For years, New Jersey has topped the list of states with the highest rate of foreclosures. According to research, one in every seventy-five homeowners will experience a foreclosure – giving a grim outlook for those in the housing market. At the start of 2019, it seemed like light was at the end of the tunnel with specialists predicting that the rate of foreclosures would soon be on the downward spiral – sadly the COVID-19 pandemic quickly squelched these hopes. With reduced income and the inability to meet monthly mortgage payments, individuals across the nation found themselves struggling under an ever-growing debt load. Even as the country begins to reopen, homeowners in New Jersey are grappling with a frightening financial situation and an even greater likelihood of foreclosure.
How COVID Affected New Jersey Homeowners
With the housing industry already shaky, many New Jersey homeowners started out 2020 feeling like they were barely treading water. With many people already behind on their mortgage payments, the surprise hit from COVID-19 left many struggling to meet their financial obligations. Across the state, homeowners found themselves suffering joblessness and severe loss of income, making it impossible to pay their bills and mortgages. While some government measures were put forth to help homeowners through the pandemic, it wasn’t enough to save all of the foreclosure homes.
How New Jersey Is Helping
Officials in New Jersey have been working hard to ensure that fewer homeowners actually experience a foreclosure. In the midst of the 2020 pandemic, the government worked with many institutions to put in place “mortgage payment forbearance” programs where mortgage payments were either reduced or delayed with no effect on credit scores and no additional fees. Other bills made it possible for foreclosure to happen but halted evictions. Pending bills include extended forbearance programs that allow homeowners up to 6 months for delayed mortgage payments. While all these government measures can help, they don’t stop many homeowners from fearing that they will lose everything as soon as the pandemic ends.
What New Jersey Homeowners Can Do
While New Jersey officials are scrambling to find ways to help their residents through the COVID pandemic and its aftermath, homeowners can not depend on the government to save the day. Sadly, many individuals are likely to face homelessness as the foreclosure numbers skyrocket across the state -unless they take their financial futures into their own hands.
Help Is Here
If you are behind on your mortgage payments or foresee the possibility of foreclosure in the future, it’s time to take action immediately! If you are a homeowner in New Jersey, you should seek to take advantage of any mortgage payment forbearance programs that can help you regain your financial strength. If you are already several months behind on your payment, it may be too late to put these programs to use – in these cases, your best course of action is to file for a Chapter 7 or Chapter 13 bankruptcy. Bankruptcy can help you either get rid of your debt or establish a feasible repayment plan that will be manageable for you both now and in the future. If you are experiencing financial hardships, you owe it to yourself to explore all options available to you to regain control of your finances.
While we know that bankruptcy can be scary, our team of professionals is here to guide you through the entire process and get you the best possible outcome. Don’t allow yourself to become another name on the long list of New Jersey foreclosures – instead, contact us and find financial peace-of-mind and home security.
Sadek and Cooper has helped numerous families, just like yours, reduce their monthly debt payments from thousands to hundreds of dollars per month, or even cancel their debt. Contact our offices today to discover how a bankruptcy might help you and find out how to take the first steps! Together we can work to protect your home and make sure that the second half of 2020 is better than the first!