Bergenfield, New Jersey (PressExposure) February 09, 2009 -- NJLispendens, http://www.njlispendens.com is releasing pre-foreclosure listing information to the public for the month of December. NJLispendens offers detailed pre-foreclosure information updated daily, allowing real estate investors, lenders, and Realtors to locate recently filed foreclosure actions as they are recorded in the courts. NJLispendens is reporting an increase in pre-foreclosures listings from November to December.
The records show that there were 3,080 pre-foreclosure records filed from November 1st through November 30th. From December 1st to December 31st there were 4,566 pre-foreclosure records filed. NJLispendens attributes the increase to fewer successful loan modifications over the last few months tied to the number of borrowers who have become unemployed and therefore ineligible for restructured loans. The increase has added to the total number of pre-foreclosure filings that have risen substantially since last yearâs records for the same time period; a jump of almost thirty percent due to the continuing economic recession.
The increase in New Jersey lis pendens filings has risen despite the efforts of lenders offering modifications, extended foreclosure terms, and in some cases mandated moratoriums during the holiday season; offered in part to help troubled homeowners during these tough economic times. NJ Lispendens expects an increase in mortgage defaults in New Jersey over the next few months due to a lack of economic recovery.