It has been difficult to put a positive spin on the foreclosure crisis gripping this country, but the news out of New Jersey gives the impression that although all is not well at least the bleeding has slowed down somewhat.

According to RealtyTrac, last month 215 homes were foreclosed on, representing a 25% increase from June and a 65% increase from July of last year, which is a small number when compared to the previous month and against the same period last year. The president of one New Jersey real estate research firm has said while the increase appears large; the number of homes foreclosed on is still quite small when compared against the total number.

The major factor contributing to the problem remains the same as it is across the country. Homeowners who purchased or refinanced mortgages using adjustable rate loans just a couple years ago are now going through the reset periods on those loans. They are seeing their interest rates climb which in turn increases their mortgage payments. Many of these borrowers are in the sub-prime category putting them at higher risk to default on their home loan as they typically had moderate credit to begin with. For those homeowners already treading the edge of the financial abyss this was the nudge they needed to complete their fall.

All is not gloom and doom as there may be relief on the horizon as the state government has recognized the need, and urgency, to offer assistance to any New Jersey homeowner facing foreclosure. There has been call for a consumer hotline to be established. Homeowners facing foreclosure could call in for advice and counseling. A recent search has revealed this suggestion has not been put into motion.

As the sub-prime lending market continues its collapse across the nation residents of New Jersey are still faced with the possibility of losing their homes through foreclosure with seemingly little in the way of outside help available now or in the near future. Until the housing collapse slows down, or the government steps in with some timely aid or assistance there is little more a homeowner trying to stop foreclosure in New Jersey can do except to wait it out and hope for the best, or do the smart thing and find help to stop foreclosure.

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