June Foreclosure Numbers Continue to Fall

The number of foreclosures continued to drop in June, reaching levels not seen since 2001. A full 45 percent of foreclosures in June were first-time foreclosures, which was the lowest volume of first time foreclosure that have ever been observed; it was also 40 percent below long term, pre-crisis norms. June marked 29 consecutive monthly…


New Jersey Supreme Court: Lenders Can’t Revise Foreclosure Mediation Accords

A mortgage lender participating in New Jersey’s foreclosure mediation program may not unilaterally modify the terms of a mediated settlement designed to keep the homeowner in his or her home, the state Supreme Court ruled on Monday. In a unanimous ruling, the court found that a lender, GMAC Mortgage LLC, violated the terms of the…


Foreclosures on the Rise, but U.S. Mortgage Quality Improves

A boarded-up foreclosed home sits empty in the town of Ridgefield in Bergen County, New Jersey. More Americans were keeping up with their mortgages at the beginning of 2017 but the number of foreclosures is also on the rise, a government report said on Thursday. The Office of the Comptroller of the Currency said that…


Does Foreclosure Complaint Prevent Condo Association from Enforcing Regulations?

A New Jersey Chancery Court was called upon to rule whether the filing of a foreclosure complaint by a condominium association prevents the association from taking other actions to enforce its rules and regulations as they would apply to the defendant in the foreclosure action. Specifically, a condominium association had started a foreclosure action against…


Delinquencies Jump While Foreclosures at a New Low

The number of first-lien mortgage delinquencies jumped 13% in April, the largest monthly increase since November 2008. Data from Black Knight reveals that month-over-month there were 241,000 additional borrowers past due on mortgage payments, however these were mainly due to March being the typical calendar-year low and April ending on a Sunday. The delinquencies were…


Where to Find Foreclosure Relief for New Jersey Homeowners in 2017

If you listen to Wall Street, you would think our housing troubles are over. While major housing markets like San Francisco, New York, Las Vegas and Dallas may be getting better traction these days, that traction hasn’t made it way to many New Jersey communities, especially in South Jersey. The situation doesn’t come as a…