New Jersey Foreclosure Process

The New Jersey foreclosure process is designed to legally allow the banks to recover the property for a loan they give to a borrower to purchase a piece of property but also designed to give the borrower time to come up with the funds to save their home. This can take up to one year in some cases and you can save your home or even get an extension on the time before the home goes to the auction.

When you miss payments on your mortgage and start the New Jersey foreclosure process the lender will come after you for the loan or attempt to sell the home. The lender doesn’t want the home to go to the auction because they know that chances are very good that it will not sell. This will leave the lender with a home on their books and a big loss of profit on their books.

If you really want to save your home from being sold at the auction but you are upside down in debt and you cannot get out from under it the best thing that you can do is file bankruptcy. Many bankruptcy judges are forcing lenders to adjust loans to an affordable amount for borrowers so they can keep their home. A bankruptcy will also stall the New Jersey foreclosure process significantly and allow you to have more time to come up with more money to pay on the missed payments. The bankruptcy laws have changed significantly in the favor of a person foreclosing on their home because so many people have lost their homes to financial burdens. In addition, favoring for the borrower actually helps the bank also because they will still get their money for the home and not be stuck with a piece of property they have to figure out how to sell.

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