When the Covid-19 pandemic struck, the State of New Jersey began offering a variety of relief programs to those struggling as a result of the pandemic. Some of these programs were designed specifically to help homeowners avoid foreclosure. Programs like Emergency Rescue Mortgage Assistance (ERMA) and the foreclosure moratorium, among others, were successful in preventing countless families from losing their homes.
However, most of these programs have now ended or will be ending soon. Understandably, many are left wondering what impact these will have on local homeowners and what options will be available to those still facing financial hardship.
NJ Foreclosures Spike As COVID Relief Expires
Foreclosures in New Jersey are increasing sharply. The last two quarters mark a rise not seen since before the pandemic wherein foreclosures had been trending down since late 2013.
According to data obtained by the State of New Jersey Department of Banking & Insurance, the surge began in Q4 of 2021 and is attributed (unsurprisingly) to the State’s lifting of the foreclosure moratorium as of November that same year.

Granted, the post-moratorium spike was largely anticipated. However, our state now has the second highest foreclosure rate in the nation according to Yahoo! Finance’s report analyzing July 2022 data.
With foreclosures projected to reach pre-pandemic levels by the end of this quarter, many residents are left wondering what options might be available to them in attempt not to lose their home.
Fortunately, there are still viable alternatives to foreclosure available. Options that – when executed correctly – can help struggling New Jersey residents alleviate their financial hardships and still stay in their home.
Foreclosure Alternatives In New Jersey
If you are facing foreclosure, it is important to seek legal assistance. A licensed attorney who specializes in this area can offer counseling on relief options and will make sure that you exercise every option available to save your home. Most attorneys in this area of the law, including our firm, offer free consultations to review these options. Since many of the relief programs will be ending soon, it is important to consult with an attorney now.