Foreclosures are down nationwide, but linger in New Jersey. Bank repossessions were down 17 percent nationally last year, according to RealtyTrac. Foreclosure filings dropped 3 percent. That represents a drop of 36 percent from a peak in 2010, the firm said.
But foreclosures surged in New Jersey by 55 percent over last year. New Jersey, along with Florida and Illinois, saw the largest increases in foreclosure activity.
In New Jersey, the foreclosure process can take up to three years to complete, leaving a larger than average backlog.So-called judicial states like New Jersey, in which the process must go through the courts, take longer to resolve cases. A backlog built up in 2011 when courts ordered the the mortgage industry to address charges the companies employed questionable procedures in order to streamline the process, often hurting homeowners.
While foreclosure activity declined last year, the inventory of homes in some stage of foreclosure or in banks' possession climbed 9 percent to 1.5 million homes, RealtyTrac said.
Florida accounted for the biggest share of foreclosure inventory last year, or 20 percent of the national total.
The Associated Press contributed to this report
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IF IT'S NOT IN WRITING THE BANKS ARE NOT SERIOUS!
Just a note from Joe and the U R Home Family on negotiating your short sale or foreclosure issues
IF IT'S NOT IN WRITING THE BANKS ARE NOT SERIOUS
Recently in a conversation with a bank on a foreclosure, the bank said they will continue to foreclose on the property in question. Our Expert said we have been trying for over 2yrs to do a reverse on this property for the Owners. What are you people doing we are in the middle of resolving this foreclosure and you people keep moving forward, keep calling the home owner and trying to get them to leave? The Bank said they hadn't received any paperwork (SURPRISE) Well our Expert said WHAT ARE YOU TALKING ABOUT WE'VE HAD ALL THE DOCUMENTS IN WITH YOU FOR MONTHS, WE'VE HAD THE APPRAISAL DONE, EVERYBODY BUT YOU ON BOARD WITH THIS. The bank didn't care one bit they keep hammering us on the continuation of the foreclosure. Our Expert hit the roof. Try it he said you'll get no where we know laws of foreclosure. After a while the bank Representative said OK we'll do this short sale reverse just send us the information and we'll agree (SURPRISE THEY HAD THE PAPERWORK IN FRONT OF THEM AND LIED AND SAID OTHERWISE) Our Expert said put it in writing that you will accept this deal. They said they couldn't do that mmm ??? Why??? They said it's not their policy.
The conversation ended with our expert saying put it in writing if your Bank is serious.
Now, it is well known that the banks do not put it in writing because to date the banks have always taken back what they had earlier agreed on and cause the Home Owner pain, suffering and possible loss of additional money put out for appraisals, mortgage applications, or giving the banks money to end the foreclosure, later they Home Owner discovers that the foreclosure is still proceeding, and that the banks says they used the money given to pay for attorney fees, processing fees,insurance for the property and whatever else they can come up with to depress the owner further.
SO OUR EXPERT SAYS.. GET IT IN WRITING BEFORE PAYING ANYTHING TO THE BANKS.
The servicers of the loan continue to make money as long as the property has not been fully foreclosed on. The banks continue to make money from the Home owner if they Home Owner trys to do a modification or makes a large payment in hopes so restoring the loan and saving their Home.
lastly and to repeat it.
GET IT IN WRITING
Jolan's latest opinion on Foreclosure News.
Recently Joe was speaking to Cheryl a friend of the U R Home Family, during the conversation Cheryl made some valid points about the Real Estate Market.
After careful consideration and some more investigation Joe was able to form an Expert Opinion which is.
IS IT POSSIBLE THAT THE BANKS ARE KEEPING UP THE HYPE ON THE HOUSING MARKET?
IS IT POSSIBLE THAT THE REASON THEY ARE KEEPING THE DECLINING SALES IN THE NEWS, IS TO PROMOTE THEIR OWN GREED?
IS IT POSSIBLE THAT BY KEEPING THE HOUSING MARKET DOWN THAT THE ONLY PROPERTIES THAT WILL BE AVAILABLE WILL BE THE FORECLOSURES, THUS CORNERING THE MARKET AND RAISING THE PRICES ON THE FORECLOSED PROPERTIES?
Joe already knows that a great deal of the banks, the so called servicers, and what Joe calls the Better's (the ones that bet on the market just like gambling) make not only the insurance money when the property goes into default, and by not foreclosing immediately the servicers make money, then at sheriff's sale most of the properties are bought back for $1000 they then are able to re market the property they've already collected insurance money,betting money,servicers money etc. The Banks then list the foreclosure for sale and in AS IS CONDITION no repairs etc. and make more money.
Joe knows that Buyers think the market will continue to drop. A good deal of Sellers are afraid to list their property fearing they will lose a lot of equity. However foreclosures remain, assuring The Banks of a controlled market, controlled by The Banks.
What do you think? Joe and U R Home would love to know?
Email us and we'll post your opinion. MVATOR1@AOL.COM
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Our Expert Jolan has been running all over Central Jersey Getting the opinions on Foreclosures and Short Sales.
Joe says for many Short Sales it's a NO Deal situation. Jolan and U R Home have spoken to many short sale victims. Most Buyers say that they have waited and waited for some proof, as in a signed contract or commitment letter from the bank and usually it's taken them months before they even know if they have a deal. Most Buyers have lost their lock in rates, or have wound up with a higher interest rate then they would of had, had they got a deal or no deal status on the Short Sale. Bottom line Jolan said, it's always a long sale on the short sale.
Best deals in Today's Market is a Good Old Fashioned Sale.
Joe says, Just say No to Short Sales IF you don't have the patience to wait.
Jolan also reminded his Buyers, you get what you pay for, as they say Let the Buyer Beware.
It's great for the Buyer if the deal works out, they purchased the property below market value and their were no real issues with the property. Often times this is not the case. When you buy short sales or foreclosures it's often times as is.
Foreclosures also means the previous owner can come back and repurchase their Home..
Again Joe says, Let the Buyer Beware.
Call U R Home Realty Today for all your Real Estate Needs.
Tell them Joe sent you!
908-707-8900
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