How to Avoid Getting Your New Jersey House Foreclosed


That’s a word dreaded by all homeowners. It means that your property is going to be seized and there’s very little you can do about it unless you can pay up. Even worse, because of how hard times have been over the past few years, it’s not unusual for the average family to be behind on their mortgage.

Having said that, your New Jersey house doesn’t need to be foreclosed just yet. Even if you are facing financial troubles, there are things that you can do to keep it under your name and prevent yourself and your family from being without a home.

Below are tips that we’ve gathered to help you avoid getting your New Jersey house foreclosed:

1.     Renegotiate the Terms

If you have only missed a couple of payments, the best thing that you can do is to call your lender and let them know about the situation. Be honest about it. Remember, they are after what’s in their best interests, and it is beneficial to them that you keep on paying for your loans.

If you’ve been behind for months, you can try and negotiate a repayment plan to help you catch up. Or, you can also try restructuring the deal so you’ll end up paying less monthly in exchange for extending the payment period by a couple for years.

Either way is better than losing your home.

2.     Short Sale

A “short sale” is the term used to describe a sale where the house is sold for less than the price still owed for it. It is usually the lender who agrees to do this sale, and often when all options have been exhausted. Lenders see this as a way to recoup some of their costs while also avoiding having to deal with foreclosing a house.

If the short sale is approved and a buyer is found, the borrower will no longer have to pay for anything, albeit the borrower won’t be getting any money for the house either.

3.     Sell Your House

This is a pretty simple process, but not as simple as just typing in “sell my house fast NJ” on Google and hope that buyers flock you. No.

Remember, you are at a disadvantage in that you still owe money to the lenders for your house. This means that buyers will hesitate to work with you, especially if the house isn’t in good shape, which it likely won’t be because of how you’ve been behind on your mortgage payments lately.

Regardless, if you plan on selling your house, you can either list it or go directly to a direct cash buyer. The latter, you can find, by googling, “we buy houses cash NJ” and sifting through the results.

Of the two, you’re better off selling to a direct buyer, mainly because they’ll buy your house as soon as possible, allowing you to be freed of your mortgage while also making sure that you get a fair price for your house.

Financial difficulties can and do happen to anyone. It can happen to me or to you. What’s important is to take no shame in it and, instead, find a way to remedy and fix the problem. Whether that is by renegotiating with your lender or selling your house is completely up to you.


Download our
FREE Market Guide

  • This field is for validation purposes and should be left unchanged.

See Our Google Reviews

Alfredo Garcia
Alfredo Garcia
03:20 17 Jun 21
Selling my property too Ken was the best thing I did. Although I was skeptical at first I soon found out how... professional he was. Even though my closing contract was not standard because of the pendemic situation. He followed through on time with all the contract terms as promised. Thank you Ken for your professionalism.Alfredo Gread more
Christopher Martino
Christopher Martino
14:19 10 Mar 21
Ken and his team were great. They were easy to work with, professional, and responsive. If you are thinking of selling... your home they offer a super easy more
Chelsea Grant
Chelsea Grant
15:36 03 Jan 21
I am a travel nurse and stayed in a town home for 3 months... It was exactly as described and any issue that came about... was handled within a few hours - I would definitely recommend and I would definitely stay again!read more
Aaron Zachko
Aaron Zachko
12:41 14 Aug 20
Amazing experience! Ken was upfront, quick and got the deal done in no time. Having done a number of real estate... transactions this was by far the easiest and smoothest. I would unconditionally recommend him to anyone looking for an easy, quick and fair more
Joseph Tricarico
Joseph Tricarico
19:10 26 Mar 20
Ken is a very professional individual from start to finish. As promised, he gave me a fair deal on my one of my... properties that was in rough shape. He was knowledgeable and responsive to my requests and as promised we didn't need to waste time with inspections and appraisals and we closed quickly. He made it painless as possible by having his crew handle the clean up. This was truly a quick and easy process but a professional individual. Thanks Ken!read more
Next Reviews

Site Map
Privacy Policy

Click for the BBB Business Review of Cash Buyer New Jersey