New Jersey: 4,780 Foreclosures in March
Considered to be one of the states with the highest foreclosures rates, New Jersey foreclosures filings reached 4,780 homes this March. There were 3,784 Notice of Defaults, 725 Notice of Foreclosure Sale, 1 Lis Pendens and 270 Real Estate Owned. The number of New Jersey foreclosures filings was fewer than February’s but 28.91 percent more compared to the same period last year.
Currently, the state ranks 12th followed by Massachusetts and Tennessee. Across the nation, thousands of homeowners are struggling to keep up mortgage payments and avoid foreclosures. Unfortunately, the adjustable rate mortgages they took out from unscrupulous lenders would make it impossible. These subprime loans have very high interest rates and once they reset, owners have to pay more than 40 percent of want they have been paying.
Although many states have begun controlling the situation by passing laws that protect home buyers, many New Jersey residents are worried that they would eventually lose their homes to foreclosure.
When faced with this situation, sulking or ignoring the problem will not make it go away. Instead, you should act immediately. Begin by sorting your finances. You may be surprised at how easy it would be if you only require a change in spending habits. On the other hand, scrutinizing your finances could lead you to decide that maybe you would be better off selling your home. Aside from the possibility of recovering the equity you have, you would be able to avoid a foreclosure record.
Real estate brokers like Foreclosure Connections can help you attract more potential buyers by including your home in their foreclosure listings. Because of their reliability, these listings are the favorite tools of seasoned real estate investors for searching New Jersey foreclosure properties that are sold at a fraction of their market prices.
