Community centers often play an important role in many neighborhoods of New Jersey, but even these facilities are not immune from crushing debt issues plaguing millions of Americans right now. When debt becomes overwhelming, many of these centers either close their doors or face foreclosure. As these facilities close down, communities often suffer. One such facility is hoping it will be able to weather the storm, even though its debt has caused it to receive a foreclosure suit by its mortgage holder.
With the recession and sluggish economic recovery, many New Jersey homeowners are still finding themselves underwater on their mortgages -- with little relief in sight. And since a state court put an end to the unofficial moratorium on foreclosures in August, experts are waiting for a new wave of foreclosures to hit the state.
With a wave of foreclosures flooding the state of New Jersey, people get used to hearing the same types of stories. Situations such as surprise medical bills, lost jobs and the end of unemployment benefits can all lead to hardworking families losing their homes. What one does not expect, however, is a story about a family that made every single payment on their mortgage and still has to scramble to stop foreclosure.
Bankruptcy proceedings have had their impact on shopping center development over the past five years. The crumbling of the mortgage markets, together with the recession and the threat of another one, has placed some investors in precarious positions.