New Jersey Foreclosure Help

New Jersey Foreclosure Help

New Jersey Foreclosure Help

Homeowners in New Jersey can find themselves facing foreclosure due to financial problems and are interested in knowing the best New Jersey Foreclosure help they can get.

There are varieties of options that are favorable to homeowners and one of such options is the Foreclosure Mediation Program. The foreclosure mediation is a process that is used to help homeowners avoid foreclosure by presenting an alternate solution that is beneficial to both the borrower and the lender. The Foreclosure Meditation Program (FMP) is designed to provide homeowners with different options concerning mortgage restructuring and modification. The FMP’s flexibility allows homeowners to request loan modification through mediation even after an entry of final judgement and up to the conclusion of the Sheriff sale. The Mediation consists of a meeting between: the borrower, the lender and an impartial third party (the mediator).

At the meeting, the parties discuss the financial situation of the borrower and try to negotiate a way for the homeowner to keep the home or give up the home without going through foreclosure. The New Jersey foreclosure help is only eligible to homeowners that have a:

• family of three or more people,
• the homeowner is the borrower of the mortgage,
• and it is the homeowners’ primary residence.

For this New Jersey Foreclosure help, the eligible homeowners have access to housing counselors, attorneys and court-trained mediators in an effort to resolve any foreclosure actions. This is done by proposing work-out and payment arrangements that is suitable for the circumstances of distressed borrowers and the financial interest of the lenders.

The mediation program is available whether or not the owner disputes the right of the lender to foreclose and may be requested within 60 days after the service of the summons and compliant. After 60 days has elapse, a motion which indicates exceptional circumstances exist has to be filed with the court and a judge will decide whether or not the owner may participate in the mediation program. The New Jersey Foreclosure help program does not stop the foreclosure action.

Owners can get New Jersey foreclosure help through the Short Sale option. In this case the homeowner puts the home on the market with a realtor and informs the bank that they want to sell their home. The bank will then send a local Realtor or Appraiser to the home to do a BPO (Broker’s Price Option) You can find help here www.homesgroupusa.com

The lender will then file a complaint with the Office of Foreclosure, which is part of the Superior Court of New Jersey. The office handles the foreclosure unless an answer to the complaint is filed.

The house owner has to file an answer within 35 days of the summon. The answer is the formal legal document that is prepared in response to a complain. In the answer the owner must admit to the allegations in the complaint that are true and those that are false.

In the event that no answer is filed, or if an answer is determined to be non-contested, the mortgage lender can seek for an entry of default from the court. The lender can do so after 35 days have elapsed since the owner received the service of summon. If the owner does not respond to the entry of default, the lender can ask the court to enter for final judgment. However, 14 days prior to filling a request for entry of final judgment, the mortgage lender must send the owner a notice offering a final chance to cure the default. The owner will be given 45 days from the date of the letter to cure the default.

If the owner is not able to cure the default, and the court grants final judgment to the mortgage lender, then the court will issue a writ of execution ordering the sheriff to sell the house at a public auction.