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.

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Estefania Castaneda
Estefania Castaneda
17:24 04 Sep 21
Extremely pleasant, attentive to all my needs always. It was a pleasure renting an apartment from Ken.
Vichai Soysouvanh
Vichai Soysouvanh
14:17 03 Sep 21
Can't say enough about Ken and his team. This was the most seamless sale I made. I didn't have to deal with all the... nonsense that comes with selling your home. They bought my house as is, I didn't have to declutter and pay a broker commission. All in all great experience, will do business again.read more
Niki Keser
Niki Keser
17:46 06 Aug 21
I had a wonderful experience renting one of their properties for 7 months. The apartment was beautifully remodeled and... Ken and his team were always responsive to any needs. I would recommend to anyone looking to sell or rent.read more
YASMINA VASQUEZ
YASMINA VASQUEZ
15:13 02 Aug 21
Ken and his team were professionals ,they promised and they delivered or anything
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
Vishrut Patel
Vishrut Patel
23:27 19 May 21
Ken was referred to us by someone who had sold their home thru Ken last year. From the first meeting to the last... transaction, Ken and his team were professional, efficient, easy to work with, and above all.... caring. Each seller's situation is different, and Ken truly understands that. We were treated with respect each time.Since we were in a time crunch situation, selling our home with a cash offer from Ken was the best decision we could have made. We were perfectly okay with getting slightly less money for our home as compared to selling it via an agent. But if you consider the money saved on agent commissions (both buyers and sellers), closing costs, repair costs, attorney fees, and most important of all... time and headache, you can't beat the option to sell your home with a guaranteed cash offer from a reputable buyer like Ken.My wife and I were very pleased with our experience with Ken. If you are in the market to sell your home fast for a cash offer, I highly recommend giving Ken a call!Best of luck!Vishread 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 process.read 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 transaction.read 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
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