Answers For Owners Blog

Facing foreclosure is an event that puts an unbelievable amount of stress on homeowners. Before you do something like Ms. Christman is accused of, stop, take a deep breath and honestly look at your options. Before you spend $2.81 and find a book of matches, call 888-611-0914 or fill out this form.

Gaines Twp.- Kent County Deputies have arrested the homeowner for the September 1st fire at 6825 Deer Cove Drive.

Christman was arraigned this afternoon for the arson charges. Bail was set at $20,000. Her preliminary court date is set for Oct. 1st at 2 p.m. reported by WZZM13

Tags: foreclosure : fire

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Posted In: Foreclosure

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Sorry about the lack of posting as of late but we have been really busy working on a few purchases. In one matter we are working with an owner facing a foreclosure sale in the next week. The house in question needs some work and owner is about $15,000 behind in payments, penalties and interest. We are bringing those current and giving them some cash so they can move on with their life. Time is of the essence here so most of our time has been spent dealing with the mortgage lender, and inspectors and contractors.

Posting will resume at a more frequent pace soon - In the meantime, take a look at this post by The Consumerist which gives some of the deceptive advertising language lenders have used and borrowers should watch out for.

Tags:mortgage : new jersey : sorry (for not posting)

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Posted In: Foreclosure , Web Resources For Homeowners

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At least 8,000 of the 143,898 New Jersey borrowers who opted for subprime mortgages went into foreclosure in the first half of this year.

Of the 15,426 first-time foreclosures filed in New Jersey in the first six months of this year, 53 percent involve borrowers with adjustable rate mortgages. Nationally, the figure is 37 percent for the same period.

Black and Hispanic borrowers, who hold 41 percent of subprime loans, have been hardest hit.

A 2005 Freddie Mac survey found 61 percent of delinquent borrowers did not know there are workout options, and significant percentages of those borrowers did not return lender phone calls out of embarrassment or a lack of faith that anything can be done to help them.

The Federal Housing Administration will provide information on home ownership, mortgages and dealing with lenders on Sept. 29, from 9:30 a.m. to 2 p.m., at Essex County College, 303 University Ave., Newark. People can register by calling 1-800-CALLFHA.

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Posted In: Foreclosure

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• Talk to your lender
• Talk to HUD
• Refinance
• Declare bankruptcy
• Negotiate a short sale
• Sell your home fast
Well now there seems to be a new strategy developing. Sue your broker/lender for misleading you into an inappropriate loan. Today's Wall Street Journal discusses this new tactic here. A growing number of private lawyers, with help from consumer-rights groups and legal-aid lawyers, are pursuing legal relief for borrowers who got loans they had little chance of repaying and, the lawyers argue, shouldn't have been granted. Taking cases on a contingency-fee basis, these lawyers are giving borrowers the chance not only to stop foreclosure and rescind the loan, but also to seek damages for abuses in some cases. The aim is to prove that lenders granted fraudulent or "unconscionable" loans with terms skewed heavily in their favor, or to fight abuses by servicers such as phony fees that cause homeowners to default. The lawyers handling these cases are taking them on a contingency basis meaning they only get paid if they win. That means that many homeowners who pursue this course of action may not actually get an attorney to take their case unless their particular circumstances are a "slam dunk" win for the attorney.

Homeowners considering suing their broker for their foreclosure need to remember that once the foreclosure action is filed, there is a limited amount of time to find a solution. Unless you have a remarkable set of circumstances - Don't waste your time trying to get an attorney to take your case. However if you do think that your case has merit, find an attorney qualified to handle wrongful foreclosure claim. This is a new area of law that not many attorney will know how to handle. Contact your local bar association and ask for a list of referrals. Also keep in mind that if you proceed and file a lawsuit against your broker/lender, and you lose, you may be required to pay the other side's legal fees.

Tags: foreclosure : mortgage : lawsuit : fraud : broker : law : new jersey

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Posted In: Foreclosure , Mortgage , Bankruptcy

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In his post Greg uses a hypothetical situation, although in much of the nation I have to believe the suggested scenario is true, where there are three houses on the same street that are for sale. Each of these houses comp to one another (same sq ft, bed/bath construction) and they are all priced within $1000 of each other.

Now for the kicker - NONE OF THE HOMES ARE SELLING The first house is in the best shape, has the most curb appeal and is clearly the first choice if a buyer was going to pick one of these three. The second house needs some updating in its paint but is a solid value for the price. The third is a rental that has not been updated in years and has been vacant for months. The last tenants had to be evicted and damaged the interior.

Clearly, even the best of the three is overpriced for this market. How can we tell? Because it isn’t selling, even though it’s the pick of the litter.

What does that say about house number two? And what conclusion might the seller of dowdy, run-down house number three draw, if he were of a mind to draw conclusions?

Here’s a better question: What might the seller of house number three do differently, if he actually wants his house sold?

Drop the price and unload the problem. Homes are selling in this market. In August 2007 there were 490 Monmouth County homes that sold. As a seller if you want to be included in that number of monthly sold homes, you need to start to think about being flexible in either your price or your terms.

If you have the ability to be flexible and want to sell your property, contact us today.

Tags : "sell today" : "real estate" : fsbo : rental

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Posted In: Tips For Sellers , Info For Landlords , Home Values

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According to NJBIZ the number of building permits that were issued in New Jersey June and July 2007 fell by 33%. I guess the real estate slump, slow down, disaster, call it what you will, has taken hold in the garden state.

Builders are tuned into the real estate market. Accordingly when they believe that a real estate slump has started to end, they will begin to pull more building permits. They in turn will build more and more homes. However, when they see a glut of inventory in the market, are not able to sell their newly constructed homes, and are sitting on large tracts of property, they will stop paying to have permits issued.

If the builders have stopped pulling permits because they cannot sell their new homes, how are owners of older homes going to be able to sell their property in the near future?

Tags :building : construction : real estate : new jersey

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Posted In: News

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We are selling a vacant residential building lot in South Amboy New Jersey (View Google Earth Aerial). The lot was recently subdivided by the town and is approved for a single family residence.

Here are the particulars of the lot for sale:

• Just over 5000 square feet in size
• Zoned residential
• Lot is clear and level
• Last lot on a dead end street
• Utility connections are available
• With municipal setbacks in place a 3 bedroom 2 bath home can be constructed
• A survey of the property was completed in July 2007 and will be included in sale

The asking price for this lot is $179,000.

If you are interested in purchasing this property call or email us today!

Tags: new jersey : south amboy : building lot : real estate : fsbo

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Posted In: Properties For Sale

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