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Foreclosure in Galloway : Real Estate Advice

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Tue Feb 5, 2013
Marsha Bowen Washington answered:
Because of the robo signing, NJ courts are backlogged with foreclosures, however some of the newer filings in 2012 are moving quite swiftly through the courts. One of my clients was served a sheriff sale only 12 months after she received her foreclosure complaint. In the case with Chase, they would prefer a loan modification or short sale over a foreclosure. If you have recovered from your hardship, now would be a good time to see if you qualify for a loan modification since the large lenders have made settlements with the states. ... more
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Mon Dec 1, 2008
Gina Chirico answered:
Joe,

Although every case is different as is every bank's timely filing of foreclosure papers, the process can take up to 250+ days from the initial default. Typcially the bank will start the foreclosure paperwork once you are 90 days behind on your payment. Have you been served yet with the Foreclosure Complaint or have you just recently defaulted on your loan?

Setting aside your original question I just want to make sure that you are of aware that the impact of foreclosure can and will be very detrimental to your credit. Have you considered a short sale or even know the benefits a short sale can have? Depending on your financial status, have you considered working out a loan modification with your bank? Many banks are willing to renegotiate the terms of the original loan and may either lower the interest rate and/or change the terms of the life of the loan, etc. Even if the bank has filed papers with the court, the bank can still work out a repayment plan with you. Also the New Jersey Courts are also offering a foreclosure mediation program. The program will provide mediators to help homeowners and lenders negotiate with one another and try to work out agreements to avoid foreclosures. I am by no means attempting to construe legal advice by my response but am just making suggestions as to what other means of help may be available to you if you are facing foreclosure.

Good luck.

Gina Chirico, Sales Associate
Prudential NJ Properties
973-715-1158 cell
973-992-6363 ext 116
GinaChirico@PruNewJersey.com
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