Reports are showing that New Jersey's housing market is slowly recovering. However, throughout New Jersey the average home sales are still lower than those in peak of the housing bubble.
The phrase "zombie foreclosure" is used to describe a problem that is increasingly hitting individuals across New Jersey. According to RealtyTrac, a company that tracks national housing data, of all the homeowners in the foreclosure process across the country, one in four vacated the house before the bank repossessed it. This is what is referred to as a "zombie foreclosure" because the home sits empty but the bank does not have possession of it yet.
Homeowners who are facing foreclosure are prime targets for scammers.. Even though they often believe the deal is too good to be true, they are in a desperate situation and take the deal anyway. According to the NY Post, this is exactly what happened to Broadies Byas.
When you are struggling financially, you are probably looking for every way that you can save money. If you are facing the foreclosure of your home, you may think you can save money by handling the lawsuit on your own. However, before you do so, consider the following:
When you buy a vehicle, your lender is typically granted a security interest in the car. This means that the vehicle is pledged to the lender as collateral for the loan so if you fail to make your payments or otherwise default on your loan, the lender can repossess the car or truck.
If you are severely delinquent on your mortgage loan payments and you believe your lender will soon be taking action, it is important to understand how foreclosure works in New Jersey. Foreclosure is the legal process where the lender obtains a court order allowing it to sell your house after you default on your mortgage loan. During the foreclosure process, you will have several options to save your home. Thus, even if the foreclosure action has already begun it doesn't mean you should give up hope. Contact us to learn the various options available to you.