Goldman & Beslow LLC
East Orange: 973-677-9000
Paterson: 973-247-9445
Jersey City: 201-659-6226
Toll Free: 888-827-5493
FREE Initial
Consultation Se Habla Espanol
Go to Practice Area Categories

Million Dollar Home Foreclosures Increasing in New Jersey

New Jersey residents know that home foreclosures are common in a struggling economy. However, statistics show that the housing crisis is not limited to low income neighborhoods. A recent phenomenon in New Jersey has indicated that even the wealthy are being impacted by this poor economy with many multi-million dollar homes now facing foreclosure.

Although million dollar home foreclosures are rare, they are increasing. RealtyTrac, a California-based company that follows the foreclosure market, reported that the number of foreclosures on property with mortgages over $1 million has doubled since 2007.

The overall numbers are still minimal, accounting for less than two percent of foreclosures nationally. However, in New Jersey, the sheriff's office in Bergen county reports that over 70 foreclosures of properties costing more than a million dollars have been auctioned off since January of 2010.

The reasons for the foreclosures on the costly homes are similar to those on lower priced homes. Overall, all households took on too much debt during the housing boom, usually in the form of home equity loans or mortgages.

The mortgages often promised low payments in the beginning that increased over time. When the recession hit, people found themselves without jobs and unable to make the higher mortgage payments. Getting to the point of foreclosure simply took longer for higher income families, since most had initial savings to fall back on.

Additionally, owners of million dollar homes also have less access to government assistance. For instance, households with mortgages above $429,619 dollars do not qualify for a state run program which helps unemployed homeowners keep their homes.

Options When Facing New Jersey Foreclosure

Bankruptcy may be a practical solution for homeowners who are facing financial difficulties and are fearful they will lose their homes. There are numerous benefits that bankruptcy provides. First and foremost, filing for bankruptcy means creditor harassment immediately stops.

Additionally, bankruptcy prevents banks from repossessing homes. It also gives homeowners the time they may need to determine what the best option is for them. For example, a Chapter 13 bankruptcy payment plan may provide a homeowner the means to save their homes. In some cases, bankruptcy can even completely eliminate second or third mortgages.

Bankruptcy has helped millions of people make a fresh financial start. If bankruptcy sounds like the appropriate solution for your financial needs, an experienced bankruptcy attorney can provide valuable assistance.

An attorney can provide guidance through the bankruptcy filing process and explain how the federal bankruptcy laws are designed to help. The attorney's knowledge and skill will ensure a smooth process and successful results.

PRACTICE AREA CATEGORIES

Tell Us About Your Case

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

PROFESSIONAL ASSOCIATIONS

  • NACBA | National Association of Consumer Bankruptcy Attorneys
  • NACA | National Association of Consumer Advocates
Review Us
Goldman & Beslow LLC

Goldman & Beslow, LLC is a Federal Debt Relief Agency by an Act of Congress. We have proudly assisted consumers seeking relief under the U.S. Bankruptcy Code for over 38 years.

qr code

EAST ORANGE
OFFICE
7 Glenwood Avenue,
Suite 311B
East Orange, NJ 07017
East Orange Law Office

Phone: 973-414-8069
Phone: 973-419-7631
Phone: 973-419-5266
Phone: 201-205-2496
Toll Free: 888-827-5493
Fax: 973-675-5886
E-mail the firm

NEWARK OFFICE 168 Bloomfield Avenue
Newark, NJ 07104
Newark Law Office

Phone: 973-483-1333
Phone: 973-419-5266
Phone: 201-205-2496
Toll Free: 888-827-5493
E-mail the firm

PATERSON OFFICE 100 Hamilton Plaza,
Suite 405
Paterson, NJ 07510
Paterson Law Office

Phone: 973-247-9445
Phone: 973-419-5266
Phone: 201-205-2496
Toll Free: 888-827-5493
E-mail the firm

JERSEY CITY OFFICE 26 Journal Square,
Suite 603
Jersey City, NJ 07306
Jersey City Law Office

Phone: 201-659-6226
Phone: 973-419-5266
Phone: 201-205-2496
Toll Free: 888-827-5493
E-mail the firm

Back to Top