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.
The center in question is the Ruth Hyman Jewish Community Center of Monmouth County, New Jersey. It is located in the Deal Park section of Ocean Township. A spokesperson for the Monmouth County Sheriff’s Department said the foreclosure sale was set to take place at 2 p.m. on Oct. 24 at the Hall of Records in Freehold. The spokesperson went on to say that the approximate amount of the sale is $6.5 million. The community center, however, said on its website that it was able to postpone the sale, and that it has no intention of closing.
According to the sheriff’s office, up to two adjournments can be requested, during which time negotiations such as a repayment plan or other options can be explored. A spokesman for the center said it had been hurt by the poor economy, along with a partial roof collapse during a 2010 blizzard, which caused registrations for camps held there to decline.
This story illustrates that it is not impossible to stop foreclosure. For those needing assistance with debt issues, including filing for bankruptcy, consultation with an experienced bankruptcy attorney may prove to be beneficial. He or she may be able to explain the various options that are available under state and federal law as well as offer advice on how to proceed.
Source: Absury Park Press, “Community center facing foreclosure,” Dan Radel, Oct. 18, 2011