New Jersey’s homeowners are among the hardest hit from the current economic recession. New Jersey, Nevada, and Florida have the highest rates in the country of people who are behind on their mortgages. And things are about to get even tougher for New Jersey homeowners faced with a foreclosure lawsuit. The New Jersey foreclosure process has been made faster, with people’s homes being sold in as little as nine months.
Historically it has taken between fifteen and eighteen months for the mortgage company to file a foreclosure and then foreclose on a homeowner’s home. However things have changed drastically in the last four years. Foreclosures filed prior to 2011 are still plagued by the issues of “robo-signing” and do not appear to be moving through the foreclosure system at all – the mortgage companies are still trying to figure out how to clean up the “robo-signing” mess that they created. Many of our clients, who were served with foreclosure papers prior to 2011 are still in their homes because the mortgage company has not completed the foreclosure.
However, the story is very different and much harder for foreclosures filed in 2012 and 2013. Recently the New Jersey Courts implemented electronic filing for foreclosure cases. This technological advancement, along with a reduced volume of filed foreclosure cases, has sped up the foreclosure process. Homeowners can now only expect to stay in their homes for between nine and fifteen months after a foreclosure complaint has been filed.
If you have been served with a foreclosure complaint, you should take immediate action – do not delay! At John W. Hargrave & Associates we have helped countless people save their homes and solve their debt problems. We offer a free consultation, so you have nothing to lose – and everything to gain! Call us today at 856-547-6500!