New Jersey Foreclosure Trends and Hope on the Horizon

Though New Jersey's foreclosure problem is far from over, the situation is improving.

2012-10-10

October 10, 2012 (Press-News.org) New Jersey Foreclosure Trends and Hope on the Horizon

RealtyTrac, a firm that tracks the U.S. foreclosure market, reported that August 2012 foreclosures were up nationally by 1 percent from July, but down 15 percent from August 2011. Bank repossessions, called REOs for short, were also down 2 percent in August from July 2012 and down 19 percent from the year before. That's good news for homeowners and communities in general, but 20 states still saw increased foreclosure activity in August 2012 from the previous year.

New Jersey Numbers

Among those states was New Jersey, which saw a 101 percent annual increase in foreclosure starts. New Jersey was also above the national average for the number of foreclosure filings in August 2012, with a rate of one in 1,461 homes, while nationwide the rate only was one in every 681 homes. The Garden State also landed at number 32 of 50 states on the distressed-housing list.

New State Law Targets Financial Predators

Help is on the way for New Jersey homeowners from state legislation passed in June 2012. The Foreclosure Rescue Protection Act, or FRPA, seeks to protect defaulting homeowners by stopping treacherous "foreclosure consultants." These predators have been "fixing" homeowners' mortgage problems by buying their mortgages at prices below the homes' values and renting the homes back to the owners. The consultants then turn profits by selling the homes for fair market value.

The FRPA seeks to weed out those preying on distressed homeowners by requiring consultants to be licensed by the New Jersey Department of Banking and Insurance. The law mandates that these contracts be written in large print in the language of the homeowner's choice. To protect against unfair purchasing, the law further requires a consultant to pay at least 82 percent of a home's value as determined by an independent appraiser. Above all, the FRPA allows the homeowner to rescind the agreement at any time, making the process less certain and less attractive to a shady consultant.

Homeowner Assistance

Things may also be looking up for New Jersey homeowners when it comes to foreclosure assistance through the state-run, federally funded Homekeeper Program. The state is tweaking the program to ensure more struggling homeowners are assisted financially when faced with losing homes to foreclosure.

In early October 2012, New Jersey Gov. Chris Christie acknowledged that New Jersey's Homekeeper Program was not being implemented the way it was intended. Launched in 2011, New Jersey's program received $300 million from the federal government to assist underwater New Jersey homeowners that meet certain criteria. However, only $42 million of the $300 million had been distributed by the first part of October 2012.

The Homekeeper Program's director, Richard Constable, said the previous Commissioner made the criteria for receipt of funds too stringent, rejecting many who should have received much needed help. Constable has multiplied the number of staff members administering the program and is using public announcements and faith-based groups to increase publicity.

Though times are still tough in New Jersey's housing market, glimmers of hope are breaking through for those struggling to stay in their homes. New legislation and increased attention on the Homekeeper Program are significant steps in the right direction to protect the public and get things back on track.

Article provided by Law Offices of Phillip F. Drinkwater III
Visit us at www.pfdlaw.com

ELSE PRESS RELEASES FROM THIS DATE:

Property Division in Georgia Divorces: Two Recent Cases

2012-10-10

Property Division in Georgia Divorces: Two Recent Cases To modern ears, the common law conception of marriage sounds like a bad joke or possibly a feminist nightmare. The husband and wife were one, but the husband was the one. Today, of course, a wife's separate property isn't subsumed into her husband's estate, as on the popular PBS series "Downton Abbey." Instead, when a couple divorces, most property is fair game for equitable division. Two recent Georgia divorce cases are a reminder, however, that each party to a marriage can also have separate property. Retirement ...

Study Shows More Males Engage in Distracted Driving

2012-10-10

Study Shows More Males Engage in Distracted Driving Connecticut drivers have probably heard about the increasing number of distracted drivers on the road. Distracted driving has resulted in numerous accidents with tragic consequences. Although females are often characterized by the media as being chatty, a new report shows that the highest numbers of distracted drivers in Connecticut are males. Connecticut was amongst the first states to impose a ban on handheld cellphones as well as texting while driving. Since this ban went into effect in 2006, males have consistently ...

