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.