Forclosures-What you need to know.

Don't Panic and Ask for Help!!

Many people find themselves in some form of financial hardship that is affecting their ability to pay their bills including their mortgage. There are many options available that can allow you to keep your home and avoid foreclosure. It is recommended that you contact and financial advisor, tax advisor and attorney to help protect your interests.

The first thing to understand is the Delinquency Cycle:

Number of days past due

· Current

· 30 days late you will be referred to collections

· 60 days late your still in collections mid month you will be referred to loss mitigation

· 90 days late your in loss mitigation

· Referred to foreclosure

As soon as you miss a payment or anticipate a missed payment you should contact your bank or Realtor to learn about the options available to you. Each situation is different and will need to be handled in a different way. Some of the options available to you are:

· Modification plans

· Short Sales or short payoffs

· Deed-in-lieu

In New Jersey the foreclosure process takes approximately 9 months from beginning to end but this time frame is dependent on many factors. It is possible that you have time to find a solution to avoid foreclosure and save or maintain your credit. The key to the process is you. You must start as soon as you anticipate a problem.

Contacat Eileen Hepp

Realtor Broker Associate

Your information source on Short Sales Loan Modification and Pre Foreclosures

Office 609-78-5000 ext. 109 Cell 609-290-8564

or email me

c21eileen@exit63homesforsale.com