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Foreclosure Archives

What does zombie foreclosure mean for New Jersey homeowners?

New Jersey has one of the highest foreclosure rates in the country. It also has the highest number of "zombie foreclosures," according to the Second Quarter 2016 Vacancy & Zombie Foreclosure Report from RealtyTrac, a housing firm based out of California. The number of zombie foreclosures in New Jersey -- which are properties in the foreclosure process that are currently vacant -- stands a little over 4,000. Within New Jersey, Camden County has the most zombie foreclosures. Five hundred and sixty-three of its distressed properties are currently vacant, as of April. One of the reasons for this ranking is New Jersey's lengthy foreclosure process which sometimes results in homeowners abandoning their homes before the process has been completed.

Is a short sale a good option to avoid foreclosure?

When you get to the point where you are facing foreclosure, it can be a stressful time for you and your family. The thought of losing your home can be overwhelming. On top of everything else, having a foreclosure on your credit may make it hard to own a home in the future, and can even make it difficult to rent a place to live. However, there are alternatives available to avoid foreclosure that might appeal to you. One option is a short sale. But, the question is, is it a good option?

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