New Jersey pre-foreclosure filings dropped from October to November of this year, thanks in part to a greater number of loan modifications, extended foreclosure terms, and some lender’s mandated moratoriums, as well as to the state-observed holidays when courts did not accept filings, according to the Bergenfield, New Jersey-based Njlispendens.com, a daily online aggregator of court-recorded foreclosure action in the Garden State.

The firm reported filings were down from 4,264 in October, 2008 to 3,080 in November, 2008, a decrease of nearly 28 percent. However, same-month comparisons between 2007 and 2008 show a nearly equal swing the opposite direction, with filings increasing nearly 30 percent.
The firm said it expects an increase in mortgage defaults over the next few months due to a lack of economic recovery and the moratoriums imposed over the holiday season.
Lis pendens, is the Latin term for “suit pending,” and in the legal arena, is a written notice of a real estate-related lawsuit has been filed.