Important Details about New Jersey Foreclosure Properties
Foreclosures around the country are continuing to rise with New Jersey being no exception. If you are a bargain hunter looking to buy either an investment property or a home of your own in this area, a New Jersey foreclosure property can be purchased at a price much lower than market value. This article will discuss New Jersey foreclosure law, along with some current statistics to assist you with your foreclosure purchase decisions in this state.
According to realtytrac in October 2008 the county of Essex had 1,297 foreclosures (one in every 238 homes). That was closely followed by Bergen with 947 properties in foreclosure (one in every 367 homes), Passaic was next with 829 foreclosures (one in every 206 homes) and the county with the 4th largest foreclosure properties was Union with 809 properties at foreclosure (one in every 242 homes).These counties would probably be a good place to start looking for bargain real estate due to the high number foreclosures occurring in them. If you’re interested in looking up the details of New Jersey foreclosure properties for sale, there are listing sites that offer FREE 7-day trials where you can search for foreclosures in the county you’re most interested in.
New Jersey foreclosure proceeding are judicial, meaning they are dealt with through the court system. When the borrower falls behind in a payment, the lender acquires a law suit against them and the court contacts the borrower asking for payment. If this is not paid within the time period given, approx 35 days, the court gives notice of sale on the property and posts the foreclosure notice in the county office. They are also required to post the notice in 2 county newspapers. It is the lenders duty to contact the borrower with notice of the foreclosure at least ten days before the foreclosure sale date.
In a New Jersey foreclosure, the borrower has a “right of redemption” which allows them up to 10 days after the foreclosure sale to make good with the amount owed to the lender – the full loan amount in addition to any extra interest or other related costs. If you’re buying foreclosure properties in New Jersey be aware of the borrower’s right to do this.
New Jersey foreclosure properties are in abundance at the moment and it may prove well worth your while spending some time researching property listings in this state in order to purchase a bargain investment or home of your own.
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