Legal Question in Real Estate Law in New Jersey

When a mortgage goes to foreclosure, there are several steps in the process. You should be receiving notices at each step, and you should respond to them. If you are able, go to a lawyer to assist you. It may be possible for you to receive a mortgage modification that might enable you to save your home. There are federal programs to assist in appropriate cases. New Jersey also has a mediation process to assist borrowers in foreclosure.

You may find HUD Approved Housing Counseling Agencies at http:// www. hud. gov/offices/hsg/sfh/hcc/hcs.cfm?&webListAction=search&searchstate=PA Remove the spaces when you put that address in your browser - I separated the words to try to avoid any lawguru protocol that may not permit including URLs in answers. Search that site for " search for a foreclosure avoidance counselor". They assist in analyzing your debt, your income, and putting together a financial package and a proposal for a mortgage modification. It may not be approved, but at least you will have someone in your corner. Search that site for " search for a foreclosure avoidance counselor".

You may also qualify for free legal services - check with the local Legal services organization.

Do not get involved in any lawyer, legal services or housing counseling or "save your home" program that requires you to pay the agency offering the services.

If the foreclosure completes all of the procedural requirements, the house will go to foreclosure sale. Until you receive a court order requiring you to vacate the house, you do not have to leave.

Sometimes, even when you cannot resolve the mortgage foreclosure, you may be able to enter into a "cash for keys" agreement with the mortgage company. This would give you some money if you vacate the property without damaging it by a certain date that the mortgage company requires.

Should you be unable to get any assistance, you should start putting aside money so that you will be able to pay a security deposit and move to a rental home.

Because of the extent of debt you describe, you may not be able to save your home. But you do not have to leave it until there is that court order.

Best wishes.

This response is not legal advice, since I do not have all of the information that would be required, and I do not have a representation agreement with you.

* If the answers to your question confirm that you have a valid issue or worthwhile claim, your next step should almost always be to establish a dialog with a lawyer who can provide specific advice to you. Contact a lawyer in your county or township.

* Another reason for contacting a lawyer is that it is often impossible to give a good answer in the Internet Q&A format without having more information. The unique circumstances of your situation and things that you may not have thought to mention in your question may completely change the answer. If you want to be sure that you have a complete answer to your question and an understanding of what that answer means, establish a connection with a lawyer who practices in the area of your concern.