Courts Overloaded With Foreclosures

Somerset county court is overworked with foreclosure cases pouring in. In Middlesex counties there have been more foreclosures in the first three quarters of 2007 than through the whole of the previous year. The number of foreclosures rose by more than 500 in 2007. The present staff of the court cannot manage with the extra load and are seeking extra helping hands.

New Jersey was not as severely affected as the other states. It ranked 16^th in the foreclosure race. Nevada, Florida and Ohio topped the rankings. In Somerset County only half of 1% are under the foreclosure cloud.

With variations in concentration pockets foreclosures are affecting more and more people cutting across social and economic lines. This is the observation of Lee Caprarola a spokesperson of Wells Fargo Home Mortgage in Somerville. He further comments that foreclosures have always been there. Recently the numbers have shot up to unprecedented levels. This is largely because a good number of people took loans they could ill afford. When the value of the houses mortgaged began to depreciate these borrowers found themselves unable to bail themselves out of the sticky mud by refinancing. Another reason for the crisis is the tightening of loan availability. It is not just Wells Fargo in general – but lenders are shying away from advancing loans. The apprehension is that the foreclosure numbers will continue to rise because many ARM’s are about to float up. Some might be able to face the onslaught but many will opt out and be compelled to face foreclosures.

One man’s meat is another man’s poison. For some this will be a great opportunity to purchase a house at a bargain deal. The conditions are that the buyer is not trying to sell the old house to fund the new venture that good credit rating is backing him or her and that there is ready cash in the pocket. These people are going to clear the shelves selling foreclosed houses and bring back health to the market.

In Somerset County the health of the housing market is not serious. There have been increases in foreclosure listings and decrease in sales of houses but on an average the prices are stabilizing. Every Tuesday the sheriff’s sales are held at 2 p.m. in the County Administration Building. There is always a small group of regulars and professionals attending the routine auctions.

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