Foreclosures Help Information

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New Jersey Foreclosed Homes

Question: Can someone tell me how Just Cause Evictions work in NJ?

How do just cause evictions work in new jersey? If a renter lives in a single family home that is going into foreclosure...the renter can not be evicted, correct?

I am under the assumption that once the home does foreclose, the bank then becomes the landlord for the remainder of the lease? (the lease that was signed with the previous owner, whom has now foreclosed).

Has anyone heard of this? Any weblinks would be good...

And please, no silly comments or answers...
ok reeneez and 9 daughters are wrong....in most states this would be true, but I KNOW, nj has some different laws about this...

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Answer: Everywhere I know of, when the lender forecloses it voids your rental contract and you're outta there.

Here's why. When a bank forecloses they have to get rid of the property. They can't keep it and just become the new landlord. They're not in the landlord business and don't want this repsonsibility.Homes sell better if they're vacant too and the bank has to make its best effort to sell the home so the bank usually gives the tenants notice immediately. If your family is a fourplex or something where it's not likely to be owner-occupied the bank may not give the tenants notice because the buyer will probably want those tenants but, in your case, you say you're in a single family home so that wouldn't apply.

Sorry.

New Jersey Foreclosed Homes - NJ

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New Jersey Foreclosed Properties

Question: Where can I find foreclosed properties in south New Jersey?

I need to buy a home and looking for something low priced, thinking foreclosed----where can i find them?

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Answer: your local goverment will usually have tax auctions they are public
is city taxes village.state county
good luck

Selling foreclosed properties in Essex

New Jersey Foreclosed Homes For Sale

Short sales in New Jersey can give home and property buyers an excellent bargain. Short sales are given away by their prices, when they seem far too low for the value of the property. This might be kind of difficult to tell in today's de-valuation of property, but simply compare that property to other similar ones in the area to see if it could be a short sale or not. A question to the agent who lists the property will reveal for sure whether or not the properties you're looking at are short sales in New Jersey, or if the prices are low for other reason like the need for repairs or poor location.

While short sales in New Jersey are designed to sell fast for less than the value of the property, sales don't always run as smooth as that. Consider that the lender is probably unhappy about the short sale, and the homebuyer who can no longer make the mortgage payments came into the idea in a state of need. When short sales in New Jersey take place, that means that the buyer can't make the payments and has convinced the lender to sell the property for less than its value. This helps the lender sell the home to someone who will make payments, and can help keep the buyer from being foreclosed upon or having to file bankruptcy, if that's even possible.

The first thing to remember about short sales in New Jersey is that the price that's offered is usually pretty close to the price the lender expects to get. So low-ball offers will probably be rejected summarily. And short sales in New Jersey aren't always because the buyer can't pay. It could be a case of the property being over-valued originally, or that the value has dropped, even while the buyer is current.

It's important before you consider buying short sales in New Jersey that you know the history of the property. Look through public records to discover who the titleholder is, whether a foreclosure has been initiated and how much money is owed on the property. Having this knowledge, especially about how much is owed, can give you the upper hand when making offers to the lender. In cases where there are two loans on that property from two mortgage lenders your offer will need to be higher in order to make it work, so you may want to look at other short sales in New Jersey for better bargains.

You'll want an agent working for you that's handled many short sales in New Jersey to avoid the things that can drag down negotiations and closings, and make sure you get the proper follow up throughout the whole process. And an experienced agent can help protect you from short sale scams, like the home buyer who's behind on the mortgage payments insisting that you must pay him or her a fee in order to be able to purchase the short sale, which is fraud. Get a good agent and protect yourself when buying short sales in New Jersey.

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