The NJ Tax Blog

According to an article in the Sunday Star Ledger, a typical foreclosure takes 3 years to complete. Due to an initiative by Chief Justice Stuart Rabner, foreclosures were halted on December 20, 2010 to address concerns that the Courts were rubber-stamping files with inaccurate or inadequate paperwork.

Judge Rabner's decision will be felt for many years.


According to the article, lenders are waiting to file 28,500 foreclosures and another 55,000 mortgage loans are more than 90 days delinquent. At the current rate, it will take 49 years for banks to clear the logjam of these mortgage loans.

And when the foreclosed homes hit the market, home prices will be negatively affected.


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