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New Jersey personal bankruptcy can slow foreclosure for some

New Jersey was among the states where the recovery from the recent real estate crisis was slower than in some other states, a recent report notes. In fact, our state increased the number of foreclosure cases some 44 percent since 2012. This is opposed to a drop in this type of matter that has occurred in other states across the nation.

In New Jersey, the average foreclosure cases last 999 days from initiation. During this time, homeowners receive notices of the action from their mortgage holder and the process begins to wind its way to the final point when the home is sold. In between, there are options available for those who wish to fight the foreclosure action.

In some cases, people find that they are able to work out a modification of their mortgage loan with its holder, thus making payments more affordable. Others who are not successful at this effort may find that it is helpful to consider a personal bankruptcy. This action can, in some cases, slow the foreclosure action, offering additional time for a struggling homeowner to find other housing or to repay what is owed.

Foreclosure can be a difficult situation for people in New Jersey. However, there are many who find that they are able to save their homes by using one of the many available options that exist in our state, including personal bankruptcy. To learn what those options are and how best to apply them to an individual case, a careful review of applicable laws and other materials relating to the foreclosure process may be in order. This can ensure the best possible outcome for all involved in such a case.

Source: USA Today, Foreclosure activity drops to 6-year low, Julie Schmitt, Jan. 16, 2014

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