Mayor’s Call for action to New Jersey Foreclosures

22 April 2008

Author: admin Posted under Foreclosure homes

When half of the world is still getting to grips with the New Year, New Jersey is getting ready for a fresh wave of New Jersey foreclosures. The mayor of New Jersey, Douglas Palmer had a meeting early in the New Year to find a solution to the overwhelming situation of New Jersey foreclosure homes.

He presided over the meeting with a map marked with dark spots showing the various cities and counties that recorded a high number of foreclosures. Some of the cities marked on the map included Camden, New Brunswick, Lake Hurst, Atlantic City, Bloomfield, Princeton, Newark and Jersey City.

Palmer said that the total number of real estate foreclosures was overwhelming but not much of an effort has been made to avoid it. According to him, people in New Jersey are even scared to talk about it and hence finding a solution is not as easy as it seems. The primary reason as seen by the mayor is the skyrocketing interests on the mortgage payments.

According to Palmer, the increase in the number of New Jersey foreclosure homes is due to the fact that more than half of the homeowners in distress have not called up their lender to discuss a way out or to inform them of their poor financial condition. According to Palmer, “When the homeowners run into problems, they try to fly under the radar screen, which is the worst thing you can do.”

He also said that the challenge was to prevent any more homes from getting foreclosed and this is just one among the many that this city has faced including violent crimes, urban woes, and drug battles. It will not be easy to bring down the rate of New Jersey foreclosures but someone somewhere has to begin the process so that the year 2008 is easy on the homeowners and lenders can help them to avoid it completely.

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