New Jersey (NJ) homeowners flock to foreclosure prevention sessions

Many New Jersey homeowners facing foreclosure are attending homeowner foreclosure prevention seminars to find out what to do with their home situation. The problem is so bad in New Jersey that entire blocks look

like they are boarded up and they are eroding the tax value of homes. The problem is increasing since scores of adjustable rate mortgages that were issued at the peak of the housing boom are beginning to move over to higher loan repayment rates. The modifiable rates are a trademark of sub prime lenders, who used them to get people into homes they might not otherwise have been able to pay for. One out about every 40 Newark homeowners received a foreclosure notice last year, that compares with one in about every 50 homeowners in the state of New Jersey and one of every 49 national wide. Hope Now, an alliance created by the housing industry expects to see and increased number of foreclosures as people who can’t pay off their adjustable rates increases. The nation’s unemployment rate jumped to 8.5 percent in March, the highest since late 1983, as employers purged 663,000 jobs. The average work week dropped to 33.2 hours, which is a record low.

NJLispendens Announces November 2008 Pre-foreclosure Filings

New Jersey Pre-foreclosure Company Announces November Pending Foreclosure Records

Bergenfield, NJ December 21, 2008- NJLispendens, www.njlispendens.com is releasing pre-foreclosure record information to the public for the month of November. 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 a slight decline in pre-foreclosures listings from October to November.

The records show that there were 4,264 pre-foreclosure records filed from October 1^st through October 31^st. There were 3,080 pre-foreclosure records filed from November 1^st through November 30^th. NJLispendens attributes the decline to the state-observed holidays in November, during which courts do not accept new filings. Despite the decline, the percentage of foreclosures has risen substantially since last year’s records for the same time period; a jump of almost thirty percent due to the continuing economic recession.

The decline in the number of New Jersey lis pendens filings in November can also be attributed to a greater number of loan modifications, extended foreclosure terms, and some lender’s mandated moratoriums. NJ Lispendens expects an increase in mortgage defaults over the next few months due to a lack of economic recovery and the moratoriums imposed over the holiday season.

For additional information about the new search options on NJLispendens, contact Joseph Fanning at americanforeclosures@gmail.com or visit www.njlispendens.com.

NJLisPendens.com is a product of American Foreclosures, Inc. Created in 1999, 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.

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