New Jersey residents have the second highest rate of foreclosure in the country. However, people who have been struggling with financial challenges and might be facing foreclosure may receive some help from a recently proposed bill, according to a news report.
The bill, which was put out by an Assembly committee, would assist people by cutting down on the principal totals on their mortgages. A qualifying New Jersey resident would receive a reduced principal, which would help lower their total interest charges and monthly payments. The state would, however, then attain some equity in the home that would need to be paid after the home is sold, or over the course of 10 years after the loan is paid off.
This has become a fairly popular idea that may become possible in the future should this bill ultimately pass into law here in New Jersey. It may become a viable option for people in Monmouth County, where the difficult financial times have affected so many homeowners.
However, for now it may be best for struggling homeowners to look for legal representation in order to potentially reduce the total principal that is owed on a mortgage or find other ways to prevent foreclosure.
The threat of foreclosure can be very difficult for homeowners to face. However, the threat of not acting may be worse. Those who are facing foreclosure in New Jersey may benefit from talking to a skilled attorney about foreclosure relief. In many cases, there are options available that will allow New Jersey residents to save their homes.
Source: The Newark Star-Ledger, "Measure would help NJ homeowners facing foreclosure," Tom De Poto, Feb. 22, 2014