Many residents in our County are being affected by the foreclosure crisis. With the large number of foreclosures in Essex County, we must all be concerned about the impact of foreclosures on our residents and neighborhoods. It is important that our residents are educated about their rights and available resources.
In New Jersey, the foreclosure process takes approximately 9 to 24 months from default through Sheriff’s Sale. During this time, homeowners have the opportunity to bring their loan current and maintain ownership of their property.
There are several resolutions to foreclosure – reinstatement, loan modification, repayment plan, forbearance, deed-in-lieu and short sale. These options can be best discussed and reviewed with a HUD-Certified Housing Counselor. Such as those listed in this brochure.
Lastly, the foreclosure crisis is a breeding ground for individuals and organizations who want to take advantage of homeowners in foreclosure. Please review our “Beware of Scams” information. Most importantly – ask questions, ask for help.
LOCAL HUD-CERTIFIED HOUSING COUNSELING AGENCIES
HUD-certified housing counselors are professionally trained to help homeowners with mortgage issues. They can help develop a plan of action, access programs, and negotiate with your lender.
Services of HUD-Certified Housing Counselors are FREE. You do NOT need to pay anyone for help with a mortgage problem.
Call for an appointment today!
Brand New Day
908-282-0781 or www.brandnewdaycdc.org
Episcopal Community Development
973-710-1501 or www.ecdonline.org
La Casa de Don Pedro
973.485.0701 or www.lacasanwk.org
New Jersey Citizen Action
1-800-656-9637 or www.njcitizenaction.org
Tri-City Peoples Corporation
973-676-5506 or www.tri-citypeoples.org
NJ FORECLOSURE MEDIATION PROGRAM
If your primary residence is in foreclosure, you may be able to reach an agreement with your lender through the NJ Foreclosure Mediation Program. This program offers free legal assistance, free mediators, and free housing counselors. Learn more at:
888-989-5277 – www.njforeclosuremediation.org
LEGAL RESPONSES TO FORECLOSURE
You may be able to fight your foreclosure in court, especially if you were put into a high-cost, “exotic,” or predatory loan. To learn about your options contact:
Legal Services of New Jersey
Essex-Newark Legal Services
Learn more about your legal rights at: