About one in 12 New Jersey mortgage holders were in the foreclosure process in the third quarter, reflecting a backlog caused by the “robo-signing” mess, the Mortgage Bankers Association said Thursday
About 8 percent of mortgages are in the foreclosure process in the Garden State, compared with 4.4 percent nationwide, the mortgage trade group said.
In addition, about 3.8 percent of New Jersey mortgage holders, and 3.5 percent of U.S. mortgage holders, are “seriously delinquent” — 90 days or more late on their payments, the group said. Housing counselors say many homeowners can’t pay their mortgages because they’ve lost their jobs.
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