New Jersey Foreclosure Future Bleak

Foreclosure levels in New Jersey are the second highest in the nation, according to a report by the Wall Street Journal. New Jersey’s 7% of homes in foreclosure just barely rank behind Florida’s 7.1% of homes in foreclosure. New Jersey also has the second highest level of mortgage delinquencies of more than 90 days.

While most states appear to be on track to get caught up with foreclosures by spring of 2014, New Jersey will likely require at least another year to clear its backlog. This means that the frustration of New Jersey homeowners who are stuck in foreclosure will likely continue for another 18 months, if not more.

There are many options available for struggling homeowners. Among these are loan modifications, debt reorganizations, and bankruptcy. We have over 50 years of combined experience dealing with troubling financial situations. We are glad to talk to anyone free of charge regarding their situation and options for the future.

To read the Wall Street Journal article about foreclosures, please click here.

If you want to speak to an experienced professional about your financial situation, please feel free to contact us using the form on this website or by calling the office at 732-752-8834.