CHAPTER 2 of “Stop Foreclosure Secrets” How to Stop Foreclosure in New Jersey in 7 Steps

It’s time to decide whether you want to sell or keep your property.  

This is a decision that you really can’t avoid.  

What do you want to do?

It’s not my job to tell you what to do but to share your options and the ups and downsides to each option.

Speaking of options, you’ve got only 3 options within the scope of this chapter.

  1. Cut your losses and move on earlier to greater financial future.
  2. Nurse the wound a lot longer and mess up the credit a little further.
  3. Create a new income and money source, pay all the past due and stop the foreclosure process today.

The third option would be a dream come true.

It would be a miracle.

I will give you my best shot on how to increase your chances. However if miracles happen like that, everyone would be using it.

It’s called miracle because it doesn’t happen everyday.

If you could make such miracle happen, you wouldn’t have found this book.

So I’m gonna go ahead and assume that you are left with the first 2 options.

So we are back to a decision to sell and get rid of the liability or try to save the property.

Let’s talk about saving the property first.

You see it comes down to the money as always.

The bank or lien holder that you owe money to will only allow you to keep the collateral if it makes financial sense to them.

Believe me,it’s a possibility but the chances are very slim.

For example…

If you live in an undesirable neighborhood, abandoning the property creates more downside and additional loss for the bank.

The collateral gets exposed to neighborhood human rats who can break in, steal all fixtures and leave major damages.

That simple scenario right there means losing more money for the bank but not so much for you.

You probably already lost money and your credit ratings.

This hardship explanation in addition with a plan to catch up with payment can help the bank deem it more profitable to help you save the property.

However saving a property is not always your best financial option.

At this moment, I want you to take a minute to write down your own version of how you got into the mess in the first place.

If the reason why you got into the mess is still in existence like most people, then saving the property becomes a temporary fix.

When the trouble does resurface again, it usually shows up with more intensity.

This has caused a lot of family homelessness and pain.

Pain and suffering is usually a result of not acknowledging and facing reality early enough.

You story may be different but I’ve consulted with so many people that I know it probably is not that different.

It’s that old saying again that…

“You can avoid reality but you can’t avoid the consequences of avoiding reality.” ~ Ayn Rand

Here is the good news.

The reality may not be as bad as you think.

But the consequences of avoiding it will be a lot more painful.

So I am not saying that you shouldn’t try to save the property.

I am saying that you should make sure that in the grand scheme of things, it’s the best financial option for you.

For most people that are 3-6 months or more late on payments, it’s not the best option especially from a future financial health standpoint.

Saving the property tends to be a form of digging a deeper hole.

There is a saying…

“When you find yourself in a hole, the first thing to do is to stop digging.”

Typically, people would go borrow money to pay the lien holder.

However that creates a new obligation.

It’s even worse when you start borrowing money from family and friends.

They can be your worst enemy after “HELPING YOU OUT”.

This kind of things creates a very stressful lifestyle and you do not have to experience it if you understand how money works.

It’s never a good idea to borrow money to pay off another debt.

It just gets worse.

Let me tell you my story…

There was a time that I struggled financially and I became very desperate.

The state of being desperate is not a place you ever want to be.

People tend to make very poor financial decisions in that state and that’s what I did.

It was tough in my business and the very first best thing I could have done is to find a short term solution to cash flow.

I was too stubborn with focus on my primary business so I came up with an idea to borrow a personal loan $10,000 from a family member to catch up; Bad idea!

This person was very nice to help me and my family out but please hear me out.

This very wrong decision came with an everlasting price that at press time I am still paying.

The individual is connected to me through another very close family member.

Honestly it took me way longer than I would like to pay the money back.

And when I paid back, I had to borrow from another friend of mine to pay the loan.

In spite of the fact that I paid the money back with a $1,500 interest which is essentially 15%, the downside to getting involved in this personal loan was greater than the pain I was avoiding at the time.

Anyway I paid back.

As it comes in everyone’s life, I had disagreement among a few family members.

This particular person/lender was at the very core center of a continual and viral instigation of a negative emotional roller coaster that rocked my family for a long time and almost destroyed it.

I don’t know if it is true but my true feelings was that this person thought they were licensed to be disrespectful to me and the well being of my family.

So I called the person out of the BS.

I didn’t stop there.

I called this person outside of their name.

I was very upset and it became very nasty.

One of the issues that came up was that I had no right to demand respect because I took a personal loan of $10,000 from this person in the past; a loan that was already paid back.

To cut the long story short, that person has chosen to not talk to me anymore.  That’s fine as I can respect that personal choice.

However, it’s a little sad when a person claim to love your family and kids but they are also willing to sacrifice everything because of a disagreement.

I’ve actually taken a higher road and apologized multiple time.

However, that person has tried to passive aggressively turn my other family and friends against me.

What’s the moral of the story?

Borrowing money from family and friends to launch a business is okay as long as they understand they are making a personal choice to believe in you and your business idea.

Borrowing to pay other loans back without a clear path to income generation can create a massive viral disrespect.

I have tons of stories like this one and by all means, you must not engage in creating another one.

Let’s talk about the option of selling.

Selling the property is always a choice.

That’s where an investor like me can step in and take the property from you at fair market value.

For most people, you are better off selling this property at this point.

If you deem your chances of paying what you owe being very likely, you can always issue a statement of good faith.

They you can execute on putting the funds together and then pay the bank or the lien holder the due balance to bringing things current.

If you don’t see raising the funds happening, your best chances to a better financial future is to sell the property at fair market value.

Consider your immediate need to off load this piece of liability.  To do that is very simple.  Just give me a call.

I am a local investor here in New Jersey and I buy all the time.

Even if you don’t have any equity, I have solutions for that.

My name is OLA and you can reach by text or a phone call at: 

73 TWO-309-3 EIGHT 34.

Be sure to leave some type of message if I couldn’t pick up your call and I’ll get back within 24 business hours.

I also facilitate how you can best move forward into a better financial future with unique income and business opportunities.

7 Steps to Stopping Foreclosure, Saving Your Property and Stopping Further Credit Damage

  • STEP 1 – Realize that cash flow is king.  You need it and the bank needs it.  That means if you don’t have a consistent income presently, you cannot keep the property.  Remember, that also means that your bank, mortgagee or lien holder will not get cash flow from your asset as well.
  • STEP 2 – Write down 5 different ways to come up with the balance you owe at the moment.
  • STEP 3 – If any of these ways involves borrowing or loan of any type, write 5 ways with a plan to pay back the loan.
  • STEP 4 – Narrow down to the best 3 ways to come up with the balance and rate each according to best chances of getting the money.
  • STEP 5 – Execute on the hardest money source first until you get all the money you can get.
  • STEP 6 – Call your bank, mortgagee or lien holder and ask them for a loan modification.  The loan modification at the banks vary from bank to bank.  Follow their protocol religiously.  Don’t lead by telling them how much you have raised.
  • STEP 7 – Get to work on your plans to maintain cash flow in your household, property and the plan to pay any loans back ASAP.