There is simply no way to sugarcoat the sad reality surrounding New Jersey’s continuing – and sorely protracted – housing crisis. Reports from across the country that spotlight “state of the state” news concerning foreclosure activity in the United States uniformly stress New Jersey’s woes. Comparatively speaking, they easily outpace the housing problems that residents face in any other state.
And there is a touch of cruel irony, too, in housing-relevant statistics.
To wit, and as noted in one recent online overview of national and state foreclosure rates: Although the rate “is broadly in decline across the country … some states are still struggling with high foreclosures.”
And, again, New Jersey leads the pack.
And not by a small margin. Reportedly, one of every 605 New Jersey homes is in some phase of the foreclosure process, compared with the national average of one in every 1,776 homes being similarly encumbered. And home repossessions by banks spiked to an 11-year high in 2017. Conversely, they hit an 11-year low for the rest of the nation.
We note with empathy and concern at The Law Office of Rajeh A. Saadeh in Somerville the challenges being faced by many New Jersey homeowners in the wake of the growingly distant economic recession of past years.
We certainly don’t judge them, knowing that their difficulties often owe to dislocations caused by health problems, lost jobs, bad-faith lender conduct and other factors.
As we note on our website, “you have options” when facing stark challenges that threaten your home. A proven attorney might be able to successfully fight a foreclosure in court. A loan modification or forbearance is sometimes possible. Some embattled individuals and families can ultimately exit their homes without incurring troubling debt levels.
Gaining knowledge concerning the above-cited options is the first step toward responding purposefully to a foreclosure or related housing challenge. A proven foreclosure defense attorney can provide further information.