Families in New Jersey and throughout the country are struggling to keep up to date on mortgage payments. About 7.7 percent of all mortgages in the United States are either behind in payments or in foreclosure. The foreclosure crisis has even affected people living in the wealthiest neighborhoods. A recent study has shown that not even the residents of wealthy neighborhoods in northern New Jersey have been able to stop foreclosure.
New Jersey residents who are employed by the casino formerly known as the Atlantic City Hilton can feel a little relief with the news that it will remain open. The parent company was able to reorganize debts and stop foreclosure on the casino now known as ACH. But it means two Mississippi casinos owned by the parent company will be foreclosed on in the process.
Due to the sluggish economy, many companies are struggling to meet their financial obligations as consumers scale back on purchases. That has forced many companies to file for bankruptcy, and it may also explain the troubles facing an upscale shopping venue in Atlantic City, New Jersey. The venue was recently bought by lenders at a foreclosure auction.
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.
With a wave of foreclosures flooding the state of New Jersey, people get used to hearing the same types of stories. Situations such as surprise medical bills, lost jobs and the end of unemployment benefits can all lead to hardworking families losing their homes. What one does not expect, however, is a story about a family that made every single payment on their mortgage and still has to scramble to stop 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.
A number of judges, including at least one in New Jersey, continue to express doubts that foreclosure proceedings have improved since last year.
Each quarter, RealtyTrac compiles foreclosure data from across the country. Last week, the company announced the foreclosure numbers for the first quarter of this year. According to their report, the foreclosure rate was down by 44 percent in New Jersey when compared to the first quarter of 2010.