South New Jersey Foreclosure Attorneys
As of November 2014, information released by the Mortgage Bankers Association indicates New Jersey leads the nation in foreclosures. For the most part, the foreclosure crisis that followed the 2008 financial meltdown has abated and returned to levels seen before the 2008 recession. In New Jersey, however, one in six home mortgages is either delinquent or in foreclosure. While the percent of mortgages in foreclosure or delinquent is slightly less than this time last year (8 percent and 7 percent respectively in November of 2013), New Jersey is still posting foreclosure rates substantially higher than the national average.
Why Foreclosures are Higher in New Jersey
Part of the reason why New Jersey’s foreclosure rate is so high at this time is due to how foreclosures are handled in New Jersey. Under state law, foreclosures must go through the courts, which inevitably prolong the process. Additionally, due to a near halt in foreclosure activity in 2011 after questions regarding allegations of abuse and fraud in the mortgage industry, the system now has to play catch up.
Interestingly enough, most of the troubled mortgage loans are ones that were made prior to 2007. According to Mike Fratantoni, the chief economist for the Mortgage Bankers Association, 74 percent of delinquent loans were made before the beginning of the 2007 sub-prime mortgage crisis.
Mortgage Troubles? Contact Foreclosure Attorneys at Shaffer & Gaier
If you’re facing foreclosure or the bank has already initiated foreclosure actions against you, it’s important that you understand your legal rights and protections. In some cases, foreclosure can be avoided if you bank is willing to refinance your home. If this isn’t an option, short-selling your home can help you avoid bankruptcy and other unwanted financial complications.
To learn how we can help you, contact the foreclosure attorneys at Shaffer & Gaier today. We have offices in Haddonfield, New Jersey, Philadelphia, Pennsylvania, and Fort Lauderdale, Florida.
