The economy may be on the road to recovery, but the progress it’s making is too little for the average person to actually feel in their daily life. Credit card debt, variable mortgage rates, and the everyday costs of living are becoming more and more difficult for people to handle. Consequently, many homeowners are now unable to make their mortgage payments, resulting in those homes going into foreclosure.
According to a Los Angeles Times article, many investors and private equity funds are now cashing in on foreclosed properties, purchasing them at auction so that they can turn right around and sell them for a quick profit. Though home flippers are nothing new, the method of purchasing foreclosed homes (which often times still house the home owners) as an investment opportunity during a downtrodden economy is a practice that is catching on across the country. Professional investors, in particular, are venturing into the flip business, which was more recently occupied by amateur investors looking to make a profit after a few months of remodeling and staging.
Allowing one’s home to go into foreclosure is the absolute last option that a New Jersey homeowner would ever want. Fortunately, when a family’s home is in danger of entering into foreclosure, and mortgage companies are unwilling to help, there are options that can help save the family home. In order to take advantage of the best option available, a home owner facing foreclosure in New Jersey should always consult an experienced New Jersey foreclosure attorney who will ensure that everything that can be done to save the house will be done.
In New Jersey, filing for Chapter 13 bankruptcy protection may allow a home owner to continue living in their house after their mortgage has been reinstated. Although a Chapter 7 bankruptcy will not stop a foreclosure action, the filing will permit the elimination of debt and permit the homeowner an opportunity to negotiate a loan modification. In any event, the skilled New Jersey bankruptcy attorneys at the Law Offices of Robert Manchel will help you make the best decisions for your particular financial situation. If you’d like more information about your rights when filing for bankruptcy as well as the potential benefits of New Jersey credit counseling, please call 866-503-5655.