Can I give my New Jersey house back to the bank without an expensive foreclosure? The answer is YES !  

There are many ways to avoid an expensive foreclosure in New Jersey 
 
Your first step if you’re trying to avoid foreclosure is to speak with your loan provider immediately to examine your choices to prevent home foreclosure. 
 

You have to take action prior to getting too far behind on your mortgage payments in order to halt house foreclosure. You should contact your financial institution once you know you are likely to miss a home loan payment and inform them what is going on with your financial situation. 

Your mortgage loan organization would rather work something out with you so they do not generate losses on your property by going through the actual foreclosure process. 

You need to be open and honest with your mortgage company. 
They may work something out with you that cuts down your rate of interest, which would reduce your monthly payment. In case you miss one or two payments but then are capable of start paying once again, they can usually add those repayments back onto your home loan and consider you caught up on your mortgage. The financial institution will not accommodate you if you do not talk to them about what your situation is ahead of time is and asks for help. 

Is giving your house back to the bank a good option? 

In a "deed in lieu of foreclosure," routinely called just deed in lieu, a homeowner who can no longer make payments on a house worth less than what is owned on it turns the deed over to the mortgage holder. Avoiding foreclosure benefits both the homeowner and the bank or other lender. The most likely candidate for a deed in lieu transaction, he said, is a homeowner who's underwater - owing more than the house is worth - on a property with no liens on it. 

Banks acquiring a property through deed in lieu would become subject to such liens, for example coming from a second mortgage, and are reluctant to deal with that exposure. 

Should You pay Your mortgage loan bills or your card payments? 

You’ll be able to prevent home foreclosure by ensuring you consistently pay your mortgage loan prior to any bills. Your house loan is an essential monthly bill you have. Credit cards should never take priority over your house loan repayment. You can deal with the consequences of not paying your cards a lot easier than you can the implications of failing to pay your mortgage. 

Not paying your mortgage loan is the worst thing you can do with regard to your credit score. Getting behind on other sorts of debt like credit cards will never harm your credit as much as getting behind on your home loan. Not paying your mortgage loan could cause you difficulties with your credit cards in any case, so they ought not to be a priority when you have to pay your monthly dues. 

Is selling your house a way to avoid foreclosure? 
One way to prevent home foreclosure is to try to pay your house loan off by putting up your property for sale. 

You could probably be free from the financial hole you are in by selling your house for sufficient cash to pay the home loan off.  And sometimes you may be able to have money left to start over again. This is an excellent approach to prevent foreclosure of your house and avoid a disaster on your credit score at the same time. 

Another way to stop property foreclosure is to really cut your spending right down to the bare minimum. If you’re able to reduce your expenses adequately you could avoid having to offer to sell the house you love. For anyone who is self-employed, one method to spend less would be to stop renting an office and make a workplace at home. You could also think about selling a car and having just one that you share. 

You can definitely proactively do something to stop your home from going into foreclosure and harming your credit and financial situation even further. 

Here at Swift Home Buyers Co. we buy houses in Mercer, Middlesex, Monmouth, & Burlington County NJ, and surrounding areas and we may be able to help you get out of your house and avoid foreclosure. Can We Make You An Offer? 

The process is really simple: