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Foreclosures

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NJ Holds Lead in Foreclosures

New Jersey still holds the lead with the highest number of foreclosures in the United States. 1 in every 980*

Foreclosure Filings in NJ were 4% higher than in March.

Good news the number of foreclosures is 24% lower than the same time last year.

Recommendations

  • Although it is not recommended, you can even file 5 minutes before the Sheriff’s sale.
  • Do not wait to look at options to keep your home and not be subject to foreclosure by the bank or tax foreclosure.
  • It is best to come in for a free consult and plan in advance.   Your home affects you and your family’s stability.

*based upon stats by Realtytrac

Tenant’s Rights in the Foreclosure Process

November 28, 2016tenant

I receive many calls from tenants as well as landlords who own/rent a residential property related to the foreclosure process and how it affects rental payments..

A tenant must continue to pay rent to their landlord or to the receiver if one is appointed until the ownership changes.   Tenants should keep receipts of all money that is paid to their landlord not only to avoid eviction but also to provide to the new owner of the property.

If tenants do not pay rent, a landlord can evict a tenant.   However, the landlord must go through the Court in the normal court process.

Pending foreclosure action alone is not grounds for eviction to remove a bona fide tenant.  Tenants have rights whether there is written lease with the landlord or not.

Tenants who want to stay in the home that is in foreclosure can only be removed through the Court process.

However, since the foreclosure process may take some time, it is important for tenants to continue to pay rent.   Landlords can evict tenants even if the house is in the foreclosure process.

Sheriff’s sale notices are listed in the County Sherriff’s websites so you can always see when the sheriff’s sale is to take place.

Rigged Foreclosure Sales

Foreclosure Rigging
August 30, 2016

It seems that people will always find a way to cheat or rig something.    You would hope that when a home goes up for foreclosure that the bidding would be fair.

What happens when “friends” get together at a foreclosure sale and set out to get the price below what would normally be paid for a home?   People eventually get caught. read more…

Stop a Sheriff’s Sale

January 26, 2016

I receive numerous calls from clients panicking because the Sheriff’s sale of their home is set for that day or the next day.

I understand when some debtor’s get behind in their mortgage payments and their house is in Stop Sheriff Saleforeclosure, they just put their head in the sand.   Debtors become immobilized by fear and disgust.   Losing your home is devastating; it is not similar to giving up a car or other asset.   Your home is special to you and
changes your whole world when it is taken.  Having an undergraduate degree in psychology, I know my compassion and understanding are needed at this time to bring my clients to take action.  Debtors even stop opening their mail; they just can’t deal with the situation at hand.  read more…

New Term – Zombie Foreclosures:

Zombie foreclosuresJuly 6, 2014

In the past, when we think of Zombies, we envision a horror film, e.g. the Night of the Living Dead.

Now houses that are left abandoned with the high number of foreclosures are being referred to as Zombie Foreclosures.

The problem with these undead domiciles is that, once abandoned, they quickly fall into disrepair and become targets for vandalism, graffiti and squatters, all of which can bring down the value of surrounding homes.

You need to “kill” these Zombie houses in your neighborhoods before they eat all of your profits in your homes of the neighborhood.

CaptureZWhen owners learn that their homes are being foreclosed, they:

  • Run out of their homes as quickly as possible sometimes without anyone seeing them leave.   Homes are left abandoned and empty for many years.

These Zombie houses can sometimes be picked up for a steal and can kill the value of your home.

We all know the fear of Zombies in the movies but now we have to fear the Zombie houses in our local neighborhoods.

NJ Still Drowning in Underwater Mortgages

Foreclosure NJMay 15, 2014

While foreclosure rates fall in other parts of country, New Jersey on track for another 50,000 filings this year.

Homeowners have it worse in New Jersey cities than almost anywhere in the nation, according to a new study of “underwater” mortgages, those with debt loads higher than the properties actually are worth. read more…

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