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One in 11 Homes Sold in New Jersey Last Quarter Were Foreclosures

According to RealtyTrac - a company that monitors foreclosure trends - one out of every 11 home sales that took place in New Jersey during the second quarter of this year involved a foreclosed property. On average, these properties sold for $213,000, which is a 37 percent discount when compared to market values.

However, even though these numbers seem bleak, they are an improvement when contrasted to last year and the nation overall. For example, when compared to last year the total number of foreclosure sales was down nearly 40 percent. Moreover, nationwide a whopping one in every four homes sold during the second quarter of this year involved a foreclosed property, as opposed to the one in 11 in New Jersey

It should be noted however, that New Jersey homeowners shouldn't rejoice just yet since one of the reasons posited for the foreclosure slowdown in New Jersey was that lenders postponed several foreclosures until the "robo-signing" litigation was concluded. Now that a settlement has been reached in this dispute, foreclosures in New Jersey are expected to ramp up in the coming months.

With increased foreclosure activity, desperate homeowners will likely seek relief in order to keep their homes. Several homeowners may seek loan modification options, but another option available is a New Jersey bankruptcy.

Filing bankruptcy not only stops foreclosure proceedings, but it also gives a homeowner the breathing room they need to figure out what they want to do. For example, a homeowner behind on mortgage payments can use a Chapter 13 bankruptcy to get caught up on their payments in order to avoid losing their home.

Source: The Record, "One in 11 NJ homes sold in second quarter were in foreclosure," Kathleen Lynn, August 31, 2012

Our firm often handles situations in which homeowners consider filing for bankruptcy when facing home foreclosure. If you would like to learn more about our bankruptcy practice, please visit our New Jersey Real Estate and Chapter 13 Bankruptcy 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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