How are homeowners doing nationally concerning property-related financial challenges and overt threats to their continued ownership?
That most decidedly depends on who is being asked the question, and the local community/state in which a respondent resides.
Once again, here is the oft-repeated mantra regarding virtually everything related to real property: location, location, location.
Take New Jersey, for instance, which we must report continues to suffer from a comparatively high home foreclosure rate. The Garden State is reportedly one of 23 states that is bucking a national trend of diminished foreclosures. Whereas rates are generally falling from a national perspective, they unfortunately continue to rise in New Jersey.
Statistics readily tell the tale: Collectively considered, the U.S. foreclosure rate was down 6% in May from the same period a year earlier. In New Jersey, however, foreclosure filings last month were at a rate unparalleled in any other state.
And the contrast between low- and high-level foreclosure activity is extreme, with New Jersey’s reported May data spotlighting a filing for every 643 residential properties starkly contrasting with the national average of one filing for every 1,863 units.
At the Somerville Law Office of Rajeh A. Saadeh, we deal with realities and work resolutely on outcomes that optimally promote our valued clients’ interests. We know that many homeowners continue to face hard challenges, but we also know that people facing hard times in housing matters often have legal options for addressing those problems and making things better.
If you are a New Jersey resident seeking relief from housing-linked debt problems, we invite your call and welcome the opportunity to discuss strategies that might potentially help you regain financial traction and secure a fresh start.
Homeowners in difficult straits often find that there are legal solutions to their problems.