September 08, 2012 (Press-News.org) According to a new AARP report, as of July, 2012, more than 1.5 million older Americans have lost their homes in the foreclosure crisis. Millions more remain at risk.
Approximately 600,000 Americans 50 years old or older are currently in foreclosure, and some 625,000 in the same age group are at least three months behind on their mortgages.
About 3.5 million older homeowners -- nearly one in six -- are underwater on their mortgages, meaning they now owe more than their homes are worth.
Americans over the age of 50 still have a lower rate of serious mortgage delinquency than their younger counterparts. However, the rate is increasing faster among older Americans than in any other age group. In addition, many older Americans live on fixed incomes, have fewer working years to build back what they have lost and are unable to command the high salaries they had in the past when reentering the workforce.
Bankruptcy Process in New Jersey
In New Jersey, at least 30 days before starting the foreclosure process, the lender must mail a warning letter to the borrower. This 30 day window gives the borrower an opportunity to prevent the foreclosure.
After the lender has initiated the foreclosure in the courts, the borrower is again notified, and this time has at least 35 days to respond (if the borrower files no response, the court may issue a ruling based solely on the information provided by the lender).
Should the court rule against the borrower, a sale will be scheduled. At least 10 days after the borrower has been notified of the sale, the sale will be conducted as a public auction.
In New Jersey, the average uncontested foreclosure takes 250 days or more.
Speak To an Attorney to Explore Your Legal Options
No matter how dire the situation may seem, there are options for older homeowners who are worried about their home mortgage situation. The key is taking action as soon as possible, when there might be a greater breadth of viable solutions.
Depending on your individual circumstances, you may benefit from a mortgage loan modification; a short sale; or, a bankruptcy filing, which stops foreclosure proceedings in their tracks and often gives homeowners the chance to catch up on delinquent payments and keep their homes.
If your golden years are being threatened by the looming specter of foreclosure, don't delay. Contact an attorney today to learn more about the legal solutions that could help get you back on solid financial footing.
Article provided by Wizmur & Finberg LLP
Visit us at www.consumerbankruptcylaw.com
Foreclosure Crisis Hits Older Americans Hard, but Seniors Have Options
If you're over 50 and worried about losing your home, you're not alone. But, with the right legal help, you can take advantage of several legal tools to pursue the solution you've been searching for.
2012-09-08
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[Press-News.org] Foreclosure Crisis Hits Older Americans Hard, but Seniors Have OptionsIf you're over 50 and worried about losing your home, you're not alone. But, with the right legal help, you can take advantage of several legal tools to pursue the solution you've been searching for.