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