It Could Be Your Neighbors. It Could Be You

With the New Jersey foreclosure rate being one of the highest in the country, it’s not unusual for people to find themselves packing up and moving from their homes because of insurmountable debt. A recent report from RealtyTrac shows NJ has the fourth-highest foreclosure rate in the country, with foreclosure filings on one in every 553 homes.

It may seem odd that these numbers are skyrocketing now, just when the market seems to be evening out a bit. However, according to real estate experts, New Jersey has built a backlog of foreclosures over the last several years that are now beginning to work their way through the system. In August, foreclosure processes began on nearly 4,500 homes, the highest level since July 2010.

In Atlantic County, where casino closures have resulted in approximately 7,000 out-of-work residents, foreclosure rates were nearly four times the national average.

If you are a homeowner facing foreclosure, you have options. You could launch a defense against the lender who is foreclosing, find a solution to your financial issues through a short sale, start a loan modification process or claim your Right of Redemption. In some cases, filing for bankruptcy may save your home, too.

The attorneys at Rothamel Law have a great deal of experience dealing with foreclosure, and will help you to understand these options, and the other paths that you can take to escape, or lessen the impact of, foreclosure. Call today for your consultation.