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They are definitely on the rise in New Jersey.  It's unfortunate as to what is going on in today's market.  A lot of people are in trouble and we meet with an average of two to three clients a week that are having problems with making their mortgage payments.  Some we can have our mortgage specialist refinance them and help them keep their house, others we help them sell their house quick so they can save their equity, and then there are those that have no  equity at all and they actually owe more than what the house is worth.  In those situations, we help them by doing a short sale. 

Also, if someone wants to keep their house and their loss of income is temporary due to a disablitiy or loss of job, we recommend the homeowner to call the bank themselves and ask them to do a loan modification.  The bank will most likely work with you.  They will let you repay the missed payments over the course of a few months.  Also, the lender may change the terms of the loan so the borrower can afford the payments. For example; they might change your terms from a 30 year loan to a 40 year loan, or lowering your interest rate.  The missed payments, plus penalties and other costs are rolled into the principal amount and spread out over a longer period.

Check in often on more posts like this about real estate and today's market.