The Ejecucion Hipotecari is the Act whereby the judge of a court orders the sale of the property given as collateral for a loan. Not all foreclosures end up in the top part of the housing. Mortgage credit institutions offer different alternatives for a homeowner can save your home if they observe that they may save money by doing so. An adequate alternative to foreclosure should be convenient for both the borrower and the lender. Act in time can prevent entering a foreclosure. If you know that you may fall behind in your payments, contact the server of the loan.

The sooner you act more options you have. State law for the fair mortgage performance, The New Jersey Fair Foreclosure Act, requires the lender to send you a notification of attempted foreclosure, the lender can begin no action before the 30 days of the dispatch of the notification. The most common actions to prevent the foreclosure are: Reinstatement Reinstatement payment Plan. Payment Plan agreement of forbearance of payment. Forbearance Agreement refinancing. Refinance loan modification.

Loan Modification mortgage assumption. Assumption to pay off the mortgage at a loss. Short Sale cede the title to the property. Deed – in-Lieu of Foreclosure debt cancellation. Charge off each of these alternatives will be treated in future publications.