NJ foreclosures in a state of flux

May 29, 2012 by  

The state of New Jersey is in the process of asking banks to verify the accuracy of documents in pending home foreclosures. This will ensure that banks and other lenders followed protocol when they forced owners out of their homes.

Real estate experts have stated that they believe the NJ foreclosure process is in a state of flux. As banks are now faced with an increase of legal cases, they are now changing their approach. Many banks have started holding meetings in towns like Livingston to talk to customers who are in foreclosure or are facing foreclosure.

Consumers are sometimes unaware that there is help available to them if they cannot make mortgage repayments. Free counseling and legal help can assist homeowners in some circumstances. Budget advisers can also help homeowners negotiate repayments with banks. Another option is to apply for a foreclosure grant from the New Jersey Mortgage and Finance Agency.

What some consumers do not realize is that foreclosure is not in the best interest of the bank. Selling a home at foreclosure can mean that the bank misses out on hundreds of thousands of dollars’ worth of interest repayments. Due to this, they would prefer their customers to seek help before going into foreclosure. Banks who want their customers to be aware of their options may want to consider sending them some information on how to avoid foreclosure. Using printing services to make up brochures is a simple and affordable way to do this.