Over 3,000 Homes a Month Enter Pre-Foreclosure in New Jersey
For the first three months of 2016 over 9,200 lis pendens have been filed statewide in New Jersey. A lis pendens is a pre-foreclosure action filed in court. Big banks and other people who want to foreclose on a property file a lis pendens to begin the foreclosure action against a homeowner. A lis pendens provides all potential purchasers and lien holders notice that there is litigation affecting the property. Anyone that has any interest or potential interest in the property can find out if there is any legal action involving the property by checking court records. This serves to protect potential buyers of a property.
Over 100 Homes a day have Pre-Foreclosure Action filed in New Jersey
According to RealyTrac, almost 1.1 million properties nationwide had foreclosure filings in 2015. In 2015, roughly 41,200 pre-foreclosure actions were filed in New Jersey according to New Jersey State Court Records. This is an average of 113 homes a day having a lis pendens action being filed in New Jersey.
The rate of filing of pre-foreclosure actions for the first three months of 2016 in New Jersey has dropped 10.6% from the 2015 daily average. New Jersey court records indicate over 9,060 lis pendens actions were filled through March 31, 2016. That works out to be on average of 101 homes a day having a pre-foreclosure actions filed against them in New Jersey for the start of 2016. In 2015 during for the first three months of the year, almost 11,500 pre-foreclosure actions were filed.
Jersey City Pre-Foreclosure Actions have 5th highest amount actions files in New Jersey for 2016
The worst hit areas in 2015 in New Jersey were Newark with over 1350 filings, Trenton with 1050 filings, Paterson with over 880 filings, Jersey City with 850 pre foreclosure filings, and Toms River with 700 filings. For the start of 2016, these five cities remain the cities with the most filings, but Toms River has slightly more pre-foreclosure filings than Jersey city to start the year.
Answer New Jersey Lis Pendens in 35 Days
Once a summons and complaint is served on the home owner, the home owner has 35 days to file an answer in New Jersey to file an answer in New Jersey or face a possible default judgement. Even if you are faced with a potential sheriff sale of your home it may not by too late to contact an attorney in New Jersey to file an emergency action to save your home. If you have any questions about New Jersey foreclosure, please contact an attorney to day.
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