The information you obtain at this site is not, nor is it intended to be, legal advice. You should consult an attorney for advice regarding your individual situation. We invite you to contact us and welcome your calls, letters and electronic mail. Contacting us does not create an attorney-client relationship. Please do not send any confidential information to us until such time as an attorney-client relationship has been established.

Back To All Articles

confessions from a parked car, foreclosure defense

Foreclosure in NJ: It Can Happen to Anyone

When it comes to foreclosure in New Jersey, even though it's been a chronic problem in our state for years, most people feel like it will never happen to them.

On Behalf of Veitengruber Law | Apr 07,2022

When it comes to New Jersey foreclosure, even though it's been a chronic problem in our state for many years, most people feel like it will never happen to them. The truth is it can happen to any homeowner. Foreclosure and Sherriff’s Sales are not specific to a certain group of people. We have clients who are millions of dollars behind on their mortgage and clients who are struggling with their $1,000/mo loan payment. Foreclosure can’t be predicted by your income, race, location, or the size of your home.

Life happens. Real estate investors who bought multiple homes when the market was really good now can’t afford all of their properties. On the flip side, we also have clients who, as first-time homeowners, didn’t know they needed to pay taxes on an inherited property and now owe thousands in back taxes. Illness or injury, sudden medical expenses, loss of income, business failure, divorce, and any number of life events can find you unable to afford your home.

The one common denominator among all of the above scenarios is that people want a solution. No one wants to lose their home. And sometimes the answers we have aren’t exactly what our clients want to hear. It never gets easier to tell a client who has lived in their home for 30+ years that selling might be the best option. We will always explore all of your options, from mortgage modification to working with a HUD counselor, to bankruptcy. But in New Jersey’s current housing market, selling is likely the best option.

Even if you are ten years behind on mortgage payments, your house has equity right now. The housing market is so low in inventory that homes we used to see go to short sales are now going through as regular sales! It is very possible that you could sell your home and make enough profit to get out from under your debt.

The truth is there are no perfect solutions. Even if we can sell your home and get you out from under your mortgage, you will still need to find a place to live—which adds several more challenges. While we cannot promise that things won’t be difficult, we can promise to help you figure it out.

If you need help, call me. I'm always up for a challenge, and I LOVE what I do! Watch my car chat on this topic!



Wall Township

1720 Highway 34 Suite 10 Wall Township, NJ 07727

Phone: (732) 894-4909

Fax: (732) 695-3917

Bordentown Office

33 Third Street 2nd Floor Suite 3 Bordentown, NJ 08505

Phone: (609) 542-2339

Metuchen Office

(By Appointment Only)

247 Main Street Metuchen, NJ 08840

Phone: (908) 386-4767