On behalf of Scura, Wigfield, Heyer & Stevens, LLP
Being able to purchase and move into a new home is an exciting event for residents in New Jersey and elsewhere. This is why it is considered a very emotional and devastating time when homeowners learn that they might lose their home. Changes in life, such as unemployment or illnesses, can greatly impact the income of an individual or a family, making it difficult to make timely mortgage payments. These situations can lead to foreclosure.
Suggestions From a New Jersey Foreclosure Attorney
How can New Jersey residents avoid foreclosure? A New Jersey foreclosure attorney would suggest looking into the New Jersey HomeSaver Program. The New Jersey Housing and Mortgage Finance Agency launched this program to offer financial assistance to homeowners that are unable to pay their mortgages. This program is considered a foreclosure prevention initiative for eligible homeowners.
Those eligible could receive up to $50,000 to help the homeowner bring his or her monthly mortgage payment down to an affordable level. In order to qualify for this assistance, a homeowner must be at risk of foreclosure because of financial hardships such as recent unemployment or a reduction in household income. While homeowners do not need to be delinquent to qualify, they must meet specific guidelines for modification, refinance or principal reduction in order to participate in the program.
Additional Options to Help Avoid Foreclosure
While this program could help homeowners resolve their current financial problems, this may not entirely alleviate the financial challenges that an individual or family faces. Because of this, it is important that homeowners understand all of their options for debt relief. Additionally, they should consider whether filing for bankruptcy is a possibility as well. This will ensure the homeowner is well informed and has taken proper steps to help avoid foreclosure.
Source: Trentonian.com, "NJ HomeSaver Program offers financial assistance to prevent foreclosure"
Contact one of our New Jersey foreclosure attorneys today for a free initial consultation. We have offices in Wayne and Hoboken, New Jersey, to serve you better.