Facing a New Jersey Foreclosure? You aren’t alone.

Recent foreclosure statistics for New Jersey are alarming. While the rest of the country appears to be emerging from the recession in the housing market, foreclosures are still on the rise across New Jersey. CoreLogic shows the Garden State with the second highest foreclosure inventory. As of July 2012, 5.7% of mortgaged homes were in foreclosure (behind Florida with 11.2%). While Hurricane Sandy did not help matters, South Jersey was already experiencing negative housing market trends before the storm hit. Areas such as Vineland-Millville-Bridgeton have a high rate of mortgages that are severely delinquent. Areas such as Atlantic City-Hammonton MSA and Trenton-Ewing do too. According to RealtyTrac, the New York/Northern New Jersey area has a significant inventory of foreclosed properties. It is estimated it would take 97 months for the properties to be resold at the current pace. This is reported to be the biggest backlog in the nation. CoreLogic’s report dated February 28, 2013, reveals that New Jersey is one of only four states where the foreclosure percentage rose over the past year, to 7.2 percent. If you live in New Jersey and you are facing a foreclosure, contact Levitt & Slafkes for help. Don’t give up on your home! We have over 30 years of experience representing thousands of people who are at risk of losing their homes or business properties to foreclosure. There are a number of different options available to fight back against foreclosure and it is critical to choose the right one for your circumstances. During your free consultation, attorneys Bruce Levitt and Shelley Slafkes will carefully explain all of your options so you can make an informed decision about how to best  proceed. Contact us today at 973-323-2953 to schedule a free initial consultation with a compassionate and knowledgeable lawyer.