New Jersey courts expect foreclosures to shoot back up this year even as the economy begins to look up.
Kevin Wolf with the administrative office of the courts said during the sub prime mortgage meltdown, foreclosure filings nearly tripled to 65,000 in 2009.
“Everyone is predicting that there will be a 20 percent jump in the foreclosure activity,” Wolf said. “Before this crisis began, we had 24,000-25,000 foreclosures a year. Now we’re up to 65,000.”
The foreclosure rate dropped a little last year, but a new wave is expected as the unemployed struggle to find new jobs. The good news is: New Jersey offers mediation.
“In addition to the housing counselors, we are also funding attorneys to help home owners in the mediation process,” Wolf said.
In some cases they can help renegotiate mortgages, reduce interest rates, extend loans and keep people in their homes.