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NewswireTODAY - /newswire/ -
New York, NY, United States, 2006/10/09 - NJLegalPrep has launched a consumer information site for homeowners facing foreclosure in New Jersey.
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The New Jersey Foreclosure Resource Base provides free and valuable resources for property owners who are looking for advice on how to approach their lenders and reorganize their finances.
The New Jersey Foreclosure Resource Base (NJFRB) was created in September 2006 as a not-for-profit site to provide objective advice for homeowners facing or in the foreclosure process. It provides information for foreclosure alternatives and strategies, such as:
• Special Forbearance: Your lender may be able to arrange a repayment plan based on your financial situation and may even provide for a temporary reduction or suspension of your payments. You may qualify for this if you have recently experienced a reduction in income or an increase in living expenses. You must furnish information to your lender to show that you would be able to meet the requirements of the new payment plan.
• Mortgage Modification: You may be able to refinance the debt and/or extend the term of your mortgage loan. This may help you catch up by reducing the monthly payments to a more affordable level. You may qualify if you have recovered from a financial problem and can afford the new payment amount.
• Partial Claim: Your lender may be able to work with you to obtain a one-time payment from the FHA-Insurance fund to bring your mortgage current.
• Pre-foreclosure sale: This will allow you to avoid foreclosure by selling your property for an amount less than the amount necessary to pay off your mortgage loan.
• Deed-in-lieu of foreclosure: As a last resort, you may be able to voluntarily "give back" your property to the lender. This won't save your house, but it is not as damaging to your credit rating as a foreclosure.
In addition to resources posted on the website, NJFRB (njfrb.com) also provides a weekly email letter with the latest news in foreclosure remedies and solutions.
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Agency / Source: NJFRB
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Contact: Kim Michaels - NJFRB.com
917-535-8044  vonwriter[.]njfrb.com
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