foreclosure, many of them immediately panic and all realistic thoughts go flying out the window. While the thought of foreclosure is daunting to many, and rightfully so, people who plan ahead may have the chance to halt the process of foreclosure to allow themselves enough time to reassess and recreate a better agreement. 

How does a foreclosure affect a credit rating?

Foreclosure can happen to pretty much anyone. All it takes is a financial emergency and you get behind on your mortgage. If you are facing foreclosure and see no way to stop it, you may wonder how this is going to affect your credit. To begin with, creditors do not look favorable on foreclosures, according to Financial Samurai. It shows you did not live up to end of the contract with your mortgage lender.

What is predatory lending?

Buying a home that you can call your own is an exciting time for a New Jersey resident. Unfortunately, there are companies and individuals who use this time to prey upon borrowers by offering loans that are unfair and can be financially detrimental to you down the road while padding their own pockets. This should be a rewarding experience and you should have peace of mind knowing that your loan will not eventually lead to losing your home through a foreclosure or financial ruin. Be aware that predatory lenders can be quite smooth in their presentations, so do not be afraid or embarrassed to exercise due diligence when you are going through the loan process.

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