How to Avoid Losing Your New Jersey House to the Bank
If you list all of the nightmare scenarios for homeowners, it’ll be finding their house in near foreclosure. It’s a very unfortunate situations that most homeowners can do very little about. But, very little is still better than nothing, and below are things you can do to prevent your New Jersey house from being foreclosed.
Losing a home to foreclosure is an unenviable situation. It’s depressing, to say the least, to find out that you’re going to lose your home for next to nothing while you’re already struggling with finances. However, it’s not a lost cause just yet. Although near foreclosure, you still have a few options that can help you make the most of your situation.
Sell Your House Fast
If you key in “Sell my house fast NJ” on any search engine, you’ll find numerous direct buyers willing to buy your property for cash right there and then and as is.
Letting a reputable cash home buyer like Cash Buyer New Jersey buy your house allows you to sell it for a good price, pay off your mortgage, and not have to worry about your credit score suffering as much.
Talk to the Bank
Banks and other financial institutions are not as heartless as most people claim to be. They don’t even like foreclosure. It’s a painstaking process that affects the value of other nearby properties negatively, potentially costing them both time and money. This is why it should work out in your favor if you try and call them to explain what happened. So long as you haven’t missed payments for a very long time, banks will be willing to help you out with your predicament and come to terms with a more affordable payment plan.
Learn More About Forbearance Programs
If you can’t work out a new payment plan with your lender, you can try checking if you can apply for forbearance program to buy some time.
Forbearance programs reduce your monthly mortgage payment or even stops it completely for a set period of time. This is good, if you only need a temporary solution. The problem is that you’ll still have to pay all of the missed payments at the end of the set period.
If money is really tight, this may not be the best option. The amount of back mortgage payments may shock you and do more harm than good.
Look Into Loan Restructuring
This is similar to the payment plan, but instead, it’s more of a long-term alternative that allows you to have a lower monthly mortgage payment at the expense of a higher interest rate and longer terms. In short, you’ll be paying more in the long run, but for a longer time. This may not exactly sound like the ideal scenario, but it’s better than losing your entire house for nothing.
If you don’t want to lose your house and see your credit card tank, we can help you with that. Here at Cash Buyer New Jersey, we buy houses New Jersey for cash as it is with no questions asked.