Foreclosure Help in New Jersey
Like many other states, New Jersey is a judicial foreclosure state, which means that foreclosure cases must be settled in court. This means that foreclosure cases will involve lawyers and legal proceedings, an important factor for New Jersey homeowners to keep in mind. Let’s examine homeownership as a whole in New Jersey.
Homeownership, Rent, and Income
In many metrics, New Jersey exhibits relative stability – in recent years, income, homeownership rates, and population size have remained steady in the state. Rent is about $200 above the national average and is increasing at a slight rate, homeownership is around 64%, and the population has continued to hover around nine million. These point to a stable housing market without a great degree of volatility.
In the national context
New Jersey is a comparatively wealthy state, with a yearly median income $20,000 above the national average, and a median housing price almost $100,000 more than the national average. Employment, household income, and property values have shown growth in the past years. Many homeowners are likely to be in a relatively comfortable position, even if homeownership rates, at 64%, remain low when compared to before the recession.
Have a specific question about Avoiding Foreclosure in New Jersey? Check out our Foreclosure FAQ’s section.
Here a few resources that New Jersey homeowners can look into when faced with foreclosure:
- the New Jersey Housing & Mortgage Financing Agency, which provides help in foreclosure cases
- the New Jersey Fair Foreclosure Act, listing valuable information and resources regarding foreclosure in New Jersey
- the New Jersey Office of Consumer Protection, a further public institution dedicated to helping homeowners understand and combat foreclosure
As with other states, the official judicial nature of foreclosure in New Jersey means that homeowners should take time to inform themselves thoroughly about their rights and the legal expectations for foreclosure cases. Doing so can help them make appropriate choices about consulting and using legal services.