Loan Modification New Jersey
Depending on your exact situation, your lender may consider a modification of your current loan terms. With a loan modification, it's possible to refinance the debt and/or extend the term of your original mortgage loan. This can make your new monthly payment affordable and allow you to include missed payments, penalties and arrearage into a new 30 year loan. A mortgage modification is also one of the fastest ways to stop foreclosure and get back on track with your payments.
Loan Modification New Jersey - Judicial Foreclosure
In New Jersey, lenders may foreclose on a mortgage in default by using the judicial foreclosure process.
Generally, in judicial foreclosure, a court decrees the amount of the borrowers debt and gives him or her a short time to pay. If the borrower fails to pay within that time, the clerk of the court then advertises the property for sale.
Once the process begins, a foreclosure notice must be: 1) posted in the county office of the county where the property is located; 2) posted on the property in foreclosure; and 3) published in two (2) newspapers in the county. The lender must also notify the borrower at least ten (10) days prior to the foreclosure sale.
It is possible for the lender to obtain a deficiency judgment and borrowers have a right to redemption and/or objection within ten (10) days after the sale.
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