Even though there is an improving nationwide real estate market, mortgage delinquencies and foreclosures continue to be a problem in New Jersey. The national mortgage delinquency rate – defined as borrowers who are at least 60 days past due on their payments – shrank by 26% in the Second Quarter of 2013, when compared to the same period one year ago, according to TransUnion, the credit information service. The delinquency rate in August, 2013 was approximately 4.1%, still double what it was in the pre-recession period, but it is still on a downward trend.
Locally, however, things are not so good. While Florida and Nevada have the highest delinquency rates (9.9% and 8%, respectively), New Jersey is right behind them, at 7.2%.
In New Jersey, there were 4455 mortgage foreclosure lawsuits filed in July, and 4222 foreclosure lawsuits filed in August, 2013, a dramatic rise from 2012 and early 2013. In New Jersey, the nation’s biggest lenders have recently filed motion papers that are paving the way and allowing a greater number of foreclosure lawsuits to be filed. In New Jersey, it is expected that the number of foreclosure lawsuits will continue to increase through the end of 2013.
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.
