logo (2)
Instagram Facebook Linkedin Youtube
  • 862-930-5057
  • 20 Commerce Dr. Suite 135 Cranford, New Jersey 07016

services

Areas of Practice

We offer a wide range of services to help each of our clients.

Loan Modification

The bank will alter the terms of your mortgage in an effort to resume mortgage payments and keep you in your home.

Pros

  • You receive a new payment schedule, a fresh start, and get to save your home.

Cons

  • You still owe the full mortgage balance, plus additional fees. Your new payments may be higher than the original payment depending on how long your loan is delinquent.
foreclosure loan modifications new jersey 1200x800 (1)

Short Sale

The bank will allow you to sell your home for less than the owed mortgage balance!

Pros

  • The deed is recorded promptly to avoid any lawsuits or home violations being filed against the homeowner.
  • The deficiency judgment may be forgiven, and relocation funds may be offered. New mortgage programs may be available based on your unique circumstances.

Cons

  • You must sell your home and move your family to a new residence.
foreclosure short sale sell your home new jersey 1200x800 (1)

Refinance

The homeowner receives a new loan that pays off the current problematic loan.

 

Pros

  • You secure a new loan with better terms and keep your home.

Cons

  • This option is best used before any late payments are reported to the credit bureaus.
help with foreclosure new jersey the wessex group 1200x800 (1)

Short Refinance

The bank agrees to reduce the current mortgage balance to equal the current market value of the home, as determined by an appraisal.

 

Pros

  • Any deficiency balance may be forgiven. You save your home and reduce your monthly payment. This is an excellent option for the homeowner.

Cons

  • Lenders and Banks are not required to offer this option and they are difficult to secure. However, we always ask.
foreclosure assistance new jersey the wessex group 1200x800 (1)

Shared Appreciation Mortgage

If the house appreciates in value afterward, the bank will collect on that equity.

Pros

  • Deficiency balance may be forgiven.
  • The new loan may allow for some built-in equity. You save your home and reduce your payment; another excellent option for the homeowner.

Cons

  • Banks are not required to offer this option, and they are difficult to secure.
shared appreciation mortgage foreclosure assistance new jersey the wessex group 1200x800 (1)

Forbearance

The bank places all arrearages on the back end of the mortgage loan at zero interest, and it is not payable until the mortgage is paid off or the property is sold.

Pros

  • The lender places your missed payments on the back of the loan and gives you a fresh start.

Cons

  • This can negatively impact your ability to refinance your home.
  • Back payments are usually structured as a balloon payment (or lump sum), which can be financially challenging.
mortgage forbearance foreclosure help new jersey 1200x800 (1)

Special Forbearance

The bank sets up past-due monthly payments for a specific time period in addition to the regular monthly mortgage payment.

Pros

  • This stops foreclosure proceedings. It is usually only valid for a short term based on the homeowner’s unique circumstances, and it saves the home.

Cons

  • This is usually a very expensive short-term option.
  • This is very difficult to obtain.
special loan forbearance foreclosure assistance new jersey 1200x800 (1)

Deed in Lieu

The bank provides legal papers allowing the homeowner to sign the deed over to the them.

Pros

  • This is a good option when the bank will not approve a short sale.
  • It is also a good option for rental properties or a second home.

Cons

  • The property must be in good condition with the ability to obtain a clear title and left in broom clean condition.
  • Should ALWAYS be negotiated by an experienced third party; if done incorrectly there can be serious adverse consequences to your credit.
  • Many times this option delays your ability to purchase a new home.

Mortgage Forbearance

The bank places all arrearages on the back end of the mortgage loan at zero interest, and it is not payable until the mortgage is paid off or the property is sold. Available when you don’t qualify for a loan modification or a refinance.

Pros

  • This stops foreclosure, maintains the existing mortgage payment and saves the home.

Cons

  • You may end up owing more than the home is valued at in the current real estate market.
mortgage forbearance foreclosure help new jersey 1200x800 (1)
deed in lieu foreclosure assistance new jersey the wessex group 1200x800 (1)

Bankruptcy

Banks will work with the homeowner on any number of foreclosure alternatives, if the homeowner decides to file for bankruptcy protection.

Bankruptcy should be considered if the homeowner has significant debts in addition to the mortgage debt. Bankruptcy should always be discussed with an attorney. The Wessex Mortgage Advocates can recommend one for you.

Bankruptcy adversely affects your credit for a long time.

Pros

  • If you are trying to save your home, all debts, excluding the mortgage, may be discharged, freeing up income to support a foreclosure alternative to save the home.
  • Bankruptcy can provide a financial fresh start for the homeowner.

Cons

  • The homeowner does not immediately qualify for bankruptcy protection.
  • Bankruptcy does not remove the mortgage debt, unless you decide to sell the home or return the home back to the bank that owns the mortgage loan. In other words, bankruptcy does not mean you get to stay in the house and not pay the mortgage.
bankruptcy distressed homeowners foreclosure new jersey the wessex group (1)

The Firm You Need on Your Side

Instagram Facebook Linkedin
Wessex Ma | Wessex Mortgage Advocates Logo

The Firm You Need on Your Side

Instagram Facebook Linkedin
Wessex Ma | Wessex Mortgage Advocates Logo