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Article #188: New Jersey Legislation looks to the Loan Officers to Thwart Additional Foreclosings.

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






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