House Foreclosure

There is no way anyone here can advise you about your actual options. The process of foreclosure is a complex one, and the correct answer for you may well be completely different than the correct answe somene else. There are many issues that need to be considered and decisions to be made in order to arrive at what is the right answer.

There are a small number of extremely knowledgable attorneys in the country in the defense of foreclosure. Only people who understand these issues in depth can assist you in developing the correct strategy. Even attorneys who are not foreclosure defense experts hire foreclosure defense attorneys t help them when in this situation. While I could tell you about the process in Florida, since this is what we do, the questions and decisions will be different in your state.

The National Association of Consumer Advocates is a non-profit consumer advocacy organization. NACA maintains a web site at www.naca.net where it lists geographically consumer law attorneys all over the US. Please look there for someone in your area who specializes in foreclosure defense to advise you.

Your question is unsettling on many levels.
If this is your primary residence, the NJ Mortgage Mediation Program can assist you and stay any foreclosure action. (See "Save New Jersey Homes Act of 2008") You must make an appointment with a Housing Counselor first to detail your financial situation. Phone numbers to call are: 609-292-8470; or 732-572-9100.
New Jersey is doing everything it can to assist homeowners who are in danger of losing their homes.
If this is an investment property, you would not be able to take advantage of the program. I strongly suggest that you seek the advice of an attorney.