One of the worst financial things that you can face is the loss of your home. Unfortunately, thousands of homeowners throughout New Jersey face this possibility each day as they struggle to provide for themselves and their families while paying their mortgage payments. The thought of losing your home is an overwhelming fear that can create an enormous amount of stress. However, before you give up hope, you should know that there are ways to prevent foreclosure in New Jersey.
Ways to Prevent Foreclosure in New Jersey
The federal government has implemented a number of programs that are designed to assist homeowners who are at risk of foreclosure. These programs may be able to help you prevent foreclosure in New Jersey. Most of the programs are administered by the United States Treasury Department and the Department of Housing and Urban Development (HUD).
If you are unable to prevent foreclosure by refinancing your home in a traditional manner, you may qualify under the Home Affordable Refinance Program (HARP) but you must be current on your mortgage payments to qualify. You may be eligible for the Home Affordable Modification Program (HARP) that lowers your monthly mortgage payment to make your home more affordable. For homes that are worth significantly less than the mortgage owed on the home, the Principal Reduction Alternative (PRA) can help by encouraging mortgage investors and servicers to reduce the amount owed on the home.
If the reason you have fallen behind on your mortgage payments is due to unemployment or another temporary loss of income, you may be eligible for the Home Affordable Unemployment Program (UP). There is also the Emergency Homeowners’ Loan Program (EHLP) and the FHA Special Forbearance program. For more information about these programs and others, you can contact HUD directly.
What Can I Do to Prevent Foreclosure if These Programs do not Work for Me?
Unfortunately, what we have seen are homeowners who work diligently with these agencies and their lenders to try to resolve the problem but the relief provided is either too late or not sufficient. Furthermore, if a homeowner is behind on mortgage payments, it is highly likely that there are other debt problems that will not be resolved through one of the above programs.
For the homeowners who are successful in preventing foreclosure through the above programs, that is wonderful but these programs only address one debt problem. Bankruptcy addresses all of your financial problems including the need to prevent foreclosure. By filing a bankruptcy case, you can prevent foreclosure and resolve your other financial problems at the same time. Many times, bankruptcy is the best alternative; however, you need the advice and counsel of an experienced bankruptcy attorney in Mount Holly.
Contact an Experienced Mount Holly Bankruptcy Attorney
Personal Approach, Professional Service, Affordable Payment Plans
The Law Office of Travis J. Richards, LLC is a full-service Mount Holly bankruptcy law firm focused on Chapter 7 Bankruptcy, Chapter 13 Bankruptcy, debt consolidation, credit repair, tax liens, student loans and foreclosure. We represent clients in Burlington County and throughout South Jersey.
Contact our office at 609-267-5297 to schedule your free consultation to discuss bankruptcy and non-bankruptcy alternatives. You may also use our convenient online contact form and one of our friendly, professional staff members will contact you to answer your bankruptcy questions and/or schedule a free consultation with Travis J. Richards.
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