Here in New Jersey, foreclosure proceedings can take nearly three years to complete on average. This means that homeowners may be kept in limbo for several years -- from the day the lender's notice of intention is filed through the completion of the sheriff's sale. Legislators have decided to attempt to stop foreclosure actions from taking so long to complete.
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.
Years after the official end of the recession, many New Jersey residents are still facing the threat of losing their homes. Some homeowners became desperate enough between 2006 and 2009 to believe a company's promises to stop foreclosure. Recently, the architects of what federal officials believe was a lease buyback scam were arrested, which may leave many homeowners wondering what happens next.
Hurricane Sandy ripped through New Jersey months ago, but the damage done is still being discovered. Recent reports have indicated that mortgage delinquencies have risen in areas hit by the hurricane. The financial losses suffered by many in our state may lead to a surge in bankruptcy filings if homeowners are unable to recover from Hurricane Sandy's aftermath.
With the recession and sluggish economic recovery, many New Jersey homeowners are still finding themselves underwater on their mortgages -- with little relief in sight. And since a state court put an end to the unofficial moratorium on foreclosures in August, experts are waiting for a new wave of foreclosures to hit the state.
Where do people turn when they are crushed by paralyzing debt? A recent interview with a New Jersey couple reveals just how difficult it can be to manage debt and return to a state of financial peace. The interview focused on the story of a husband and wife, aged 63 and 59 respectively, the couple can't seem to pay down their bills despite earning a substantial income. Now, a financial advisor is recommending bankruptcy protection to help them get their lives back on track.