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?
- Process was slow.
- Release of backlog due to years of freezing of foreclosures by lenders.
- Foreclosures are now moving swiftly – no longer will there be 3-5 year foreclosure period.
- Hurricane Sandy.
- 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.
- 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.
