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Saber Homes LLC Helps Homeowners Bypass The Foreclosure Process

Wyckoff, NJ, United State – WEBWIRE

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In the state of New Jersey, lenders have a right to proceed with the foreclosure process if homeowners start to miss payments on their mortgage.  Usually, lenders will start this process after a homeowner has missed three or more payments, however, they can initiate foreclosure after just one missed payment.  This puts homeowners at risk of loosing their pride investments with no return of capital.  Luckily, Saber Homes offers homeowners a hassle-free alternative that skips the headache of the foreclosure process and puts money in their pockets.

The company focuses on buying homes for cash from homeowners who are in need of a quick payout.  “We make it a very seamless and simple process for homeowners, while at the same time, educating them on all of their options throughout the foreclosure process.” said a chief spokesperson at Saber Homes LLC.  

Below are the steps that banks/lenders have to follow for proper foreclosure in New Jersey:

1). Notice of Intention to Foreclose:  30 days before filing a foreclosure complaint, the lending institution has to send the homeowner, by certified mail, a Notice of Intention to Foreclose.  This gives homeowners a 30-day warning to pay their defaulted mortgage payment before the institution files for foreclosure.

2). Filing of Foreclosure Complaint:  After 30 days past receiving the Notice of Intention to Foreclose, if the homeowner has not been able to pay the defaulted mortgage amount or strike a deal with the lender, the lender has the right to file the Foreclosure Complaint with the Office of Foreclosure (part of the Superior Court of New Jersey).

3). Lender Serves Homeowner With Foreclosure Complaint:  After filing the complaint, the lender must serve the homeowner with the Foreclosure Complaint via either certified mail or in person. 

4). Filing Answer to Foreclosure Complaint: At this point, the homeowner has 30 days from receiving the Foreclosure Complaint to either accept foreclosure or to oppose.  If the homeowner opposes the foreclosure complaint, the Office of Foreclosures will send your case to a county court in which a county judge will hear the case by trail. 

5). Notice of Entry of Default and Entry of Final Judgment: If the homeowner fails to answer the Foreclosure Complaint after 35 days, the lender has the option to file for entry of default.  Although, the lender must also send the homeowner a notice 14 days prior to filing of a final judgment, giving them once more chance to pay their defaulted mortgage amount.  If the defaulted amount is not paid within that 14-day period and the courts grant the lender a Final Judgment, the court will issue a writ of execution ordering a sheriff’s sale of the property to the public.

6). Sherriff’s Sale: Homeowners can request a two-week delay of the sale for a fee.  For additional postponement of the sheriff’s sale, the homeowner must write a request with the court. 

7). Property Redemption: The homeowner has 10 days to redeem the property after the date that it is sold.  At this point the homeowner can still refinance or sell the property. 

8). Sale Proceeds and Deed Transfer: If there is no redemption within 10 days, the lender will be paid the funds from the sale of the house.  If the sale of the house is more than assessed value of the home, the previous homeowner will receive the excess proceeds.  If the sale of the house if less than the assessed value of the home, the lender has the right to sue the prior homeowner for the difference.  Lender will receive deed from property within two weeks from the date of the sale. 

To avoid foreclosure and take advantage of the alternatives that Saber Homes has to offer, call 201-824-6885 today or visit their website

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