Keeping the Auditors Out of Your Small Business

2012-10-10

Keeping the Auditors Out of Your Small Business According to data compiled by the United States Small Business Administration (SBA), there are nearly 28 million small businesses in the country today. Small businesses are an integral part of the American economy, employing about half of the country's workforce. No one would dispute that, for the most part, these businesses are run by hard-working, honest people who are earnestly trying to comply with the thousands of pages of federal regulations that make up the country's tax code. Sometimes mistakes are made, and ...

Modification of Georgia Child Support Turns on Judicial Discretion

2012-10-10

Modification of Georgia Child Support Turns on Judicial Discretion The Great Recession officially ended in 2009. The after-effects continue to be felt, however, in the uncertain economy that has followed. In this altered economy, income or asset reduction due to job loss or other factors happens much more frequently after a divorce settlement than it used to in the past. For people who make or receive child support or alimony payments, the issue of reducing the payments has therefore become a very important one. This article will discuss the process for child support ...

California Death-Spiral Lawsuit Against Health Insurer Blue Shield

2012-10-10

California Death-Spiral Lawsuit Against Health Insurer Blue Shield The phrase "death spiral" has sobering implications in any context. In the health-insurance world, it refers to the events set off when an insurer closes an existing insurance policy to new enrollees, then raises rates on those remaining in the policy to a largely unaffordable level. Those remaining insureds are usually forced to jump to new, more expensive policies with lower coverage levels, or to become uninsured. California Death-Spiral Prohibition In 1993, reportedly in reaction to ...

Florida Trails Far Behind in Passing Adequate Distracted Driving Laws

2012-10-10

Florida Trails Far Behind in Passing Adequate Distracted Driving Laws When motorists or passengers suffer injuries in a car accident or tractor-trailer wreck, a personal injury lawyer's most important role is to assess the circumstances of the crash to identify all potentially liable parties. Whether the accident was primarily caused by reckless behavior, intoxication or driver distraction, a review of witness accounts, police reports and other evidence can unearth negligence to justify full compensation for injury victims. Unfortunately, Florida has lagged behind ...

Prenuptial Agreements: Gaining a Financial Picture Before Marriage

2012-10-10

Prenuptial Agreements: Gaining a Financial Picture Before Marriage Everyone has their own financial personality. Your spending and saving habits may differ greatly from friends and family. According to a 2011 study from Utah State University, married couples who disagree about money issues once a week are twice as likely to divorce than couples who have money conflicts less than once a month. Experts explain that money disagreements encompass a variety of issues that reach beyond financial matters. These contested discussions involve issues of control, freedom and ...

Texas Is Rethinking Its Tough Prostitution Laws

2012-10-10

Texas Is Rethinking Its Tough Prostitution Laws After ten years of crowded prisons and increased incarceration costs, the state of Texas is reconsidering its 2001 decision to send those charged with prostitution to prison after multiple convictions. Instead, the state may pursue sentencing that provides treatment, not jail time. Current Texas Prostitution Laws Include Prison Time In 2001, Texas legislators voted to send people convicted of prostitution with three or more convictions to state prison or jail. The law was passed in an effort to reduce prostitution ...

New Jersey Considers Bill to Expand DNA Sampling to Minor Criminals

2012-10-10

The proposed law could be a boon for law enforcement, but it could also threaten personal privacy and civil liberties. New Jersey's DNA Database The New Jersey DNA Database was established in 1994 and originally required samples to be taken from persons found guilty of, adjudicated delinquent for, or found not guilty by reason of insanity, for certain violent crimes, such as murder, kidnapping, and sex offenses. The databased was then expanded in 2003 to cover persons convicted of any crime of the first, second, third, or fourth degree. The Proposed DNA Sampling ...

Bail Reform Urged To Keep Violent Suspects Locked Up

2012-10-10

The amendment would modify Article I of the state constitution, which currently guarantees a right to bail for all criminal defendants, except those charged with capital offenses "when the proof is evident or presumption great." Under the proposed change, judges would be able to deny bail to defendants who pose a flight risk or who've been accused of violent crimes--particularly those with a prior record of criminal violence. In support of his bail reform proposal, Governor Christie has cited statistics from a 2007 study that found that a third of all defendants ...

New Jersey Foreclosure Trends and Hope on the Horizon

ELSE PRESS RELEASES FROM THIS DATE:

LAST 30 PRESS RELEASES: