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What can I do about an overwhelming mortgage in New Jersey?

Consumers facing hardships concerning their mortgage payments do have options for easing the burden.

In the second quarter of 2016, 297 residential mortgages went into foreclosure in New Jersey. According to the State of New Jersey Department of Banking & Insurance, 70 of the mortgage holders had a FICO rating of 600 or higher, which illustrates that these hardships can fall on anyone's shoulders.

It is important to know what can be done about overwhelming mortgages. Homeowners have several options for relief that do not involve losing the house.

Contact the lender

At the very first sign of trouble, homeowners should contact the lender. Especially in cases where consumers have not missed or been late on a payment yet, the lender may be willing to come up with a solution, such as extending the deadline for the next payment.

People who have already fallen behind on making mortgage payments could qualify for one of the following options:

  • A repayment plan: The lender simply spreads out what is owed over the course of future monthly payments.
  • A reinstatement: Paying the entire amount due by a date the consumer and lender can agree to.
  • A forbearance: This would either reduce or suspend payments for a period of time, at the end of which payments resume and the amount owed is paid off.
  • A loan modification: The lender agrees to change the interest rate, terms of the loan or other aspect to make the payments manageable.

Each of these requires the parties to work together, so remaining flexible and open to options is a good idea.

Consider refinancing

In some cases, refinancing the mortgage could solve financial issues. Someone whose loan carries an especially high interest rate could stand to benefit from working with the current lender or another entity to secure a new loan with a lower rate. Additionally, the cost of the refinance can be built into the new loan, which means no money will be required up front.

Explore assistance programs

Perhaps the most common mortgage assistance program is the Home Affordable Modification Program, which can lower monthly payments. The HAMP official website claims that people involved in the program save about $500 a month. Only certain homeowners will qualify, however. For example, the mortgage must have been secured on or before Jan. 1, 2009, and the amount owed must be less than $729,750.

Contact a counselor

There are a number of accredited housing and credit counselors available to help consumers who are struggling to make ends meet. Agencies that have been approved through the U.S. Department of Housing and Urban Development can provide advice on how to speak to the lender or which option may be the best.

Last resorts

Selling the home or going into foreclosure are often last resorts for homeowners. However, there is no need to go through the process alone. Working with the right professionals can prevent or lessen the damage done to someone's credit.

Anyone who has questions about this topic should speak with an attorney in New Jersey.


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  • NACBA | National Association of Consumer Bankruptcy Attorneys
  • NACA | National Association of Consumer Advocates
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Goldman & Beslow LLC

Goldman & Beslow, LLC is a Federal Debt Relief Agency by an Act of Congress. We have proudly assisted consumers seeking relief under the U.S. Bankruptcy Code for over 38 years.

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7 Glenwood Avenue,
Suite 311B
East Orange, NJ 07017
East Orange Law Office

Phone: 973-414-8069
Phone: 973-419-7631
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Phone: 201-205-2496
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PATERSON OFFICE 100 Hamilton Plaza,
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