Legal Question in Real Estate Law in New Jersey

Should I foreclose my home?
Hi, I have a home in NJ that I bought in June 2005 using an optinal payment ARM loan. Now the interest rate on my loan has gone up too much that I can hardly pay the minimum payment, not mention more than $1000 negtive armortization per month. Now I want to refinance the loan, but my home's value had come down to the point that I won't be able to refinance. Should I let it go foreclosure? Will the lender go after my other personal assets (I have three rental units that are actually lossing money each month, but they have some equity in them)? Do the lender have to right to take away the money in my checking account and 401k? Does the ''foreclosure'' mark stay with me for 7 years? after that, I should be clean, right? Do I need a lawyer to do foreclosure? I'm trying to learn my options. Thank you.

Asked on 9/08/07, 7:58 pm

Robert Davies The Davies Law Firm, P.A.

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Re: Should I foreclose my home?

You have a lot of trouble, unfortunately. You should go talk to a lawyer, and see what you can do.

Answered on 9/10/07, 11:03 am

Glenn Brown Real World Law, P.C.

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0 attorneys agreed

Re: Should I foreclose my home?

See an attorney. There also could be income tax implications if the lender forgives the debt.

Services at a reasonable fee.

Answered on 9/09/07, 1:43 pm

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