Although the economy has recovered somewhat since the housing bubble burst, a lot of people in South Jersey and elsewhere are still having difficulties when it comes to paying their monthly and yearly expenses, including home mortgages.
It does not come as a surprise to many real estate market observers that New Jersey leads the entire country in home foreclosures. In fact, the NJ real estate market has shown very little signs of improving in the past year. According to data recently released by RealtyTrac, a real estate information provider, the Garden State now has the highest rate of foreclosures in the U.S. (In September, New Jersey ranked second behind Delaware.) Additionally, the South Jersey real estate market struggled the most last month, with Salem County, Atlantic County, and Camden County showing some of the highest foreclosure rates.
The depressing news about home foreclosures in New Jersey comes as the national home foreclosure rate trends in the opposite direction. For example, the NJ foreclosure rate in November was 0.16 percent, while the national foreclosure rate in November was 0.6 percent.
Home Foreclosure Alternatives
There may be nothing worse than the fear of losing your home due to diminished finances. This is a real fear for people throughout New Jersey. Moreover, a lot of NJ residents are also saddled with other debts from student loans, credit cards, and cars. At the end of the day or month or year, you may find yourself faced with the difficult choice of whether to pay one bill over another.
Sometimes, home foreclosure is unavoidable – especially if you are buried under debts and are struggling to cover your mortgage payments. Fortunately, you may have an alternative to foreclosure. An experienced real estate lawyer can advise you of your legal options, which could include a short sale that secures your release from a mortgage loan.
For more information about NJ home foreclosure data, read the NJ.com article, “Nearly 6K Foreclosures Last Month Keep N.J. at Top of the National List.”
If you are struggling to cover the monthly mortgage payments on your NJ home, you should speak with a qualified real estate lawyer immediately. Joel R. Spivack, Esq., is an experienced debt management and real estate attorney who can help you with the home buying, home selling, or home foreclosure process. Contact Mr. Spivack today to schedule a free consultation.