The prospect of losing a home can be an extremely stressful and upsetting situation to deal with. Many homeowners have worked for years to save up for a home and they work just as hard to keep that home. The idea of losing it in foreclosure can be devastating. Too often, people are embarrassed or ashamed when they find that they can no longer afford to make mortgage payments so they either ignore the issue or assume there is simply nothing that can be done.

However, it is important for homeowners in New Jersey who are facing a foreclosure to realize that they are not alone. In fact, this state has been one of the hardest-hit areas when it comes to homeowners losing their homes. The problem is unfortunately not uncommon and people should not be afraid to get some help in an attempt to avoid a foreclosure.

Recent reports indicate that nationally, foreclosure activity is slowing down considerably. Across the country, activity has dropped 28 percent in one year. There is no one reason for the decline, but sources suggest that new laws in other states have helped to slow the rate of foreclosure.

Distressingly, New Jersey is not in line with the national statistics. In this state, foreclosure activity has actually increased over the past year. In fact, reports indicate that foreclosure filings in New Jersey have doubled in the past year. Homeowners in Bergen County are experiencing the highest rate of foreclosure in the whole state, where levels have almost tripled in that same time period.

One in every 1,024 homeowners in New Jersey is going through some stage of the foreclosure process, indicating that the issue is widespread. Some people suggest that Hurricane Sandy, employment and other factors have contributed to the rate of foreclosure in this state, but every homeowner faces his or her own unique set of challenges when it comes to the possibility of losing a home. In some cases, foreclosure can be avoided or short sales can be pursued in an attempt to protect the interest in the property. No matter which route a homeowner takes when it comes to dealing with a foreclosure, it can be very beneficial to work through the process with an attorney.

Source: New Jersey Newsroom, “N.J. Foreclosures Still on the Rise,” Adele Sammarco, Feb. 14, 2013