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Mortgage debt still a problem for New Jersey homeowners

Regardless of the fact that most information shows the economy is steadily recovering, foreclosure and mortgage delinquency numbers do not paint as optimistic a picture. Between Oct. 2014 and Nov. 2014, delinquent mortgage debt rose approximately 11.8 percent. That percentage equates to nearly 400,000 mortgage loans, which makes the total about 3.9 million nationwide. Many of the homes that are in jeopardy of being foreclosed are here in New Jersey.

The percentage of loans that are at least 30 days delinquent, but have yet to enter foreclosure, was above 6 percent in Nov. 2014. The last time the percentage was that high was in Feb. 2014. The bottom line is that there are still millions of homeowners struggling to keep pay their mortgage loans and keep their homes. However, the numbers are still better than they were in Nov. 2013.

New Jersey is second only to Mississippi for having the highest percentage of mortgage loan delinquencies in the country, at 12.4 percent. Rounding out the top five are Louisiana, New York and Rhode Island, respectively. Louisiana moved into the third place slot because its rate of delinquency rose 9 percent in just six months. New Jersey may be number two, but it is not in the top five states with delinquencies over 90 days, which may not provide much solace to homeowners who are unable to make their mortgage payments.

Those homeowners may benefit from discussing the option of bankruptcy with an attorney in the field. In many cases, a homeowner's mortgage loan is not the only debt with which he or she may be struggling. Filing for either Chapter 7 or Chapter 13 bankruptcy could provide a resolution to most, if not all, of a homeowner's financial issues.

Source:, "Foreclosures fell, but delinquencies jumped 12% in November", Dec. 30, 2014

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