Residents of New Jersey will collectively look back one day at current housing-linked challenges that were ultimately overcome.
Candidly, it’s hard to say when that day will come. Hopefully it will arrive soon.
Relevant signs indicate, though, that material difficulties will persist for legions of homeowners for some time prior to any real calm prevailing on the housing front.
There are multiple reasons for that, including these two key determinants:
- Ongoing long-term repercussions from the national housing collapse of a decade-plus ago
- Current adverse outcomes directly linked with the COVID-19 health care crisis
A recent media piece on the coronavirus pandemic underscores the resulting dire consequences it is having on many homeowners nationally.
The main spotlight in that article, though, is on New Jersey mortgagors’ woes.
In a word, those are outsized based on any national measurement. Online news provider NJ.com duly notes empirical data showing that the state “is often at the top when it comes to foreclosures.” And not only that: New Jersey individuals and families are reportedly suffering from a notably high mortgage delinquency rate that is equaled by less than a handful of other states.
Again, COVID-19 fallout is largely responsible for that, and in a directly logical way. The pandemic has closed down much of the country. That in turn has led to massive job losses, with New Jersey being hit particularly hard in that regard. Unemployed residents obviously have a hard time staying current on payment obligations, with a central debt exaction for legions of them being the mortgage bill.
As stressful as that is for affected parties, it does not automatically spell doom. Various home-protective policies and procedures exist at both the national and state level that, when invoked, can help struggling homeowners regain traction and stay in their residences.
A knowledgeable and empathetic real estate attorney can provide further information.