Foreclosure Help
At least 8,000 of the 143,898 New Jersey borrowers who opted for subprime mortgages went into foreclosure in the first half of this year.
Of the 15,426 first-time foreclosures filed in New Jersey in the first six months of this year, 53 percent involve borrowers with adjustable rate mortgages. Nationally, the figure is 37 percent for the same period.
Black and Hispanic borrowers, who hold 41 percent of subprime loans, have been hardest hit.
A 2005 Freddie Mac survey found 61 percent of delinquent borrowers did not know there are workout options, and significant percentages of those borrowers did not return lender phone calls out of embarrassment or a lack of faith that anything can be done to help them.
The Federal Housing Administration will provide information on home ownership, mortgages and dealing with lenders on Sept. 29, from 9:30 a.m. to 2 p.m., at Essex County College, 303 University Ave., Newark. People can register by calling 1-800-CALLFHA.
