If your home in New Jersey is at risk of being foreclosed on, you are not alone. Thousands of individuals living in New Jersey have been faced with this grim reality. With the cost of living so high it can seem somewhat impossible to be able to afford to live. Filing bankruptcy in New Jersey may be a way to stop the foreclosure of your home.
In 2017, New Jersey was the number one state with the most foreclosures. According to NJ.com nearly 70,000 New Jersey properties went into foreclosure in 2017. This is far from the rest of the country where foreclosure had experienced 12 year lows. According to ATTOM Data Solutions New Jersey had a foreclosure rate of 1.61 percent of all housing units compared to the .51 percent nationally.
According to reports this was largely in part to the fact that Foreclosures in New Jersey take much longer. The reason that New Jersey takes longer than other states is because they have a judicial foreclosure system. This means that everything must go through the courts. In addition, there are many laws in place that the banks must abide by that are implemented to protect homeowners thus, dragging out the process.
How Filing Bankruptcy Can Stop Foreclosure
New Jersey homeowners use the Bankruptcy court to stop the foreclosure sale of their home. In turn, this causes additional time to be added to the process. We can stop a foreclosure sale in New Jersey the day of by filing a New Jersey bankruptcy petition.
Our attorneys can help you use the process of a Chapter 13 bankrutpcy to catch up on your mortgage payments and save your home. We may also be able to work with the bank to try and negotiate a loan modification on your behalf. You have options, and speaking with an experienced New Jersey bankruptcy law firm is vital.
If you are one of these people who are facing foreclosure our attorneys can help you. Time is of the essence so it is important to give us a call as soonas as possible. Our New Jersey bankruptcy attorneys can file a bankruptcy petition to stop the sale of your home. Call us today for a free consultation so that we can go over your options and decide if bankruptcy is the right choice for you.
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