Now that most of the legal inquiries regarding foreclosure practices and filings have been resolved in New Jersey, more foreclosures are starting to take place. For homeowners who had hoped to stop foreclosure, their home may be back up for auction. Atlantic county saw the greatest increase in foreclosure auctions in May of this year, and one county had only one.
However, it is thought that the county that had only one foreclosure in May was a fluke. Even though New Jersey is in the bottom half of the states in the nation with regard to foreclosure numbers, New Jersey seems to be seeing an increase at this time. Nationwide, nearly one of every five homeowners is losing their home to foreclosure.
There are so many foreclosures going to auction in this country that a good portion of them are now being conducted online. People don’t even have to go anywhere to bid on a home that is up for auction and can even bid on more than one home at the same time. There has even been an increase in international traffic when it comes to purchasing homes here in the United States via online auction.
Of course, families that are losing their homes didn’t need to be told that there is an increase in home auctions. Many New Jersey families that had hoped they could stop foreclosure at some point are now seeing their homes put up for auction. For some homeowners, filing for bankruptcy protection could provide one last opportunity to keep their home if that’s what they want to try to do. Other debts can be discharged freeing up more money for a mortgage that may be able to be worked out during the course of the bankruptcy.
Source: pressofatlanticcity.com, “Foreclosure auctions get second wind in S. Jersey,” Anjalee Khemlani, July 14, 2013