New Jersey is 1st place in...

[Zeke 5,504]

Home foreclosures?

Check out: The streak continues — NJ still the worst state for foreclosures http://nj1015.com/the-streak-continues-nj-still-the-worst-state-for-foreclosures/

 

not good

[Handyman 5,682]

In other states people probably fight to keep their home. Here, people probably just walk away. Small price to pay if you can escape from the Dirty Jerz.

[Zeke 5,504]

26 minutes ago, Handyman said:

In other states people probably fight to keep their home. Here, people probably just walk away. Small price to pay if you can escape from the Dirty Jerz.

My Nieghbor did jus this” nah... I refinanced to stay above water... I talked to mortgage company. I put my deposit down on my 55 and over apartment “

[Zeke 5,504]

You guys gals ever Zillow your town?

[Sniper 6,372]

From the article:

...." For the second straight quarter, the nation saw a dip in the average amount of time it takes for a foreclosure to go from start to finish. The current average in New Jersey is 1,161 days — third highest in the country. "

I watch the RE market pretty closely in my area. I can confirm that the banks sit on these houses for YEARS before actually foreclosing on them. Multiple years.. I've watched some people go in default, then stay in the house for close to 4 years without paying the mortgage before getting kicked out. It's absolutely crazy.

I'm searching to buy some of these foreclosures, but by the time the bank kicks the defaulters out, they've let the house go completely to crap, and they need so much work, it ain't worth the price the bank wants. Or, the bank let's the house sit empty for multiple years, and it becomes a mold fest and looters break in and steal all the copper and anything else they can.

 

[Sniper 6,372]

3 minutes ago, Zeke said:

You guys gals ever Zillow your town?

Multiple times a week.

22 minutes ago, Zeke said:

My Nieghbor did jus this” nah... I refinanced to stay above water... I talked to mortgage company. I put my deposit down on my 55 and over apartment “

I know someone who did something close. They strategically defaulted on their mortgage, then banked all the money they weren't paying on their mortgage in the Bank of Sealy. When their mortgage company finally kicked them out, they walked, and moved to Tenn. and bought a house for cash (from under their mattress).

Isn't America wonderful?

 

[Zeke 5,504]

2 minutes ago, Sniper22 said:

Multiple times a week.

I know someone who did something close. They strategically defaulted on their mortgage, then banked all the money they weren't paying on their mortgage in the Bank of Sealy. When their mortgage company finally kicked them out, they walked, and moved to Tenn. and bought a house for cash (from under their mattress).

Isn't America wonderful?

 

N.J. is also # 1 on eviction time.. dead last

[Zeke 5,504]

12 minutes ago, Sniper22 said:

From the article:

...." For the second straight quarter, the nation saw a dip in the average amount of time it takes for a foreclosure to go from start to finish. The current average in New Jersey is 1,161 days — third highest in the country. "

I watch the RE market pretty closely in my area. I can confirm that the banks sit on these houses for YEARS before actually foreclosing on them. Multiple years.. I've watched some people go in default, then stay in the house for close to 4 years without paying the mortgage before getting kicked out. It's absolutely crazy.

I'm searching to buy some of these foreclosures, but by the time the bank kicks the defaulters out, they've let the house go completely to crap, and they need so much work, it ain't worth the price the bank wants. Or, the bank let's the house sit empty for multiple years, and it becomes a mold fest and looters break in and steal all the copper and anything else they can.

 

N.J. foreclosure laws are tuff.. that’s part of the problem 

[voyager9 3,433]

12 minutes ago, Sniper22 said:

I'm searching to buy some of these foreclosures, but by the time the bank kicks the defaulters out, they've let the house go completely to crap, and they need so much work, it ain't worth the price the bank wants. Or, the bank let's the house sit empty for multiple years, and it becomes a mold fest and looters break in and steal all the copper and anything else they can.

 

I can understand why the bank would sit on an occupied house. It’s in their interest to work with the resident if they can. NJ is notorious for how long it takes to evict (see all the rent-to-own shenanigans). But why would a bank sit on a vacant house?  Surely they know it’s just deteriorating and their losing value as it sits.   

[Sniper 6,372]

1 minute ago, voyager9 said:

But why would a bank sit on a vacant house?  Surely they know it’s just deteriorating and their losing value as it sits.  

Because they keep the original mortgage amount on their books as an Asset. Once they sell it, at an amount less than the mortgage balance, they have to book the loss as a Liability.

 

4 minutes ago, Zeke said:

N.J. foreclosure laws are tuff.. that’s part of the problem 

True, it can take a long time  (years) for a bank to get their day in court, after they start the official foreclosure process. If the current owner is "creative", they can drag that process out even longer.

[Mrs. Peel 7,156]

4 minutes ago, Sniper22 said:

Because they keep the original mortgage amount on their books as an Asset. Once they sell it, at an amount less than the mortgage balance, they have to book the loss as a Liability.

Yes, and there ought to be some kind of pressure brought on these banks, because this practice really crushes small towns. A few foreclosures sitting empty, falling into disrepair, pulls down the value of all surrounding homes, lowers comps, etc. It's a real problem not just in NJ, but all across the country. I'm not usually quick to say, "there oughtta be a law..." but in this case, maybe there should be? 

[Sniper 6,372]

5 minutes ago, Mrs. Peel said:

A few foreclosures sitting empty, falling into disrepair, pulls down the value of all surrounding homes, lowers comps, etc.

That's true. Some towns put a lot of pressure on the banks to maintain the property, cut the grass, etc. and the banks have to pay utilities, taxes, insurance and winterize the houses. Plus, many get broken in and get trashed and fixtures get ripped out, so the bank takes a loss on all those costs.

It must still be more beneficial for the banks to carry the non-performing loan on the books versus just selling it. Go figure...

 

[Sota 1,191]

37 minutes ago, Sniper22 said:

From the article:

...." For the second straight quarter, the nation saw a dip in the average amount of time it takes for a foreclosure to go from start to finish. The current average in New Jersey is 1,161 days — third highest in the country. "

I watch the RE market pretty closely in my area. I can confirm that the banks sit on these houses for YEARS before actually foreclosing on them. Multiple years.. I've watched some people go in default, then stay in the house for close to 4 years without paying the mortgage before getting kicked out. It's absolutely crazy.

I'm searching to buy some of these foreclosures, but by the time the bank kicks the defaulters out, they've let the house go completely to crap, and they need so much work, it ain't worth the price the bank wants. Or, the bank let's the house sit empty for multiple years, and it becomes a mold fest and looters break in and steal all the copper and anything else they can.

 

You interested in property in northern NJ?

[Sniper 6,372]

16 minutes ago, sota said:

You interested in property in northern NJ?

For the right price, anything is possible.