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New Jersey sees Drop in Total Foreclosures, but Danger Remains

Nationwide, foreclosures during the first quarter of 2012 were at their lowest levels since the last quarter of 2007 - seeing an 11 percent drop from the first quarter of 2011, according to a recent report from RealtyTrac. In line with this trend, total New Jersey foreclosure filings saw a 37 percent drop in the first quarter of 2012 when compared to the same quarter a year ago.

New Foreclosures Actually Increasing in New Jersey

However, these few positive numbers for New Jersey doesn't mean all is well. In fact, even though New Jersey's total foreclosure filings dropped in the first quarter of 2012, the state saw an astonishing 73 percent increase in new foreclosure starts in March, according to RealtyTrac - putting it squarely among the states seeing the greatest increases.

Some experts believe that foreclosures will again increase nationwide as the U.S. government recently settled their "robo-signing" dispute with five major mortgage lenders.

While this dispute was pending, many lenders put a moratorium on new foreclosure filings as to avoid any other possible issues. Now with the dispute settled, many expect foreclosures to ramp up again - which is exactly what is happening in New Jersey.

Brandon Moore, RealtyTrac CEO, recently opined, "The dam may not burst in the next 30 to 45 days, but it will eventually burst, and everyone downstream should be prepared for that to happen - both in terms of new foreclosure activity and new short-sale activity."

If you are a homeowner facing foreclosure, an experienced bankruptcy attorney can advise you of your rights and options. For example, filing for bankruptcy can stop foreclosure proceedings, or, loan modification may be able to help you save your home - every situation is different, and you should know all of your options before making such an important decision.

Source: Inquirer, "U.S. foreclosure filings fall to lowest point since 2007," Al Heavens, April 12, 2012

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