I just wanted to post a brief update with regards to the New Jersey REO market.  Most properties have been onhold since winter.  A New Jersey State Judge was reviewing the practices of 6 major lenders in the state.  After reaching an agreement with the lenders here is where it stands.  

The lenders have agreed on a settlement that alows an ex-judge from New Jersey too oversee Foreclosure Properties.  It is now up to these lenders to make sure all the paperwork is in order to proceed.

Opinions from some Attorneys that handle these properties in the state vary as to when these properties will be ready to return to the market.  Some have estimated it may take until Labor Day to get everything together in place to proceed.

REO properties have been trickeling into the market lately.  It is expected that as the new procedures move forward then more REO's will return.

Michael Morley

Coldwell Banker Residential Brokerage

1410 Valley Road

Wayne, NJ 07470

Office 973.694.8000 x 258

Cell 973.906.8591

 
Posted by Michael Morley, SFR on 05/01/2011 04:29 PM   Comments (0)   Foreclosure in NJ Slow to Return in the ActiveRain Channel   reo, real estate, agent, for sale, foreclosure, on hold, short sale, new jersey, judge, market  
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Michael Morley, SFR

Wayne, NJ

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Coldwell Banker Residential Brokerage

Address: 1410 Valley Road, Wayne, NJ, 07470

Office Phone: (973) 694-8000 x 258

Cell Phone: (973) 906-8591

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