“There are a lot of homeowners in New Jersey who are underwater in their mortgages, and they’re going to be underwater for quite some time.”
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Many Central Jersey Homeowners ‘Underwater’ on Mortgage
Eight years after the housing bubble burst, many homeowners in Central Jersey still owe more than their homes are worth, according to data compiled by Zillow, a real estate company, and analyzed by Gannett New Jersey.
Many municipalities were hit hard by superstorm Sandy and still are trying to recover. Others are populated with many home buyers who took loans that were not favorable at the time and had hoped their situation/income would improve and then in the future would refinance.
The situation leaves many homeowners there with three options, none of which are appealing: They can walk away, they can keep paying their mortgage and hope the value eventually will rebound or they can sell it at a loss.
It leaves Central Jersey’s housing market with a major obstacle that continues to hamper its recovery.
With the starting bid at $72,000, the house at 48 Port Monmouth Road in Keansburg looked like a steal when it recently went up for auction, but as Monmouth County Undersheriff Ted Freeman asked if there was any interest, the investors in the crowd sat silent, their arms didn’t budge.
The property went back to the bank, in this case, Wells Fargo.
More here…
Towns and ZIP codes where the rate of homeowners who are “underwater” exceeds 10 percent (the national average is 9 percent):
Hunterdon: Clinton Township 08809, 11.6 percent; Holland 08848, 10.3 percent; High Bridge 08829, 13.7 percent; Bloomsbury 08804, 10.9 percent; Readington 08887, 16.3 percent.
Middlesex: Piscataway 08854, 13.0 percent; Perth Amboy 08861, 29.2 percent; New Brunswick 08901,19.9 percent; North Brunswick 08902, 16.3 percent; Edison 08817, 10.7 percent; Edison 08837, 10.9 percent; Edison 08832, 36.8 percent; Carteret 07008, 22.0 percent; Iselin (Woodbridge) 08830, 13.9 percent; Woodbridge 07095, 19.3 percent; South River 08882, 15.7 percent; Madison Park (Old Bridge) 08859, 13.2 percent; Sayreville 08872, 12.2 percent; South Amboy 08879, 17.8 percent; Middlesex Borough 08846, 13.1 percent; Fords (Woodbridge) 08863, 14.1 percent; Avenel (Woodbridge) 07001, 14.7 percent; Milltown 08850, 13.9 percent; Cranbury 08512, 10.1 percent; Port Reading (Woodbridge) 07064, 12.5 percent; Helmetta 08828, 14.7 percent; Sewaren (Woodbridge) 07077, 15.5 percent.
Somerset: Franklin 08873, 13.6 percent; Franklin 08823, 18.4 percent; Green Brook 08812, 11.6 percent; Manville 08835, 11.9 percent; Bound Brook 08805, 19.7 percent; South Bound Brook 08880, 15.7 percent.
Union: Union 07083, 20.6 percent; Union 07088, 34.2 percent; Linden 07036, 24.9 percent; Plainfield 07060, 29.8 percent; Elizabeth 07202, 28.5 percent; Rahway 07065, 30.5 percent; Elizabeth 07208, 23.2 percent; Elizabeth 07206, 35.3 percent; Elizabeth 07201, 31.7 percent; Roselle 07203, 35.6 percent; Hillside 07205, 30.4 percent; Roselle Park 07204; 20.0 percent; Plainfield 07062, 32.3 percent; Plainfield 07063, 32.0 percent; Kenilworth 07033, 11.5 percent.
If you are in New Jersey and are looking for help with foreclosure, call Denbeaux & Denbeaux at (or fill out their online form for a FREE Case Evaluation. Let the lawyers and staff at Denbeaux & Denbeaux serve you!
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