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New Jersey Home Foreclosure Article
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from:How to Prevent Mobile Home Foreclosure
A mobile home foreclosure is not the same as a home built on a foundation. The bank does not want to foreclose on or repossess the property, unless they have no choice, because the cost of moving the mobile home off the property will be an added expense that the bank will have to incur. Mobile homes depreciate in value like a car, rather than appreciating like real estate. The bank will lose a significant amount of money if it has to follow through with a mobile home foreclosure or repossession.
Foreclosures are costly, and it is even more costly for the bank that financed the mobile home, because there is little chance that the bank will recoup their investment. The bank is more likely treat the mobile home foreclosure like selling a used car. They will sell it for whatever they can get out of it. If it were a real home the bank were foreclosing on, they would stand a better chance of getting back most of their investment; but since it is a mobile home foreclosure, the bank will do whatever is necessary to get back as much of their investment as possible.
To save your home, you must take the threat of mobile home foreclosure seriously. You have some things to consider when you are facing mobile home foreclosure. Can you afford to lose your home? Do you owe more on it than it is worth? What about your credit? If the bank forecloses on you, your credit rating will have a negative mark against it. Can you rent an apartment, home, or mobile home for what your mobile home payment is? If rent would cost you more than your present mobile home payment, you would be better off saving your mobile home from foreclosure.
These are desperate times, the economy is bad. People are losing their jobs due to rising fuel prices. Before you ever miss the first payment, you need to talk to your lender. Communication is the key to prevent mobile home foreclosure. Your lender may be able to help you; you might be able to lower your payments by negotiating an interest only period in your loan. You might be able to negotiate an interest only schedule for a year or two, where your payments could be significantly reduced. You will still owe the principal, but this period of interest only payments could help you resolve your financial issues.
If you are physically able you might be able to prevent your mobile home foreclosure by getting a second job raise your cash flow. Many people work a second job to make ends meet. Examining how you spend money can give you a clue to how to heal your financial situation. Your mobile home payment should be your number one priority, then your utilities come next. Stop all spending that isn’t necessary; cut up the credit cards and pay them off. Pay off existing debt without incurring more debt in the process. There are many ways to stop mobile home foreclosure; being honest with your lender, admitting you have a problem is essential for saving your home from foreclosure.
New Jersey Home Foreclosure News
A South Jersey Foreclosure Counseling Agency Reluctantly Closes Shop - LoanSafe
A South Jersey Foreclosure Counseling Agency Reluctantly Closes Shop LoanSafe “We are trying to preserve home ownership.” According to the Mortgage Bankers Association, 8.4 percent of New Jersey mortgages are in foreclosure, a percentage second only to Florida's. While the annual number of foreclosures filed in New Jersey ... |
A South Jersey foreclosure counseling agency reluctantly closes shop - Philadelphia Inquirer
A South Jersey foreclosure counseling agency reluctantly closes shop Philadelphia Inquirer “We are trying to preserve home ownership.” According to the Mortgage Bankers Association, 8.4 percent of New Jersey mortgages are in foreclosure, a percentage second only to Florida's. While the annual number of foreclosures filed in New Jersey ... |
N.J. foreclosure inventory spikes; 2nd most in nation - Asbury Park Press
N.J. foreclosure inventory spikes; 2nd most in nation Asbury Park Press New Jersey's percentage of home mortgage loans in foreclosure continues to rise, even as rates nationally have fallen to the lowest level since 2008, a report released Wednesday showed. New Jersey now has the second-highest percentage of mortgage loans ... |
Foreclosure filings up in Philadelphia region - Philadelphia Inquirer
 CBS News | Foreclosure filings up in Philadelphia region Philadelphia Inquirer New Jersey was 39th among the 50 states, increasing 14 percent over March and 62 percent above April 2011. RealtyTrac, the Irvine, Calif., search engine for distressed home sales said the increases reflected a shift of the foreclosure crisis from the ... Report: Fewer US homes foreclosed upon in April |
Report: Fewer US homes foreclosed upon in April - Boston.com
 Boston.com | Report: Fewer US homes foreclosed upon in April Boston.com In contrast, the slower foreclosure process in states like Florida, New Jersey and Pennsylvania helped build a logjam of pending foreclosure cases that now has lenders playing catch-up. As a result, foreclosure activity in all the judicial foreclosure ... Foreclosure activity sinks to a five-year low Fewer homeowners foreclosed upon in April |