More NJ residents file for foreclosure

According to state officials, filings for foreclosures are up by more than 30% for the first half of the year. Houses are being foreclosed when the families can?t keep up with mortgage payments. When

News 12 Staff

Aug 17, 2009, 5:01 PM

Updated 5,544 days ago

Share:

According to state officials, filings for foreclosures are up by more than 30% for the first half of the year.
Houses are being foreclosed when the families can?t keep up with mortgage payments. When time runs out, these homes are sold at a sheriff's sale. Typically, these houses are being sold for about half of what the families owed on them, officials say.
Paul Burdett had no idea his neighbors had financial problems. "It is concerning because if it's happening here, most of these people work hard and pay their taxes. To know that someone who's been here for a long time can't make it, it's a little scary."
Neighbors are worried how nearby foreclosures will affect property values, and are questioning who will be next.