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Distressed New Jersey Homeowners Seeking Help Anywhere They Can Find It

If we review recent reports and statistics provided by RealtyTrac, an online foreclosure reporting and tracking database, it appears that the U.S. foreclosure crisis is far from over - especially in New Jersey.

According to information reported by The New York Times, Daren Blomquist, a vice president at RealtyTrac, recently stated that one in every 106 housing units is facing foreclosure in New Jersey - giving New Jersey the 15th highest foreclosure rate in the entire U.S.

In fact, according to Blomquist, New Jersey had 33,576 homes there were either already bank-owned or at some point in the foreclosure process at the end of June. Moreover, RealtyTrac reports that New Jersey has the second-longest time period in the country for completing a foreclosure, which is currently 940 days - compared to the national average of only 378 days.

So not only are there a large number of foreclosures in New Jersey, but the entire process drags out even longer and only prolongs the anxiety and restlessness that comes with a home foreclosure.

Because of these dire circumstances, Bank of America and Wells Fargo recently held several workshops in New Jersey earlier this month in efforts to help delinquent or underwater homeowners find solutions to avoid foreclosure. For example, Bank of American recently sent 6,000 of their customers an invitation urging them to take part in a workshop in Newark in order to see if they could rectify their mortgage issues. Some of the options available at these workshops include a possible extension of the mortgage, reduction in interest-rates or even a short suspension of mortgage payments.

However, for these homeowners, or any other New Jersey homeowner facing possible foreclosure, it is important to note that even if attempts to negotiate with your bank proves unsuccessful, there are other options available - namely, bankruptcy. For example, by filing for bankruptcy you not only stop a foreclosure in its tracks, but a Chapter 13 payment plan gives the homeowner the chance to get caught up on mortgage payments. But, what may be the best alternative is different for everyone as it all depends on the individual circumstances.

Source: The New York Times, "Help for Distressed Homeowners," Jill P. Capuzzo, August 16, 2012

Our firm often handles situations in which homeowners dealing with foreclosure are considering bankruptcy. If you would like to learn more about our bankruptcy practice, please feel free to visit our New Jersey Helping Stop Foreclosures page.

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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.

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