While the country as a whole is seeing fewer homes in foreclosure, New Jersey has overtaken Florida as the state with the most.
Shaun Donovan, the U.S. Secretary of Housing and Urban Development, said that families who are rebuilding and have FHA loans can put off making their mortgage payments for another 12 months.
Home foreclosures have skyrocketed since the financial crisis of 2007. And experts say now, more people than ever are stepping up and buying those houses.
State Supreme Court Chief Justice Stuart Rabner made a splash in December when he ordered six of the nation’s biggest mortgage lenders into court to show why their foreclosure operations shouldn’t be suspended over reports of widespread irregularities.
The move comes amid an uproar over revelations that mortgage lenders nationwide cut corners on paperwork and legal procedure as they moved to seize millions of homes.
Long Island is getting a big boost to help the housing market. On Thursday, governments received an additional $5 million to buy and rehabilitate vacant, foreclosed homes and fight off neighborhood blight.
Investor fear is closely tied to the declining housing market and alarming unemployment rate. New Jersey has been hit hard and many homeowners wonder if they’ll be able to sell their homes.