I've Been Served, Foreclosure Now Upon Me. How To Delay? Nj

#1
New Jersey - Now that I've been served and have 35 days to answer, I am debating whether I even spend the $150 to answer or should I fill out the form for foreclosure mediation? I owe 4.5 years worth of payments or $50k.. already did HAMP so thats out..

My goal is to delay foreclosure as long as possible OR if they were willing to negotiate it down to a $115k mortgage since the property's worth no more than that (appraised at 105k four years ago).. I would stay. But I'm not paying $50k in arrears and then another $150k over the next 30 years for a place worth $110k.. I'd rather walk away and they auction it off at sherrifs sale for $40 or 50k. Why wouldn't they rather have $115k?

I was thinking fill out the mediation form, see what happens there.. if not approved for mediation file some sort of answer in hopes to delay it a bit? I have until 5/15 to answer.

Any advice is appreciated.

P.S. see my other thread if interested about how I already lost the "inadvertent discharge" case..
 

Moe Bedard

Call 1-800-779-4547
Staff member
Loan Safe Mortgage
#2
I would answer and also fill out the mediation form. There is not much else you can do except act like you will die if they home is taken. You could also file for bankruptcy if you qualify and that will delay it as well.

They do these things out of principle and make examples out of people or else everyone would stop paying their mortgage and there would be little to no consequence. This is how capital and debt based economy works.
 

Gee

LoanSafe Member
#3
Im also in NJ and curious of where you are at with the process and if you submitted the $150 etc. I just got a "final judgment" and I'm trying to prolong the process, even thinking about filing bankruptcy to help delay.

New Jersey - Now that I've been served and have 35 days to answer, I am debating whether I even spend the $150 to answer or should I fill out the form for foreclosure mediation? I owe 4.5 years worth of payments or $50k.. already did HAMP so thats out..

My goal is to delay foreclosure as long as possible OR if they were willing to negotiate it down to a $115k mortgage since the property's worth no more than that (appraised at 105k four years ago).. I would stay. But I'm not paying $50k in arrears and then another $150k over the next 30 years for a place worth $110k.. I'd rather walk away and they auction it off at sherrifs sale for $40 or 50k. Why wouldn't they rather have $115k?

I was thinking fill out the mediation form, see what happens there.. if not approved for mediation file some sort of answer in hopes to delay it a bit? I have until 5/15 to answer.

Any advice is appreciated.

P.S. see my other thread if interested about how I already lost the "inadvertent discharge" case..