While the U.S. Department of Housing and Urban Development is doing what it can to offer assistance to those in danger of losing their homes to foreclosure in New Jersey, there are still far too many people losing their houses each day because they are unable to make their mortgage payments. According to an nj.com news article, HUD’s neighborhood stabilization program is now allowing some low to moderate income individuals to purchase homes rather than lose them, all in hope that such action will help revitalize the housing market. To date, a total of $122 million in aid has been provided by the federal government to assist individuals with their housing needs.
Currently, the stimulus program is in its third phase, with $2 million being funneled to the community of Newark alone. To date, a total of 47 houses have been purchased throughout Newark using HUD funding. More specifically, these homes were purchased by the nonprofit organization HANDS Inc., which did repair work on the houses prior to selling them at discounted prices to program qualifying families. According to one fortunate resident who has benefitted from the program, “The prices of the homes are low enough where people — working people — could buy them.”
While government assistance is certainly key to helping the economy recover, many individuals may still require even more help in getting their finances back on track. In some cases, the best option available to an individual may be filing for bankruptcy protection under New Jersey law. However, the details surrounding the filing process can be complicated, so it is highly recommended that individuals thinking of filing for bankruptcy in New Jersey consult an experienced bankruptcy attorney as soon as possible. In some cases, individuals facing foreclosure may even be able to remain in and save their house via filing for bankruptcy.
At the Law Offices of Robert Manchel, our New Jersey foreclosure attorneys can assist you with all matters pertaining to your house’s foreclosure. For more information about foreclosure and bankruptcy protection in the New Jersey area, please contact our offices today at 866-503-5655.