RealtyTrac releases a monthly report which reviews foreclosure filings in all 50 states. Overall, new foreclosures were down 11 percent nationwide, but what about in New Jersey? RealtyTrac also releases a monthly report related to New Jersey foreclosures. New Jersey has the 39th highest foreclosure rate in the country, and default notices, auctions and repossessions were up 63 percent from December!
It appears that the backlog in the foreclosure unit is finally freeing up. Although many borrowers have been able to stay in their homes pending a foreclosure for several years, the tides may be turning. If you are a borrower, and you receive a notice of intention to foreclose, 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.