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A continued look at New Jersey foreclosure reform ideas

Your home is 60 percent-plus more likely to get sucked into the foreclosure process if you are a New Jersey resident rather than a homeowner residing in another state.

That woeful bit of news comes courtesy of real estate information company RealtyTrac, which has supplied similar bits of data concerning the state’s housing realities in recent years.

Of course, not all is dismal. A bit of silver lining emerges occasionally on the New Jersey foreclosure front, and things will hopefully turn around materially in upcoming months.

State lawmakers are seemingly doing all they can to increase the odds that they will.

We spotlight their efforts in today’s blog post via some of the foreclosure-focused bipartisan bills that are currently moving forward in the New Jersey Senate. A number of would-be laws are scheduled for formal consideration in upcoming days. One media report on the legislation notes that the multiple Senate bill seek to “attack the state’s stubborn foreclosure problem from multiple angles.”

We underscored the ongoing foreclosure challenge in our immediately preceding blog post. We noted in our February 8 entry that many challenged homeowners turn to a proven foreclosure defense attorney to advocate forcefully on their behalf when they feel overwhelmed by home-linked financial pressures.

New legislation that aims to make the foreclosure process fairer and potentially less burdensome for affected homeowners (like codifying mediation into state law, for example) obviously spells a welcome development in the foreclosure universe. It is something that proven pro-homeowners’ attorneys will closely look at and apply when it is in their clients’ best interests.

The bills that will soon be discussed are in early-stage mode, with language that could be materially adjusted going forward. We will be sure to report the details of any legislation that does survive formal scrutiny and is ultimately enacted as law.

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