If you live in New York or New Jersey and are facing a potential foreclosure on your home, then you are far from alone. According to a recent Bloomberg News Article, New York and New Jersey reached a three year high in terms of homeowners losing their houses. Additionally, New Jersey become the state with the highest percentage of real estate mortgages that "are seriously delinquent or in foreclosure." New York also ranks high on that list with the third highest percentage nationally. The reason that the numbers of homeowners losing their homes in New York and New Jersey jumped in 2013 is because there was a backlog of delinquent loans that banks were slowly working their way through. The inner cities have been hit the hardest in this crisis, as investors are less likely to want to invest in urban areas. As banks catchup on these loans, the real estate market in New York and New Jersey looks as though it is about to be flooded with foreclosed properties. The anticipated flooding of the real estate in New York and New Jersey has affected real estate prices in these states as price increases have lagged behind the national average.
Contact a Lawyer
The foreclosure process can be stopped by filing a bankruptcy. If you are considering bankruptcy, contact a lawyer so you can be guided accordingly as to what your options are and what option is best for you. The bankruptcy process can be difficult to navigate, so it is important that you have someone representing you who is familiar with the process to make sure everything goes smoothly.
Information for this blog post was obtained from the following article: