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Foreclosure Relief in the Cards for New Jersey?

Atlantic City, New Jersey has one of the highest foreclosure rates in the country, and Candidates for Atlantic County Executive have been seeking solutions to the problem. Candidate Susan M. Korngut has proposed a foreclosure action plan to combat what she called the ongoing housing problem in Atlantic County, The Press of Atlantic City reports.

“The housing market in Atlantic County is on shaky ground as it has been for years,” Korngut said. “Under the current administration, we have led the nation in foreclosures, and we continue to be among the leaders in the state.”

Korngut called for a county program to coordinate how foreclosed properties are maintained, counseling for homeowners, a committee to assess the housing situation quarterly, and actions to list foreclosed properties for sale more promptly.

According to Incumbent Executive Dennis Levinson, the county is already doing everything in her plan, Press reports.

“The sheriff has a committee that ... gets hold of lending institutions to help through the process,” Levinson said. “It was instituted by the previous sheriff and remains with the present sheriff.”

Korngut told The Press of Atlantic City her plan is one step to change the “entire economic paradigm of Atlantic County, attract jobs and investment to our area, improve our infrastructure, make Atlantic County more business-friendly and swing open the doors of opportunity for everyone willing to put in a hard day’s work. All of this begins with people feeling secure in their homes.”

“As a practicing attorney for more than 20 years, I have helped clients navigate the foreclosure process and, in many cases, saved their homes,” Korngut added.

Atlantic County is currently in the number six position nationwide as of the ATTOM Data Solutions’s August report on nationwide foreclosure, though it has fallen from the top spot as of 2018. However, leading the list are the New Jersey counties of Mercer (1 in 543) and Gloucester (1 in 654).

Additionally, ATTOM reports that New Jersey was one of the states with the worst foreclosure rates in August 2019, at one in every 1,192 housing units, led only by Delaware (one in every 1,106 housing units). Behind New Jersey was Maryland (one in every 1,218 housing units); Illinois (one in every 1,562 housing units); and Florida (one in every 1,633 housing units).

About Author: Seth Welborn

Seth Welborn is a Reporter for DS News and MReport. A graduate of Harding University, he has covered numerous topics across the real estate and default servicing industries. Additionally, he has written B2B marketing copy for Dallas-based companies such as AT&T. An East Texas Native, he also works part-time as a photographer.
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