Foreclosures in New Jersey

When an individual in New Jersey makes the decision to purchase a home, they will also generally have to take on a mortgage that exists to allow the homeowner to pay off the home over the course of the next 30 or so years. In addition, they will have to pay a certain level of interest, depending on the specific terms of their mortgage. When a homeowner is struggling to make mortgage payments, they may be in jeopardy of losing their home. When a lender takes back a home because of a failure to make mortgage payments, the process is known as a foreclosure.

Of course, this is a very concerning situation for many homeowners to face because it took years for the individual to become a homeowner that it would be devastating to lose that accomplishment. It is important to be aware, however, that there are options that allow people can actually stop a foreclosure its tracks. If an individual’s home is about to go into foreclosure, they can actually file for bankruptcy, which puts an immediate stop to the foreclosure process. Individuals may also be able to request to refinance their mortgage in an effort to have a longer term, lower interest rates, and lower payments.

Joseph Gachko, Esq. is an experienced New Jersey attorney who can assist you in any of your estate or real estate-related legal matters. If you require legal counsel for your real estate matters, please contact The Law Office of Joseph Gachko today to set up a consultation.