Times have been tough across New Jersey and across the nation in the past couple of years. Whether it is a sagging economy, not enough jobs, or not enough good paying jobs, it seems that it has been difficult for many people to find their way since the so-called “great recession” of 2008.
It seems now that those problems have gotten bad enough to rank New Jersey third amongst all states in the category of “zombie foreclosures.”
These types of foreclosures are marked by a process in which foreclosure takes so long that not only the borrowers but even the lenders eventually decide to give up on a property. Although banks still remain owners of those properties, the entire process becomes so time consuming, roughly a year in New Jersey, that both parties abandon the home.
Although this is certainly problematic for homeowners and lenders alike, the process also creates serious problems for local and municipal governments that rely on the property tax assessments on these homes.
This story is important because it highlights the degree to which foreclosures and general insecurity in home ownership can negatively affect communities.
Stories like this serve as an example of the consequences that going into foreclosure can cause. Many people enter foreclosure because they are unaware or unsure of their legal rights in the process, and ultimately lose their homes because they have not handled the complex situation properly.
If you are worried that you may soon be entering foreclosure, or are unsure of how to proceed in your current foreclosure, then it is important for you to know that you have rights in the process. To protect those rights and ensure the best possible outcome in your case, you may want to speak with an attorney.
Source: New Jersey 101.5, “NJ ranks 3rd in ‘zombie foreclosures’,” Joe Cutter, June 26, 2014
