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BY BOB HOLT
NEWJERSEYNEWSROOM.COM
New Jersey homes in the foreclosure process came to almost 8 percent of the state’s mortgages, according to the Mortgage Bankers Association. And 7.8 percent of mortgage holders are at least one payment late.
A new report by the Mortgage Bankers Association said more than one out of 10 New Jersey mortgage-holding homeowners are either in foreclosure or are behind in payments by more than 90 days. According to the report, New Jersey’s combined foreclosure/seriously delinquent rate of 11.36 percent was the third highest in the country.
The total takes in 8 percent who are already in foreclosure, and 3.39 percent who are behind by three or more months.
NorthJersey.com reported that this past December, a Supreme Court judge put a moratorium on six major banks that were ordered to show that they could ensure fair treatment for homeowners in default. Five were cleared last week to resume their foreclosure processes, after showing their plans to a state appointed special master.
But the news doesn't get better. About four out of 10 subprime loans in New Jersey are three or more months past due or in foreclosure. Even prime loans, given to borrowers with good credit figures at lower interest rates are suffering. Nearly 8 percent of those are in foreclosure or are badly delinquent.According to the Asbury Park Press, a spokeswoman for the state Department of Community Affairs said New Jersey has three foreclosure prevention programs and a federal plan.
The programs include a mortgage mediation program and another offer of loans to homeowners who have been laid off, but have good payment history.
