The fix is to allow lenders to foreclose without requiring approval of the judiciary, everything else is a gimmick and give-away, like this from NJ101.5:
A new report finds the foreclosure crisis in South Jersey is more severe than any other part of the state.
The report finds New Jersey has highest foreclosure rate in the nation.
Darren Spielman, the executive director of the Senator Walter Rand Institute for Public Affairs at Rutgers-Camden, said the average foreclosure rate in the Garden State is 1 in every 639 housing units. But six of the eight counties with the highest foreclosure rates are in South Jersey.
He said this is the result of lower incomes in South Jersey.
“The economy hasn’t rebounded the same way it has up north coming out of the recession. There are still pockets of low employment,” he said.
He noted when properties are sitting for years as real estate owned, which means they’re foreclosed and owned by a bank or the municipality, they lose about half their value, which in turn drags down the value of other homes in the area.
The report points out that along with the high number of foreclosures, South Jersey has a high percentage of lower and middle-wage individuals living in homes and apartments they can’t afford.
“If you look at the six counties with the highest foreclosure rates, nearly 61 percent of renters are in housing that is unaffordable based on federal guidelines, and more than half of owners are in unaffordable housing,” he said.
To address this, he said we need “to create an efficient process to get foreclosed properties back on the market in a way that they can get into the hands of residents in an affordable way.”