Finance
Under NJ's Foreclosure Mediation Program, a homeowner facing foreclosure has the right to:
AAutomatic loan modification approval
BRequest mediation with the lender to explore options such as loan modification, forbearance, or short sale before foreclosure proceeds✓ Correct
CA 2-year automatic stay of all foreclosure proceedings
DGovernment purchase of their mortgage
Explanation
NJ's Foreclosure Mediation Program allows homeowners to request mediation with their lender. A neutral mediator facilitates discussions to explore alternatives to foreclosure such as loan modification, repayment plans, short sale, or deed in lieu. This is available in NJ's judicial foreclosure process.
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