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New Jersey homeowners may be facing foreclosure

| Jun 3, 2011 | Foreclosure |

Finding yourself deep in debt can make your life very stressful. You may be receiving constant calls and e-mails from creditors, or be facing a possible foreclosure. Each bill you are unable to pay can leave you feeling overwhelmed under a mountain of debt. This may have been the case for the owners of a New Jersey home.

The three-story house is worth approximately $275,000. However, the owners of the property have not paid taxes in approximately 10 months and are late on a number of bills. According to reports, they owe almost $15,000 of taxes plus $6,500 in utility bills. With a struggling economy, it is not surprising that the owners have had difficulty keeping up with payments. Unfortunately, the delinquent payments have caused trouble for others as well.

The owners rented a room to a 76-year-old man who had been living there for 17 years. When he returned from a hospital stay for various injuries, the man found his home boarded up. All of his personal possessions were still in the home, but he has been unable to access them.

Unfortunately, this story is not one-of-a-kind. People all over New Jersey are forced to choose which bills to pay and which to put off because they cannot afford them all. As debt grows, so can the problems that come with it. Homeowners may be facing harassing phone calls from creditors and possible foreclosure. This can be extremely overwhelming, and it may seem like there is no way out.

However, there may be certain steps consumers can take in order to save their home and get their finances back on track. Filing for bankruptcy can be a valid option in these situations. Bankruptcy often allows individuals to clear certain debts. It can also stop phone calls from creditors and save a home from foreclosure. Filing for bankruptcy may be a good way to help regain control of your finances and your life.

Source: Nj.com, “East Orange man searches for answers as his home is boarded up without notice,” Richard Khavkine, 25 May 2011