Understanding the foreclosure process in NJ is an important part of navigating your home foreclosure.”
Before we dive in…
Understanding the Foreclosure Process in NJ
What is foreclosure anyway?
“Foreclosure is the legal process that lenders use to take back property securing a loan, generally after the borrower stops making payments.”
Foreclosure is no fun. But know that it’s not the end of the world.
When you know how foreclosure in NJ works… it arms you with the knowledge to make sure you navigate it well and come out the other end as well as possible.
The Basic Stages of A Foreclosure
“There are a few stages that are important to any foreclosure process.”
Foreclosure works differently in different states around the country.
The two ways different states use to foreclose upon a property are judicial sale and power of sale.
Connect with us by calling (856) 281-1157 or through our contact page to have us walk you through the specific foreclosure process here locally in Cherry Hill.
In either scenario, foreclosure typically doesn’t go to court until 3-6 months of missed payments have elapsed.
Usually (but not always), a lender will send out many notices that you are in arrears – overdue or behind in your payment.
Under Judicial Foreclosure:
- Your MORTGAGE LENDER must file suit in the court system.
- You’ll get a letter from the court demanding payment.
- Assuming the loan is valid, you’ll have 30 days to bring payment to court to avoid foreclosure (and sometimes that can be extended).
- If you don’t pay during the payment period, a judgment will be entered and the lender can request the sale of your property – usually through an auction.
- Once the property is sold, the sheriff serves an eviction notice and forces you to immediately vacate the property.
Under Power of Sale (or Non-Judicial Foreclosure):
- The mortgage lender serves you with papers demanding payment, and the courts are not required – although the process may be subject to judicial review.
- After the established waiting period has elapsed, a deed of trust is drawn up and control of your property is transferred to a trustee.
- The trustee can then sell your property to the lender at a public auction (notice must be given).
Anyone who has an interest in the property must be notified during either type of foreclosure.
For example, any contractors or banks with liens against a foreclosed property are entitled to collect from the proceedings of an auction.
What Happens After A Foreclosure Auction?
“After a foreclosure is complete, the loan amount is paid off with the sale proceeds.”
Sometimes, if the sale of the property at auction isn’t enough to pay off the loan, a deficiency judgment can be issued against the borrower.
A deficiency judgment is where the bank gets a judgment against you, the borrower, for the remaining funds owed to the bank on the loan amount after the foreclosure sale.
Some states limit the amount owed in a deficiency judgment to the fair value of the property at the time of sale, while other states will allow the full loan amount to be assessed against the borrower.
Here’s a great resource that lists the state by state deficiency judgment laws, since every state is different.
Generally, it’s best to avoid a foreclosure auction. Instead, call up the bank, or work with a reputable real estate firm like us at Jeff Buys Houses Cash to help you negotiate discounts off the amount owed to avoid having to carry out a foreclosure.
Experienced investors can help you by negotiating directly with banks to lower the amount you owe in a sale – or even eliminate it, even if your home is worth less than you owe.
If you need to sell a property near Cherry Hill, we can help you.
We buy houses in Cherry Hill NJ like yours from people who need to sell fast.
Give us a call anytime (856) 281-1157 or
fill out the form on this website today! >>
Another Foreclosure Resource For Cherry Hill NJ HomeOwners:
Navigating Foreclosure with Jeff Buys Houses Cash: A Comprehensive Solution
“Foreclosure can be a daunting and overwhelming experience for homeowners.”
Understanding the foreclosure process can be lengthy, and the uncertainty of the outcome can cause significant stress.
However, with the help of Jeff Buys Houses Cash, homeowners can find a sense of relief and a fresh start.
Our company specializes in providing cash offers for properties, streamlining the foreclosure process, and ensuring a smooth transition for homeowners.
Understanding Foreclosure
Foreclosure occurs when a homeowner fails to meet their mortgage obligations, and the lender seizes the property.
This can happen due to various reasons, including job loss, medical emergencies, or divorce.
Once the FORECLOSURE process begins, it can be challenging to stop or reverse it. That’s where Jeff Buys Houses Cash comes in – to offer a viable solution.
How Jeff Buys Houses Cash Can Help
“We understand the complexities of foreclosure and the emotional toll it takes on homeowners.”
Our team of experts is dedicated to providing a hassle-free experience, guiding you through the process, and ensuring you receive a fair cash offer for your property.
Here’s how we can assist:
- Quick Cash Offer: We provide a fast and fair cash offer for your property, allowing you to avoid the lengthy and costly foreclosure process.
- No Real Estate Agent Fees: By working directly with us, you eliminate the need for real estate agent fees, saving you thousands of dollars.
- No Repairs or Renovations: We buy properties in their current condition, so you won’t need to worry about making costly repairs or renovations.
- Flexible Closing Dates: We accommodate your schedule, offering flexible closing dates to ensure a smooth transition.
Benefits of Working with Jeff Buys Houses Cash
Choosing to work with us provides numerous benefits, including:
- Avoiding Foreclosure: By selling your property to us, you can avoid the negative impact of foreclosure on your credit score and financial future.
- Reducing Stress: Our streamlined process and expert guidance minimize the stress and uncertainty associated with foreclosure.
- Receiving a Fair Cash Offer: Our team ensures you receive a competitive cash offer, providing the financial resources you need to move forward.
- Maintaining Your Dignity: We treat each homeowner with respect and compassion, prioritizing your well-being throughout the process.
The Process
Working with JEFF BUYS HOUSES CASH is straightforward:
- Initial Consultation: Contact us to discuss your situation and receive guidance on the next steps.
- Property Evaluation: We assess your property to determine a fair cash offer.
- Offer Presentation: We present you with a cash offer, outlining the terms and benefits.
- Closing: We finalize the sale, ensuring a smooth transfer of ownership.
Conclusion
“Foreclosure doesn’t have to be a debilitating experience.”
With Jeff Buys Houses Cash, homeowners can find relief and a fresh start.
Our team of experts is dedicated to providing a hassle-free experience, guiding you through the process, and ensuring you receive a fair cash offer for your property.
Don’t let foreclosure control your life – contact us today to explore your options and start anew.