The banks do not always act in their best interest. Even where a Homeowner is a great candidate for modification, the bank may deny a modification, forgo monthly mortgage payments and risk taking ownership of a distressed and devalued home
Westwood, NJ (PRWEB) February 11, 2011
As increased foreclosure activity in New Jersey is being reported by RealtyTrac, lawyer Joshua Denbeaux of the law firm Denbeaux and Denbeaux, notes that banks continue to press on with foreclosure processing even as homeowners apply for sustainable home loan modifications.
Denbeaux and Denbeaux, http://www.denbeauxlaw.com, is a Westwoord, New Jersey law firm that specializes in foreclosure defense and home loan modifications.
"The banks do not always act in their best interest. Even where a Homeowner is a great candidate for modification, the bank may deny a modification, forgo monthly mortgage payments and risk taking ownership of a distressed and devalued home. As a result, Homeowners needing loan modifications have to pursue the banks aggressively in order to get them to the table, " says Joshua Denbeaux.
RealtyTrac® (http://www.realtytrac.com), the leading online marketplace for foreclosure properties, released its U.S. Foreclosure Market Report™ for January 2011, which shows foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 261,333 U.S. properties in January, a 1 percent increase from the previous month but a 17 percent decrease from January 2010.
The report goes on to say that the foreclosure statistics for New Jersey were more bleak than the national average. There was a 13 percent increase in foreclosure activity in New Jersey from December to January, but total foreclosures in the state were down 10 percent from a year ago. New Jersey also hit a record high level of foreclosure inventory in January as well, even though the activity numbers were down from a year ago. The highest number of foreclosures was in Sussex County. "With one on every 409 housing units receiving a foreclosure notice. Just to compare, nationwide we saw 1 in every 497 housing units." said Realty Trac spokesman Darren Bloomquist in a report given to Raquel Williams of New Jersey's 101.5 FM radio http://www.nj1015.com.
Is the annual decline in new foreclosure filings good news for the housing market? "The 17 percent decrease is a false positive and a sign that lenders have become bogged down with paperwork related to accusations of improper foreclosure processing,"says Bloomquist.
The real underlying problem is that there are 1 million bank owned distressed properties the market has yet to absorb that will continue to weigh down the market and keep home price from appreciating. The continuing growth of foreclosure numbers illustrates that no economic sector of society has been immune from default during the prolonged recession.
"If the home owner is in default or getting close to default, that is not the end of the world. However, time and time again homeowners are afraid to deal with a process that they feel is hopeless due to loss of job , sickness, or other unforeseen events. What they think they know about the foreclosure and modification process is not always accurate and can lead to bad decision making." I urge them to call me to discuss their situation , and how their house might be saved," says lawyer Josh Denbeaux.
If you have questions about a home foreclosure, or are having difficulty in getting a home loan modification , please call Joshua Denbeaux of the Westwood New Jersey Law Firm , Denbeaux & Denbeaux, http://www.denbeauxlaw.com, to answer your questions at (210) 664-8855. Or if you would like to attend a free webinar with Josh and "Learn How to Avoid Foreclosure" and to get more information about home loan modification call (201) 664-8855 or send an email to pr(at)denbeauxlaw(dot)com