- Feb 14,2008
- In: Foreclosure
New Jersey Foreclosures
The state of New Jersey is in the Mid-Atlantic and Northeastern areas of US. It rapidly grew into a boom city and the latest report is that New Jersey has more millionaire residents than any other place in the country. Yet in this paradise of money and wealth foreclosures have sneaked in causing discussions on New Jersey foreclosures.
New Jersey foreclosures are guided by the laws of the state. Judicial foreclosure is available here but not non-judicial foreclosures. So all New Jersey foreclosures are judicial foreclosures. In New Jersey foreclosures there is right of redemption and deficiency judgment is also allowed. There is no provision for special comments in New Jersey foreclosures. In New Jersey foreclosure the court decides how much the borrower owes the lender and then allows for some time for repayment. The time is short. If the borrower fails to comply then according to the rules of New Jersey foreclosures the court advertises for the sale of the property. This kicks off the process of New Jersey foreclosures. Notices have to be posted in the local county office, on the property in dispute, and in two daily local newspapers. The lender must notify the borrower ten days in advance about the foreclosure sale. According to New Jersey foreclosure laws the lender can get a deficiency judgment and the borrower has the right to redemption by objecting within 10 days of the sale. New Jersey foreclosures can be avoided by resorting to loan modification, forbearance, short sale or deed-in-lieu of foreclosures. Thus for those facing New Jersey foreclosures there are many avenues left open.
New Jersey foreclosures followed the trend in the rest of the country and rose in 2007, although the position is not quite so bad as in other places New Jersey foreclosure numbers make the state rank 16th amongst those worst affected. The sub-prime mortgage is squarely blamed for New Jersey foreclosures. The intensity of New Jersey foreclosures varies from one locality to another. The highest concentrations are in Trent, Jersey City and Newark. Prosperous Somerset and Union Counties were new entrants in the foreclosure zones. It points to meddling by investors who speculated in these costly regions hoping for quick profits. But now sluggish real estate market is preventing them from disposing of the units – leave alone make profits. The all round picture is that the bleeding has somewhat stopped in New Jersey.
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