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...
Month: January 2015
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...
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...
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...
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...