New Jersey “jumbo” borrowers – those with loans for as much as $729,750 — are falling behind on their monthly mortgage payments and staying behind, according to New York City-based credit ratings agency Fitch Ratings.

Borrowers in New Jersey who were 60 days or more behind in their bills tripled in December, compared to the same period in 2008. More than 7 percent of “jumbo” borrowers were delinquent by at least two months in the last month of 2009.

Jumbo refers to debts that are too large to be bought by government-supported lenders of last resort such as Freddie Mac or Fannie Mae.
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