Tag: FORECLOSURE

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A Better Look at the Common Defenses of a Foreclosure

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When homeowners default on a loan for their property, the lender may take steps to foreclose on the property and sell it at auction. There may be specific defenses, however, that the homeowner can raise to defend against foreclosure. It is important that he understands the process of foreclosure and how it works, regardless of whether you are afraid that the bank will start foreclosure proceedings or you are already into a foreclosure lawsuit. 

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U.S. Foreclosure Activity Drops to 15-Year Low In 2019 ,New Jersey Still Leads

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the staff of the Ridgewood blog

Ridgewood NJ, according to ATTOM data solutions  US Foreclosure Starts  have hit a new record low nationwide, with the highest foreclosure rates in metropolitan areas along  the East Coast.

ATTOM Data Solutions, curator of the nation’s premier property database and first property data provider of Data-as-a-Service (DaaS), today released its Year-End 2019 U.S. Foreclosure Market Report, which shows foreclosure filings— default notices, scheduled auctions and bank repossessions — were reported on 493,066 U.S. properties in 2019, down 21 percent from 2018 and down 83 percent from a peak of nearly 2.9 million in 2010 to the lowest level since tracking began in 2005.

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New Jersey Leads the nation Again in Forclosures

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file photo by Boyd Loving

March 21,2018

the staff of the Ridgewood blog

Ridgewood NJ, according to FOX Business News ,”Two-and-a-half million U.S. homeowners were underwater on their mortgages as of the fourth quarter of 2017, according to property analytics provider .” and New Jersey has once again claimed the honor of leading the nation in foreclosures in 2017.According to a new report from ATTOM Data Solutions last year close to 70,000 properties went through the foreclosure process in the Garden State, still less than the roughly 74,000 in 2016. That’s far from the rest of the nation, which is experiencing 12-year lows.

Bergen County had : 3,357 (one for every 105 houses) Foreclosures, which was actually down from 2016 by -15 percent . 46 homes are currently listed in Foreclosure on Real Estate website Trulia in Ridgewood .

New Jersey is hurt in the numbers because foreclosures take longer to play out in the state, but with the new drive from Governor Murphy and the Trenton mafia to raise taxes on everything , you can be sure that added cost pressures will and drive more businesses and home owners out of the state.

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THE FORECLOSURE CRISIS TRENTON IS IGNORING Popular Narrative: ‘Let It Ride and Have the Banks Handle It’

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By Bob Hennelly | July 30, 2017

Listening to Wall Street based business reporting you would believe that the nation’s foreclosure crisis is in the nation’s rear view mirror. Yet, in New Jersey in places like Newark, East Orange, Paterson and Atlantic City foreclosures are hollowing out entire primarily African-American neighborhoods. Go to any on line real estate tracking site like Zillow and you can see the carnage depicted graphically. Atlantic City has the highest foreclosure rate in the country.

On the ground in these places it has meant vacant zombie homes, where families were pressured out, and banks have failed to re-market these distressed properties, and they continue to depress local property values. Sometimes the derelict properties catch fire and threaten the lives of those left behind. For those remaining families in these places, that are desperately trying to hold on to their homes, this downward spiral makes holding on even harder, as they find their mortgages sinking deeper and deeper underwater.

But that is not the only economic force drowning these folks,  as they tried to hold on to their piece of the American dream that often has been in their family for a couple of generations. The local governments have tried to make up for the slide of their ratable base  by raising property taxes. In some cases like Atlantic City by double digits as in 2014 when that City’s property levy spiked by 29 percent in one year.

https://www.insidernj.com/foreclosure-crisis-trenton-ignoring-popular-narrative-let-ride-banks-handle/