Is Foreclosure Inevitable??

NO!! Foreclosure can be prevented.

The last thing that the banks and mortgage companies want is to take possession of your home and have to try to get their investment back by selling your home for what it is worth!!

The rate of foreclosures has increased significantly in the summer of 2007.  The states with the biggest rate of increase in foreclosure were Georga, Michigan, & Nevada.  Compared to this time last year the rate of foreclosure is up 93%.  According to a AP Business Writer Alex Veiga in a artical published in Yahoo Finance(R) 08/21/07

According to RealtyTrac(R) New Jersey has the 10th highest rate of foreclosures of the 50 states.  Keep in mind that the top 5 states account for more than 50% of the total foreclosures this year.

Are you in financial trouble?  Are you feeling like you cannot keep making the payments on your home and pay all your other monthly bills as well? 

Foreclosure is not inevitable.  Their are other options.

• Sell your home and move to a more affordable living situation.  (a good option for those who know they may soon run into difficulties)
• Rent out a room to help cover expenses ( a good option for those with extra room and a short to medium term financial problem)
• Talk to the bank who services your mortgage.  If you are falling behind in your payments don't ignore the issue, call the bank, setup a appointment to talk with them.  The last thing they want is to take your home from you, they know they will get less that way than if they make it possible for you to keep your home.
• Seek Housing Counseling.  There are a number of .

   

  As stated in the continuing series HUD approved housing counseling agencies out their for you to call upon.

• If your home is worth less than you own on it, many times you can still sell it.  Talk to the bank who services your mortgage, Many times they will agree to allow a short sale.  A short sale means that the bank will accept less than is owed on your mortgage as payment in full.  Your credit rating will be much less severely impacted than if your home is foreclosed on, and you will be able to rebuild your credit life much more quickly.

The local Morris County, Essex County, & Union County NJ real estate markets are much stronger than the national real estate markets helping this situation is having New York City a short commute away via the Midtown Direct train line running though all 3 counties.  With this easy commute their is a continual stream of people moving out of Manhattan seeking the good life here in communities such as Maplewood, Chatham, Madison, Morristown, Florham Park, ...

If you are in financial trouble, there are always better options than defaulting on your mortgage and allowing your home to be foreclosed on.  Please utilize your options.

Sincerely

James Boyer

Realtor Associate

Keller Williams Real Estate

Summit, NJ 07901

• Avoiding Foreclosure: New Jersey

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