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January 2015 Archives

Many New Jersey homeowners unable to stop foreclosure in 2014

Between the Great Recession and Super Storm Sandy, the New Jersey housing market was hit particularly hard in comparison to the rest of the country. While foreclosures dropped in 2014 for the nation as a whole, they rose to 71 percent in the state. That means that an abundance of homeowners were unable to stop foreclosure proceedings from being filed by their lenders.

It may not be enough to stop harassing phone calls from creditors

Debt collectors will do just about anything to convince consumers to pay a debt -- even if it does not belong to them, but, instead, to a deceased relative. Many New Jersey residents do well just to stop harassing phone calls from creditors, but, now that one company has gone digital with its collection efforts, it may become more difficult to escape the harassment. A consumer alert in another state brings attention to a fraudulent email being sent to its residents that makes threats that may be in violation of the law.

Credit card pitfalls could signal the need to file bankruptcy

Every single day, some New Jersey residents looking to buy their first home are turned down by lenders. The reasons for the denials could be a warning sign that they are in -- or headed for -- serious financial trouble. These individuals could be at a tipping point where bankruptcy protection may offer an effective means for regaining financial stability.

Chapter 13 bankruptcy could eliminate a second mortgage

Most of the attention during the housing crisis rightly went to first mortgages. However, numerous New Jersey homeowners also took out second mortgages in better economic times. In the aftermath of the Great Recession, those second mortgages add to the overwhelming amount of debt threatening to consume some residents. Fortunately, Chapter 13 bankruptcy could eliminate that second mortgage, along with residents' other debt.

Mortgage debt still a problem for New Jersey homeowners

Regardless of the fact that most information shows the economy is steadily recovering, foreclosure and mortgage delinquency numbers do not paint as optimistic a picture. Between Oct. 2014 and Nov. 2014, delinquent mortgage debt rose approximately 11.8 percent. That percentage equates to nearly 400,000 mortgage loans, which makes the total about 3.9 million nationwide. Many of the homes that are in jeopardy of being foreclosed are here in New Jersey.

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At the law offices of Minion & Sherman, our New Jersey bankruptcy attorneys have been providing families with real solutions for more than 20 years.

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