The Foreclosure Crisis: It’s Not Over Yet, and Not Even Close in NJ

The Philadelphia Inquirer reports that 1 in every 234 homes is in some stage of foreclosure in New Jersey. This is a 17% increase over 2014 and clearly shows that the crisis in not over yet. While New Jersey is unique in its rate of foreclosure, the issue still plagues many homeowners nationwide.

In New Jersey, the high rate of foreclosures is also due to “robo-signing” issues in recent years. Those legal issues created a back-log of foreclosures and the flood gates have since opened. Homeowners in New Jersey and nationwide are also still fighting against decreased property values, unemployment, illness, and mounting debt.

Foreclosures destroy communities and do not benefit the homeowner or the lender. A resolution in which the homeowner stays in the home and continues to make payments is in everyone’s best interest. There are many options available for homeowners to resolve a foreclosure but the process can be overwhelming. Families facing foreclosure should immediately contact an attorney or housing counselor to seek assistance.

 

RG-3Rachel Gallegos

Lead Consumer Advocate, Steve Harvey Law