As time passes, U.S. homeowners are becoming hopeful that the worst has passed in regards to the economic recession. More specifically, fingers are crossed that fewer people are losing their homes to the foreclosure process. For the most part, that hope is coming true.
The impact of the economy on home ownership has been felt differently from state to state. CNN Money reports some bad news specific to New Jersey. Basically, numbers suggest that while the majority of the U.S. is coming out of the darkness of the foreclosure crisis, it might just be beginning in New Jersey.
CNN reports an increase of 87 percent in New Jersey foreclosure filings compared to a year earlier. That’s a daunting number. Local homeowners apparently still have reason to worry if they are having any trouble making their current mortgage payments. The threat of foreclosure is still real. It has always been real.
Real estate and legal sources suspect that due to the judicial foreclosure process in the state, foreclosure filings might just be moving forward now after courts have had the time to evaluate the cases. Not all hope is lost for New Jersey men and women who are desperate to save their homes. There are a couple of legal options that an attorney could go over with homeowners.
Working out a home loan modification with their lender can be a way for people to stay in their homes. Also, filing for bankruptcy could be another or even the only option. To determine what is best, those who are struggling to pay for their homes should work with a foreclosure lawyer whom they trust. A home is more than just a place to sleep at night; it is a sense of pride and family security that is worth fighting for.
CNN Money, “Surprising foreclosure hot spots,” Les Christie, Aug. 15, 2013