New Jersey Foreclosures Rise

Over a year ago, I published a post entitled "Foreclosures Falling – What About New Jersey?"  This post highlighted where New Jersey stood in comparison to other states with respect to the amount of pending foreclosures.

Here we are, one year later, and New Jersey may soon lead the nation with the highest percentage of foreclosed homes in the country!  This article in the The Star Ledger highlighted the updated statistics and noted that takes an average of 1,002 days to settle foreclosures in New Jersey.  It appears that the state has finally started to work through the backlog of residential foreclosures, but it still takes time.

If you are a Borrower who is currently residing in a property in foreclosure, you should consider consulting with an attorney who specializes in foreclosure law to consider your options, including a potential loan modification, short sale or deed in lieu of foreclosure.