Earlier this year, real estate marketplace data showed that home foreclosures in New Jersey were on the rise even as they declined across the U.S. It appears that things have not gotten any better in the Garden State, with a recent report indicating that NJ has an extremely high foreclosure rate. Making matters worse is the fact that the home foreclosure process takes significantly longer in New Jersey than it does in any other state.

In September, the home foreclosure rate in the US dropped to pre-recession levels and actually hit its lowest point in more than a decade. However, while home foreclosures are down throughout the United States, NJ continues to have the dubious distinction of being among the nation’s leaders in home foreclosures. According to ATTOM Data Solutions, the parent company of real estate information provider RealtyTrac, the home foreclosure rate in New Jersey of one out of every 691 housing units is the second-highest in the nation, trailing only Delaware. The leading area of NJ in this regard is Camden County, where many homeowners have been forced to default on loans and go into foreclosure in the past year.

When a homeowner begins the foreclosure process, they may not realize just how arduous it’s going to be. The average New Jersey home foreclosure takes more than three years, or 1,262 days to be precise. This represents a seven-percent increase over the average NJ home foreclosure timeframe in 2015. Bergen County is the worst area in the state when it comes to home foreclosure delays, with the average foreclosure process timeframe clocking in at 1,452 days. In Camden County, the foreclosure process takes 1,223 days to complete.

To put these numbers in perspective, the home foreclosure process takes an average of just 196 days in Virginia. A major reason for the lengthy timeframe in New Jersey is that the state requires all home foreclosures to be classified as judicial foreclosures and to go through the court system. By contrast, Virginia does not require homeowners to deal with the courts at all.

For additional information, check out the NJ.com article, “How Long It Takes to Complete a Foreclosure in N.J. by County.”

If you are struggling to cover the monthly mortgage payments on your New Jersey home, you should talk to a qualified real estate attorney as soon as possible. Joel R. Spivack, Esq., is an experienced real estate lawyer who can help you with the home buying, home selling, or home foreclosure process. Contact Mr. Spivack anytime to schedule a free initial consultation.

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