We Buy Houses In Cranford NJ. With millions of homes across the country going into foreclosure, both Foreclosure home buyers in New Jersey and mortgage holders need to understand the New Jersey foreclosure process. In this article, you will learn the ins and outs of Pre-Foreclosure In Cranford NJ, and what pre-foreclosure means.
What Is A Pre-Foreclosure In New Jersey Anyway?
Many homeowners across America and New Jersey are facing difficulties making their monthly mortgage payments.
When a homeowner misses 3-6 months of mortgage payments, the lending institution will issue a warning, notifying the homeowner to pay or lose their home. This period is known as “pre-foreclosure.”
Banks and mortgage lenders typically provide three months for the homeowner to become current. Of course, this number can vary by bank and situation sometimes.
If a homeowner fails to make the necessary payments, the bank will foreclose on the home, assuming ownership, and evict the homeowner. Thankfully, during this stage of the foreclosure process, a mortgage holder has the opportunity to take advantage of several options to prevent losing their home.
What Is a Pre-Foreclosure in Cranford NJ?
When faced with financial difficulties, many homeowners in Cranford, New Jersey, find themselves in a challenging situation known as pre-foreclosure. But what does pre-foreclosure mean? It’s a critical phase that occurs when a homeowner falls behind on their mortgage payments, typically missing 3-6 months of payments.
At this point, the lending institution issues a warning to the homeowner, signaling the start of pre-foreclosure. During this period, which can vary depending on the bank and circumstances, the homeowner has an opportunity to take action and prevent the loss of their home.
Pre-Foreclosure Options For Borrowers
If you’re behind on mortgage payments, you will likely receive a “notice of default” from your mortgage lender.
This document will state that you have not made mortgage payments for the last 90-180 days. It’s important not to panic.
You have options that can delay or even prevent losing your home:
- If your mortgage is “above water,” (meaning you have equity in your house) you may be able to refinance your mortgage, receiving lower monthly payments. Check with your local Cranford NJ mortgage broker or contact us and we can connect you with a reputable one.
- You may be able to quickly sell your home to a real estate investor that’s reputable in Cranford NJ like us at DNT Home Buyers, using the cash acquired to pay the months of back-payments owed (or we *may* be able to work out something with the lender that relieves all or part of your back payments. We can buy your Cranford NJ area home quickly, often in just a week or two, will pay in cash, and takes the stress out of trying to find a buyer.
- You can contact the bank and ask them to permit a short sale. In a short sale, you’ll sell your home for less than it’s worth, and the bank will take the loss as a tax write-off. In some short sales, you may still be required to pay the difference to the bank if the house doesn’t sell for what is owed on the loan.
- You may be able to declare bankruptcy, which can buy you time to pay your debt. Bankruptcy will remain on your credit report for years and can cause significant damage.
Lenders are very much aware of the widespread financial troubles across the country and they’re willing to work with borrowers a lot of the time.
If you’re honest and communicate with your lender, you’ll often find that there are options that will allow you to remain in your home, or at least salvage your credit rating.
A Foreclosure Property in New Jersey can often negatively affect your credit score by 200-400 points and can prevent you from obtaining a loan of any sort for 5-7 years, so be very dutiful if you’ve received a Notice of Default from your lender.
But if you’re not able to find a solution with your lender working directly with them, connect with us. We may be able to help.
Ways We Can Help If You’re In Pre-Foreclosure In Cranford NJ
- We can potentially help with a short sale – Submit your info on this website so we can evaluate your situation to see if we can help.
- We can buy your Cranford NJ area house – We purchase homes in Cranford NJ and would love to make you an all-cash offer on your house too. Just fill out the form here to get started >>
- You can ask us questions and we can provide you with FREE guidance and resources so you can make a well-educated decision. This costs you nothing, there’s absolutely no pressure, no obligation, just free guidance without a catch.
Ways We Can Help If You’re in Pre-Foreclosure in Cranford NJ
At DNT Home Buyers, we understand the challenges of pre-foreclosure and are here to help. We offer potential solutions like short sales, where we assess your situation to see if we can assist. Furthermore, we can be buying a foreclosed home in NJ for cash, providing a way out of the pre-foreclosure situation. Don’t hesitate to ask us any questions or seek free guidance and resources without any obligations. There’s still time to take action and find answers to your toughest questions about foreclosure. Contact us today to discuss your pre-foreclosure options and move closer to resolving this challenging situation.
Sell My House In Cranford NJ
If you’re in the pre-foreclosure stage, you’ve still got time to fix this situation. Just connect with your bank to see if they’re willing to work with you or you can sell your house in NJ fast to New Jersey foreclosure property buyers like DNT Home Buyers. We are your local homebuyers in Cranford and we offer cash for houses in New Jersey. We’re passionate people and we’re happy to help you find answers to your toughest questions about foreclosure.