Foreclosure Filings Rise In New Jersey, Fall Nationally

Regulations that took effect in California last month contributed to the recent 7% decline in national foreclosure filings. The state had long been recording the highest number of foreclosure filings of any state, however, on January 1, a Homeowner Bill of Rights became law, offering more protections for California borrowers in default. As a result, new foreclosure filings in California fell 62% in January. Under the new rules, mortgage servicers must halt all foreclosure proceedings once a borrower applies for a mortgage modification. Foreclosure auctions actually rose in 26 states, including four big ones: Florida, Illinois, Pennsylvania and New Jersey.

CNNMoney  February 14, 2013