Experts react to N.J. bill to expedite foreclosure of vacant homes

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Experts react to N.J. bill to expedite foreclosure of vacant homes

Experts react to N.J. bill to expedite foreclosure of vacant homes

Don’t know what the rush is since there is an estimated +20 million Vacant homes. It’s not like these homes will not sit vacant once the banks flip them back to their name.

The truth is the lawmakers don’t know what they’re doing because the banks who tell them what to do don’t have the slightest clue themselves.

NJBZ-

State lawmakers have scored a partial victory in their bid to tackle New Jersey’s foreclosure crisis, after Gov. Chris Christie signed a bill that would expedite the process for vacant and abandoned homes.

The law, which Christie signed Thursday, allows judges to enter foreclosure judgments for homes that they find are deserted, easing a costly and time-consuming process for banks. To help judges make their determination, the homes must meet at least two of 15 conditions identified in the legislation, such as overgrown or neglected vegetation and disconnected utility service.

The bill is one of two that the Legislature has passed with the hope of helping the state’s housing market. The other, which would give funding to turn foreclosed houses into affordable housing, has been sent to Christie’s desk but has not been signed.

[NJBZ]

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3 Responses to “Experts react to N.J. bill to expedite foreclosure of vacant homes”

  1. Eugene Villarreal says:

    They’re most likely vacant because the banks/government can not sell them. Why can they not sell them ? TITLE. N.J. like others states have about 4 or 5% of the foreclosure challenged in court. J.P. Morgan Chase Bank withdrew their Order To Show Cause after many, many months. Why ? Because the don’t Own or Hold squat. They are just Servicers for FreddieMac and FannieMae who pretend to be Lenders. They didn’t lend ONE CENT, they created CREDIT and sold the fraudulent Note and Mortgage to FreddieMac and FannieMae. Just look it up in their Lookup Tool. It will mostly say they own your mortgage. Then use http://www.financialscreenshots.com where they will most likely show you in most cases where your loan is located and may have been paid off an/or may be current(there’s no default)because the Servicer may still be keeping or reporting your loan as current. Fight for your home.

  2. keepon says:

    The final move in the fraud- the ‘cover-over’- the institutionalization of “The Great Land Grab” in the Great State of New Jersey writes into law redistribute wealth upwards.

    Greed & profit bullied families to the curb. Raze those homes. Rebuild more profit. Bury all trace of what was enabled here by men of law & those who govern. So outrageous a concept? Gone. It never happened. “Lest we forget.”

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