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| vvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvv FREQUENTLY ASKED QUESTIONS What is a foreclosure? A foreclosure is the legal process where your mortgage company obtains ownerhip of your home (i.e., repossess the property). A foreclosure can be stressful, embarrassing and have long lasting consequences. What causes a foreclosure? A foreclosure occurs when the homeowner has failed to make payments and has defaulted or violated the terms of their mortgage loan. Does the mortgage company want to foreclose? Your mortgage company doesn't want to foreclose on your home because there are consequences for the lender. The foreclosure process is time-consumeng and expensive for the lender. What is the process for a Foreclosure? In New Jersey foreclosure is accomplished through the Judicial Process. That is, supervised by a court with formal legal proceedings. The homeowner receives the legal notice of foreclosure, the legal notice is published in the local news paper, and the home is sold at public auction. The homeowner is served with legal notice of the pending action, and the court will approve or set the foreclosure date and sale. What is HAFA? Home Affordable Foreclosure Alternatives Program (HAFA) is designed to help homeowners who can no longer afford their home to avoid foreclosure and resolve their mortgage debt. HAFA may be an option if: > You were not elegible for a permanent modification under the Making Home Affordable Program, and > Your loan is owned by Fannie Mae or Freddie Mac, or is serviced by a participating mortgage company. What is Deed-in Lieu? In a Deed-in-Lieu of Foreclosure (DIL) the homeowner voluntarily transfers the ownership of the property to the owner of the mortgage in exchange for a release from the mortgage loan and payments. What is Deed-for-Lease? You may be able to lease your home after completing a DIL if your mortgage is owned by Fannie Mae. To see if your loan is owned by Fannie Mae Click Here. We help homeowners use a Short Sale to avoid home foreclosure in Somerset County and Middlesex County New Jersey real estate market. This site is sponsored by "Cameron and Zoraida" at http://www.CameronAndZoraida.com | vvvvvvvvvvvvvvvv Want to Talk? Click Here  Is Short Sale for you?  Free Reports |
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