Don’t ignore the phone calls and letters from your lender. 
This is the best way to end up forced to vacate your home by law enforcement. Take this matter very seriously and work to resolve the problem very quickly. Please keep track of all correspondence you receive for future reference. Do not vacate your home. You may not qualify for foreclosure help if the house is vacant. If your home is proved vacant, it can be easily seized.
Contact me to discuss what the best foreclosure solutions are for you. As a CDPE, I will negotiate on your behalf with the mortgage company to get your loan back in good standing. I understand the system, the foreclosure laws, and the steps necessary to help you keep your home. I will be your advocate by walking you through the process.
Following are several options that I will explore:
Reinstatement – You will need to pay the mortgage company all of the back payments to bring your mortgage up to date. This option is seldom attainable. With late fees and attorney fees addedon top of your back payments, the amount is often much more than people are able to come up with.
Workout - I can negotiate with your mortgage company to bring your loan back in good standing. There are many options available to us to get a work out approved. Some examples are as follows:
Forbearance - I will be able to arrange a payment plan based on your financial situation. This is mostly used in the instance of a tragedy or temporary loss of employment.
Loan Modification - I may be able to adjust the terms of the loan to meet your financial situation.
Partial Claim - You may qualify to have the repayment amount applied to the end of the current loan and resume normal payments.
Refinance - I have established knowledge of very reputable lenders who can give loans on mortgages that are in foreclosure if there is enough equity available.
Sell Your Home - You may simply sell your home before the foreclosure Sale Date. Sometimes the home owner is unable to sell the home outright at the desired sale price and this is not an option. I may be able to negotiate a Short Sale on your behalf with your Mortgage Company. In this instance the mortgage company may take less than what you owe on the loan to avoid a lengthy and costly foreclosure process.
Deed-in-lieu of Foreclosure - We can arrange for you to simply give the home back to the mortgage company and walk away with a clean slate.
Bankruptcy – I only recommend this as a last resort. This will only save your home temporarily. If you miss one payment during this process the lender will put you right back into foreclosure. You will still need to come up with a permanent repayment solution to get your house payments up to date. I can put you in touch with an attorney to file the necessary paperwork.
Foreclosure - You may elect to allow the home to be entered into mortgage foreclosure. The mortgage company will take your home and all of your equity. If there is no equity there is a chance they may come after you to pay the shortage or deficiency. There are many foreclosure prevention options available to you. One solution does not fit all and that is why you need to take the time to learn about your options. Allow me to help you keep or sell your home to stop a potential foreclosure. Contact Eddie Perez at (201) 344-2886,www.investhoboken.com.
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