Condo and Townhome Foreclosures
On a national level a majority of foreclosure activity has occurred in the single-family residence market while the townhome and condo market represented a much smaller portion of the overall housing market. It is interesting to note that some surveys state that 81% of the foreclosures nationally are of single-family homes and condos and townhome foreclosures represented about six percent of total foreclosure filings.
Where I am located, there are many owners of condos and townhomes facing foreclosure. I was just working with an owner of a townhome in Edison New Jersey the other day. While doing some research prior to our meeting I noticed that there were 4 other owners in his development also in foreclosure.
One bit of advice to owners facing foreclosure has to be not to wait to develop a plan to fix your situation. Early proactive action by homeowners facing foreclosure can improve your chances of saving both your home and your credit. However, as time goes on and the sheriff sale date comes closer, the fewer number of options available to you will remain. The options that you will be left with late in the process will be few and severe with long lasting effects (selling your home or declaring bankruptcy).
