AmericanForeclosures.com

April 4, 2009

NJLispendens.com Announces January 2009 Pre-Foreclosure Records

Filed under: Uncategorized — americanforeclosures @ 4:22 pm

New Jersey Pre-foreclosure Company Announces January Pending Foreclosure Listings Bergenfield, NJ January March 26, 2009 – NJLispendens, http://www.njlispendens.com is releasing pre-foreclosure listing information to the public for the month of January. NJLispendens offers detailed pre-foreclosure information updated daily, allowing real estate investors, lenders, and Realtors to locate recently filed foreclosure actions as they are recorded in the courts. NJLispendens is reporting no statistical change in pre-foreclosure listings from December 2008 to January of 2009. The records show that from December 1st to December 31st 2008 there were 4,566 foreclosure actions started. From January 1st to January 31st there were 4,580 actions started. NJLispendens attributes the consistent numbers to a lack of significant change in the economy as the new Obama administration settles in. President Obama has aggressively dealt out plans to prevent new foreclosures and reduce pending foreclosures since his inauguration on January 20th, however we have yet to see a major impact in the market. Pre-foreclosure filings have risen substantially since last year’s records for the same time period; a jump of almost thirty percent; in part due to the continuing economic recession. The increase in New Jersey lis pendens filings coincides with mixed confidence in the federal government. There continues to be an increase in mortgage defaults nationwide despite various government and industry programs. With unemployment continuing to rise, even prime borrowers (those borrowers whose loans were not originated based on fraud or subprime adjustable rates) are defaulting at an alarming rate. President Obama’s newly announced Making Home Affordable program contains a component that addresses refinancing for borrowers whose homes have little or no equity and allows qualifying borrowers in danger of default to modify their loans. NJ Lispendens is not expecting any decrease in mortgage defaults in New Jersey over the next few months despite the new legislation. NJLispendens expects the new laws to take effect over time and not have a substantial impact on foreclosures in the near future as confidence slowly begins to become restored. For additional information about pre-foreclosure records at NJLispendens, contact Joseph Fanning at jfanning@americanforeclosures.com or visit http://www.njlispendens.com. NJLisPendens.com is a product of American Foreclosures, Inc. Created in 1999, http://www.NJLisPendens.com answers an increasing need for real estate professionals, real estate investors, and home buyers to locate current, dependable, and inexpensive leads with the ease of access that the internet provides. -End-

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