Zombie Foreclosures and the Critical Role that Judges Play

Clouded property titles invite neighborhood decay. Simple steps by the courts can produce huge results. In February, RealtyTrac reported that one in four U.S. foreclosures are “zombies”: homes where the owner has vacated the property but the lender isn’t proceeding diligently to end the case and so hasn’t taken ownership. With the title clouded, neither…


Facing Foreclosure After Statute of Limitations in New Jersey

High-end estimates of loan-level delinquency timelines show that approximately 98,000 seriously delinquent mortgage loans may be facing some degree of exposure to foreclosure statutes of limitations in Florida, New Jersey, and New York—three of the states that were hit hardest by the foreclosure crisis, according to Black Knight Financial Services’ (BKFS) January 2016 Mortgage Monitor…


$69 Million in Federal Funding for New Jersey Homeowners Facing Foreclosure

More than $69 million has been awarded from the U.S. Treasury’s Hardest Hit Fund to assist homeowners in New Jersey who need help avoiding foreclosure, U.S. Sens. Robert Menendez and Cory Booker have announced. The state had the highest foreclosure rate in the nation in 2015. “It’s important to do everything we can to help…


Delinquency Rate on Mortgage Loans Back to Pre-Crash Levels

The overall delinquency rate on mortgage loans has now fallen below historic average levels. The Mortgage Bankers Association (MBA) said on Thursday that 4.77 percent of all mortgage loans on one-to-four-unit residential properties were at the end of the fourth quarter of 2015. That rate is a seasonally adjusted one. The rate, gathered through MBA’s…


New Jersey Abandoned Foreclosures Up 49% From A Year Ago

While the future of the ailing resort shore city rests in the hands of Trenton lawmakers, the local residential real estate is reeling. The Atlantic City area vacancy rate is now among the top-five metropolitan statistical markets in the nation — a list led by the struggling cities of Flint, Mich., and Detroit. The number…


Foreclosure Inventory Remains Highest in New Jersey and New York

In the month of December, 32,000 U.S. home foreclosures were completed, down 2.4% month over month and down 22.6% from a total of 41,000 in December 2014. Current foreclosure inventory totals 1.1% of all homes with a mortgage in the United States, down from 1.2% in December of 2014. The number of U.S. homes currently…