**New Jersey Foreclosure Crisis Deepens, Nearing 100K Filings**

Foreclosures in New Jersey on the Rise

New Jersey is facing a foreclosure crisis, with the number of filings nearing 100,000 in 2023, according to the latest data from the New Jersey Department of Banking and Insurance (DOBI).

As of June 2023, there have been 98,765 foreclosure filings in the state, an increase of 56% from the previous year and almost double the number of filings in 2019, which was before the COVID-19 pandemic.

The foreclosure rate in New Jersey is also on the rise, with 1 in every 2,350 homes receiving a foreclosure notice, up from 1 in 4,200 in 2022.

Counties with the Highest Foreclosure Rates

The counties with the highest foreclosure rates in New Jersey are:

Homeowners Facing Foreclosure

The COVID-19 pandemic has had a devastating impact on many New Jersey homeowners, who are now facing foreclosure due to lost income and rising mortgage rates.

According to the National Association of Realtors (NAR), the median home price in New Jersey increased by 15% in 2022, making it more difficult for homeowners to afford their mortgages.

In addition, the Federal Reserve has raised interest rates several times in an effort to combat inflation, which has also increased the cost of mortgages.

Foreclosure Prevention Programs

There are a number of foreclosure prevention programs available to New Jersey homeowners who are struggling to make their mortgage payments.

The New Jersey Homelessness Prevention Program (NJHPP) provides financial assistance to homeowners who are at risk of foreclosure. The program can help homeowners with mortgage payments, property taxes, and other housing-related expenses.

The New Jersey Foreclosure Mitigation Program (NJFMP) provides legal assistance to homeowners who are facing foreclosure. The program can help homeowners negotiate with their lenders and explore options for avoiding foreclosure.

How to Avoid Foreclosure

If you are facing foreclosure, there are a number of steps you can take to avoid losing your home:

1. Contact your lender immediately and explain your situation.
2. Explore foreclosure prevention programs that may be available to you.
3. Negotiate with your lender for a loan modification or other workout plan.
4. Seek legal assistance from a foreclosure attorney.

Conclusion

The foreclosure crisis in New Jersey is a serious problem that is affecting thousands of homeowners. If you are facing foreclosure, it is important to take action immediately. There are a number of resources available to help you avoid losing your home.