| Foreclosure listings in New Jersey are
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| | these deals are readily available. So,
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| quickly becoming unmanageable. Due to
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| | if you are one of the manypeople in the
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| the rapidincrease of foreclosure listings
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| | New Jersey housing market, look to
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| in the State of New Jersey, new
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| | foreclosure listings as a means to
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| legislation is beingintroduced to check
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| | findyour next real estate investment.
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| out the loan officer before any more
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| | Foreclosure listings are simply an index
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| mortgages are being offered.
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| | of properties which the homeowners
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| This is due to the predatory practices of
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| | havedefaulted on the loan and the lender
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| certain lenders who will approve loans
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| | has now regained possession of the
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| for peoplewho truly should not qualify.
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| | property. Thesehomes are being sold for
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| Predatory lending is a definite cause
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| | the amount of money still owing on the
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| resulting in New Jerseyhaving an
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| | property. Many timesthe home is being
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| overwhelming foreclosure rate.
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| | sold for 10% to as much as 50% lower than
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| New Jersey is also suffering from
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| | their market value. Thelender allows the
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| foreclosure woes due to ARM's (adjustable
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| | home to be sold under market value for
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| ratemortgages) now hitting their peak.
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| | several reasons:
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| Many homebuyers took advantage of
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| | 1. Lenders are not real estate agents,
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| lowintroductory interest rates offered
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| | they truly do not like homes in
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| with ARM's as a way to qualify for the
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| | theirpossession. If the home is in their
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| mortgage. Therule of thought was to
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| | possession, they are not earning any
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| qualify since the interest rate and
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| | moneyfrom it.
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| corresponding payments werelow. This
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| | 2. The Lender wants to dispose of the
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| would buy the homewoner time to get more
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| | property as quickly as possible, so they
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| financial backing. However, thestate of
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| | arewilling to sell it for what remains
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| the economy in New Jersey, as well as
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| | ¡°owing¡± on the property.
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| across the country did not play into
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| | 3. Lenders do not want to care for
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| thehands of these same homeowners. Now
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| | maintenance and other homeowner issues
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| the introductory rate has expired and
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| | for theforeclosure properties.
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| higherpayments are becoming due. These
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| | Properties found on foreclosure listings
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| same homeowners are finding themselves
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| | can save you quite a bit of cash and
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| not is afinancial situation to be able to
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| | reward youwith instant equity. Find your
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| afford these higher payments.
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| | New Jersey foreclosure listing, and save
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| Don't misunderstand, many people still
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| | time andpotentially thousands of dollars
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| can qualify for a mortgage and are in the
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| | today!
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| housingmarket. This is where a fully
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| | Bob Smith regularly writes for
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| detailed foreclosure listing can produce
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| | E-ForeclosureSearch.
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| some incredibledeals, and in New Jersey
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