2010 Sets Foreclosure Record in New Jersey

According to an article on NorthJersey.com, about 64,800 homes in New Jersey faced foreclosure filings in 2010, which is a record. The numbers are from a new report released by RealtyTrac, a company that tracks foreclosures in the U.S. In New Jersey, the report found that the number of foreclosure filings increased about 2.5 percent from 2009. Approximately one out of every 54 homes in the state was involved in some sort of foreclosure action in 2010. This is significantly lower than the national average, which was one out of every 45 homes.
Experts believe the numbers would have been even higher, but many major lenders, such as Bank of America and JP Morgan Chase, stopped their foreclosure activity in late fall as they reviewed their legal practices regarding the robo-signing scandal. American citizens learned that bank employees were signing affidavits for foreclosures without checking the accuracy of the documents, among other irregularities.
Recently, the New Jersey Supreme Court ordered several mortgage lenders to court to prove why the state should not put a stop to their foreclosure activity, in light of allegations of robo-signing. The court date was originally set for January 19, but NJ.com reports that the date has been postponed to February 14, to allow the state’s lawyer sufficient time to respond to the voluminous filings. The outcome of the case could impact thousands, if not millions, of New Jersey residents who are facing foreclosure.
The foreclosure process in New Jersey can be very confusing and lead a person to question what their legal rights and options are. If you are facing foreclosure, talk with a New Jersey mortgage foreclosure lawyer at The Law Offices of Robert Manchel. We can help you decide what the best course of action is for your specific situation. Contact us today at 866-503-5655.