New Jersey Struggles to Move Properties Through the Foreclosure Process

While the housing market rebounds to pre-recession numbers in many states, New Jersey is still struggling to push properties through the foreclosure process, leaving the state with one of the leading foreclosure rates nationwide and the highest number of vacant homes in distress. As of April, just under one-half of a percent of homes across…


Notice of Intent to Foreclose In New Jersey – Explained

Before mortgage lenders can file a complaint in foreclosure, they must send the homeowner, through either registered or certified mail, a Notice of Intent to Foreclose. This mailed document must include a requested return receipt and must be sent a minimum of 30 days before the lender can file a foreclosure Complaint. This notice is…


Foreclosure Laws Impact Home Prices

State foreclosure laws affect foreclosure inventory There are two basic types of state foreclosure laws: judicial and non-judicial. In non-judicial states, foreclosures are handled through a streamlined process. They usually take a few months. In judicial states, foreclosures can take years. Judges are often reluctant to push delinquent borrowers out of their homes. As you…


March 2016 Foreclosure Inventories Highest in New Jersey, New York, Hawaii

In March 2016, 36,000 U.S. home foreclosures were completed, up 9.3% month over month and down 14.9% from a total of 42,000 in March 2015. The current foreclosure inventory totals 1.1% of all homes with a mortgage in the United States, down from 1.4% in March of last year. The number of U.S. homes currently…


South Jersey Home Sale Prices Whacked by Distressed Market

South Jersey real estate continues to be hit hard by distressed  and foreclosed properties, Atlantic County most of all. Lenders started foreclosure actions against 399 homeowners in the county in the first three months of this year. There were also 476 notices of sheriff’s sale and 328 bank repossessions. Combined, this meant there was some…


Atlantic City has Highest Foreclosure Rate in First Quarter 2016

Atlantic County, home to New Jersey’s fiscally distressed gambling center Atlantic City, had the highest foreclosure rate of any major U.S. metropolitan area in the first quarter of 2016. One in every 106 housing units in Atlantic County had a foreclosure filing in the first quarter, compared to a nationwide rate of one filing per…