A little Scripture on where Israel stands;
On that day the LORD made a covenant with Abram, saying, "To your descendants I give this land, from the river of Egypt to the great river, the river Euphra'tes, the land of the Ken'ites, the Ken'izzites, the Kad'monites, the Hittites, the Per'izzites, the Reph'aim, the Amorites, the Canaanites, the Gir'ga[bless and do not curse][bless and do not curse][bless and do not curse][bless and do not curse]es and the Jeb'usites. (Gen. 15:18-21).
Thus the LORD gave to Israel all the land which he swore to give to their fathers; and having taken possession of it, they settled there (Jos. 21:43).
But if you turn aside from following me, you or your children, and do not keep my commandments and my statutes which I have set before you, but go and serve other gods and worship them, then I will cut off Israel from the land which I have given them; and the house which I have consecrated for my name I will cast out of my sight; and Israel will become a proverb and a byword among all peoples. And this house will become a heap of ruins; everyone passing by it will be astonished, and will hiss; and they will say, `Why has the LORD done thus to this land and to this house?' Then they will say, `Because they forsook the LORD their God (Yeshua) who brought their fathers out of the land of Egypt, and laid hold on other gods, and worshiped them and served them; therefore the LORD has brought all this evil upon them. (1 Kings 9:6-9).
The Old Covenant that God entered into with the Jews has been superseded by the New Covenant of Christ (the Church calls this doctrine supercessionism). This happened the moment that God tore the curtain of the Jewish Temple in two (Matt. 27:51). When we speak of the Old Covenant, we are referring to the Mosaic covenant, that is, the law that God gave the Jews through Moses (see 2 Cor. 3:14). We are not referring to the Abrahamic covenant which, because it was based on grace through faith, was incorporated into the New Covenant of Christ. This is why Paul says that Abraham is the father of the children of the New Covenant (see Rom. 4:16; 9:7; Gal. 3:29; James 2:21; see also Gal. 3:9,14,16,18).
This means that the Jews are no longer in a saving covenant with God until they renounce Judaism and are baptized into Jesus Christ. The Church has affirmed this fact throughout her history. Thus, even though the Church affirms a persons civil (but not moral) right to religious liberty, its taught that the Church must preach the gospel to the Jews, as she does to everyone else (Nostra Aetate, 23).
God establishes His New Covenant at the First Coming of Christ, not the Second Coming. As we see with Hebrews 9:27-28, when Christ comes the second and final time, He will not come to establish a covenant or forgive sin. He will come to judge sin according to the covenant He has already established at His First Coming.
Peace.