Your personality may have a lot to do with how you handle financial problems. If you're the type of person who worries a lot and tends to suffer anxiety when life throws a curve ball in your direction, you might panic a bit if your financial train veers off track. On the other hand, if you usually stay clear-headed, think things through, then explore available options to determine how to meet a problem head-on, you may view financial trouble as temporary.
Understanding that most financial problems are resolvable doesn't mean you take such trouble lightly. In fact, even minor money trouble can snowball into avalanche speed if you pretend it doesn't exist or fail to take action swiftly enough to find a solution. You can take comfort in knowing you're definitely not the first person in New Jersey to face financial crisis, perhaps even threat of foreclosure. Knowing where to seek support is half the battle to saving your home and moving toward restored financial stability.
Can you avoid foreclosure?
The answer is "maybe," depending on your particular circumstances and what types of resources you tap into to fix things. The following ideas may be useful as you search for solutions:
- Acknowledge the problem: Even if a lender has mentioned the word foreclosure, you may be able to avoid the process. You can't do that, however, if you refuse to admit you're having financial problems. Sweeping things under the rug may make matters worse, not better.
- Contact your lender: Your lender likely wants to avoid foreclosure as much as you do. Many lenders are willing to negotiate alternate payment plans. Look at it this way: You lose nothing by asking but risk losing your home if you don't ask.
- Read your mail: Your lender might correspond regarding foreclosure via postal mail. Certain written notices may be time-sensitive. If you wish to avoid litigation, you should act promptly to open and respond to all mail related to the matter.
- Review New Jersey laws: Lenders must adhere to all state regulations regarding foreclosure and situations where mortgagors are unable to meet payments.
You might want to get a step ahead of the game by asking someone with debt relief experience to review your situation. Certain types of bankruptcy actually halt the foreclosure process, so if you qualify for debt relief, that may be something to consider. Remember that financial crisis is not necessarily a reason to start packing boxes, because you may be able to find a payment solution or at least obtain debt relief and lay the groundwork toward a better financial future.