BiggerPockets

NJ Courts to Lenders: You May Proceed with Foreclosures...

Wednesday, August 17

New Jersey investors, prepare to step off of the sidelines and get back in the game.  The REO game, that is.  Word came out yesterday that Judge Jacobson has ruled that four major banks can resume uncontested foreclosure actions in NJ.  JP Morgan Chase, Bank of America, Wells Fargo and Citigroup can now resume their foreclosure processes under court supervision.   Foreclosure activity in the state has slowed to a trickle in recent months in the wake of the 'robo-signing debacle which accused banks of hiring staff to sign off on foreclosure documents without review.  Last year, over 58,000 foreclosures were filed in NJ...this year roughly 6,100 foreclosures were filed.  The industry has basically been on hold since late December, and whatever inventory is left has become stale.  Not only have the filings been affected, but all stages of the process were put on hold by all of the banks to include evictions, cash for keys, auctions...all of which are being put back in motion, as if the 'on' button was just pushed on the NJ foreclosure machine.  The New Jersy REO market is going to heat up in the coming months.  While the topic receives so much negative press because people are losing their homes, things couldn't be more positive for Real Estate investors in NJ looking to purchase bank owned properties.  At American Realty Services Group, NJ's #1 REO Broker, we list and sell bank owned properties exclusively.  Call me today to discuss New Jersey Foreclosures.  I can set you up to receive our bank owned listings that fit your criteria as they become available.  "Real" NJ investors, you need me on your side! 

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