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Tips for NJ Residents Facing Foreclosure

Friday, November 28, 2008

New York officials say foreclosures have slowed a bit thanks to changes in state law that give homeowners some breathing room.

Meanwhile in New Jersey the foreclosure rate has jumped dramatically. Nowhere has it been more evident than in Paterson, where the City now has well over 2,000 foreclosed homes, roughly 10 percent of it residential housing stock.

Mayor Jose Torres says he is urging struggling homeowners to immediately write their bank or mortgage lender.

TORRES: Let your financial institutions know that you are experiencing hardship, that you want to talk. that it's not just that you are walking away from your obligations. And the earlier you do that, sending a letter that you are experiencing hardship , that you know it's coming, the earlier we can work with you to try to prevent that from happening.

REPORTER: Torres says City residents should be sure to cc him on their letter. Last month the state legislature passed several pieces of legislation to try and help ease the foreclosure crisis, including a bill to commit $22 million dollars towards Legal Aid services for struggling homeowners.

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