Despite the fact that the national foreclosure rate seems to be improving, year after year New Jersey continues to lead the nation in foreclosures. Recently, a bill package has been advanced by the New Jersey State Senate that seeks to address the state’s foreclosure crisis. Continue reading “Proposed New Jersey Legislation Seeks to Combat Foreclosure Crisis”
Despite the fact that the national foreclosure rate reached an 11-year low last year, New Jersey had the highest rate of foreclosure in the U.S. for the second consecutive year. The continued backlog of distressed properties in the foreclosure process, high property taxes, and slow economic growth is weighing heavily on the current New Jersey housing market.
A bill to protect Sandy victims from foreclosure was approved by the State Senate on December 20, 2016. Earlier this year, the assembly had approved the bill. The bill has now reached Governor Chris Christie for approval and may offer temporary foreclosure protection to the victims of Hurricane Sandy, which destroyed many homes.
Too often homeowners seeking mortgage modifications comply with the requirements of a trial modification, only to find that their mortgage company has refused to modify the mortgage terms. The case of Bloc v. Seneca Mortgage Servicing, could be the beginning of the end of such a frustrating process for homeowners.