According to reports, August 2013 brought the fewest lender initiated foreclosure actions against U.S. homes for any month in nearly eight years.  However, foreclosure activity is still on the rise in New Jersey. Nationally, approximately 55,775 homes entered the foreclosure process nationwide in August, a decline of 8 percent from July and down 44 percent from August of last year.  In New Jersey, foreclosure starts were up 18 percent from a year ago, and all foreclosure activity rose 43 percent. Additionally, New Jersey has a large backlog of distressed homes.  It is speculated that this backlog piled up while the mortgage industry dealt with accusations that homeowners’ rights were being abused in the foreclosure process. Full article.

New Jersey has the second longest timeline to complete the foreclosure process, behind New York, coming in at 1,002 days.  According to reports, the national average in the first quarter of 2013 is 477 days to complete the foreclosure process.  This means that if you are facing foreclosure in a state where it takes a considerable amount of time to complete the process, you will have plenty of time before the foreclosure is complete to try to refinance your mortgage, negotiate an alternative to foreclosure, or live inside your home without making a payment prior to foreclosure completion. Ultimately, the longer the foreclosure takes, the better it is for you.

 Contact Shaffer & Gaier

To set up a free initial consultation, contact our office online or call our foreclosure hotline at 855-289-1660. Or call our office location in Philadelphia at 215-751-0100, or in New Jersey at 856-429-0970.