December 18, 2014

  • New Jersey foreclosure rate is 5.5%
  • NY and Florida tie for 2nd at 4.1%
  • NJ also had the highest delinquency rate of 9.1%

Yet the overall country’s foreclosure rate is down 30%

Why?

  1. Process was slow.
  2. Release of backlog due to years of freezing of foreclosures by lenders.
  3. Foreclosures are now moving swiftly – no longer will there be 3-5 year foreclosure period.
  4. Hurricane Sandy.
  5. Change in NJ rules for foreclosure Mediation in 2014; prior to 2014 homeowners could be accompanied by a state appointed attorney and a HUD housing counselor free of charge.

Homeowner must now register within 60 days of being served a summons and complaint and either represent themselves or hire an attorney.

  1. Closing of Casinos – Atlantic City has the 2nd highest foreclosure rate of metro areas in the country – one in every 389 housing units.

If you are having financial difficulty meeting your mortgage payments, I would be happy to meet with you for a free consult:   You can call me at (201) 446-5904   Ralph A. Ferro, Jr., Esq.