Although nearly everyone has probably heard something about the high rate of foreclosures across the nation in recent years, New Jersey residents will be sad to hear that their state now sits atop the list of states with the highest rates of foreclosure in the nation. Foreclosure is an unfortunate end to the home owning process for some people, and this story has many important implications for homebuyers and owners alike.
NJ.com reports that according to the Mortgage Bankers Association, over 8 percent of all mortgaged homes in New Jersey were under foreclosure in the first quarter of this year. That number sends New Jersey flying past Florida, and marks an unfortunate fate for all those homebuyers.
Although every case of foreclosure is unique, and every set of circumstances is different, the story highlights how difficult it can be for some homeowners to stay in their homes, an important concern for anyone.
The story also raises an important issue when it comes to foreclosure, and that is that banks take repayment of loans very seriously and will stop at very little to recover any money that they have loaned. While that is logical and there’s certainly nothing wrong with collecting debts, it is often possible for banks and mortgage lenders to be overly aggressive when it comes to collecting or slapping a foreclosure on delinquent borrowers.
While your lender is entitled to the money they lent, you are also entitled to certain rights in the lending and foreclosure processes. If you are worried that your mortgage lender may be moving toward foreclosure on your New Jersey home, then you may want to seek the services or advice of an attorney. A skilled attorney can help you understand your rights in the foreclosure process and help guide you through what will certainly be a trying period.
Source: NJ.com, “NJ now tops the nation in foreclosure rates,” Tom De Poto, May. 15, 2014