According to the Mortgage Bankers Association, a record 16.7 percent of home mortgages in the state of New Jersey are late on their monthly payments, or in foreclosure. That is above the 12.5 nationwide percentage.
In addition, after the foreclosure slow down last year in the wake of reports of mortgage service abuse and investigations, the process is coming back online for both residential and commercial properties. In fact, foreclosure activity numbers in New Jersey last month rose nearly 72 percent compared to March of 2011.
Foreclosure filings and sheriff auctions are up drastically compared to this time last year, but significantly below the numbers we saw in 2010. New Jersey was part of a $25 billion settlement between five large mortgage lenders and state and federal officials that were accused of "robo-signing" foreclosure paperwork and cutting corners to get people evicted quicker.
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