Bergenfield, NJ (PressExposure) August 19, 2009 -- NJLispendens, http://www.njlispendens.com is releasing pre-foreclosure listing information to the public for the month of June. 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-foreclosure listings from May 2009 to June 2009.
The records show that in May 2009 there were 4,996 foreclosure actions started. In June, there were 5,450 foreclosure actions started. NJLispendens attributes the increase to more lenders continuing stalled foreclosure actions and a backlog of records in the courts because of the large volume of foreclosures.
President Obama has assertively dealt out plans to stop new foreclosures and reduce pending foreclosures since his inauguration on January 20th, and we had seen some lenders respond by imposing moratoriums of varying lengths. The massive number of initial foreclosure actions filed has backlogged the recording process creating a jam in the release of lis pendens notices. Mortgage default filings have been increasing each month in proportion with unemployment figures.
The Stabilization and Relief Act which was meant to slow down the pace of foreclosures has worked temporarily, but is not a long term solution to the high rate at which defaults are occurring. NJLisPendens is expecting an increase in mortgage defaults in New Jersey over the next few months as more borrowers default on their loans and as aged filings make their way through the courtâs recording process.