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New Jersey Legislation Looks to the Loan Officers to Thwart Additional Foreclosings

Foreclosure listings in New Jersey are quickly becoming unmanageable. Due to the rapid

increase of foreclosure listings in the State of New Jersey, new legislation is being

introduced to check out the loan officer before any more mortgages are being offered.

This is due to the predatory practices of certain lenders who will approve loans for people

who truly should not qualify. Predatory lending is a definite cause resulting in New Jersey

having an overwhelming foreclosure rate.

New Jersey is also suffering from foreclosure woes due to ARM's (adjustable rate

mortgages) now hitting their peak. Many homebuyers took advantage of low

introductory interest rates offered with ARM's as a way to qualify for the mortgage. The

rule of thought was to qualify since the interest rate and corresponding payments were

low. This would buy the homewoner time to get more financial backing. However, the

state of the economy in New Jersey, as well as across the country did not play into the

hands of these same homeowners. Now the introductory rate has expired and higher

payments are becoming due. These same homeowners are finding themselves not is a

financial situation to be able to afford these higher payments.

Don't misunderstand, many people still can qualify for a mortgage and are in the housing

market. This is where a fully detailed foreclosure listing can produce some incredible

deals, and in New Jersey these deals are readily available. So, if you are one of the many

people in the New Jersey housing market, look to foreclosure listings as a means to find

your next real estate investment.

Foreclosure listings are simply an index of properties which the homeowners have

defaulted on the loan and the lender has now regained possession of the property. These

homes are being sold for the amount of money still owing on the property. Many times

the home is being sold for 10% to as much as 50% lower than their market value. The

lender allows the home to be sold under market value for several reasons:

1. Lenders are not real estate agents, they truly do not like homes in their

possession. If the home is in their possession, they are not earning any money

from it.

2. The Lender wants to dispose of the property as quickly as possible, so they are

willing to sell it for what remains ¡°owing¡± on the property.

3. Lenders do not want to care for maintenance and other homeowner issues for the

foreclosure properties.

Properties found on foreclosure listings can save you quite a bit of cash and reward you

with instant equity. Find your New Jersey foreclosure listing, and save time and

potentially thousands of dollars today!

About the Author

Bob Smith regularly writes for E-ForeclosureSearch. If you want more information on New Jersey Foreclosure Listings and other real estate- related topics, you can visit www.e-foreclosuresearch.com/.

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