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New Jersey Foreclosure Homes: Cheap home within your reach

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By : John Smith    99 or more times read
If you are looking for a cheap property in New Jersey, New Jersey Foreclosure Homes are the ideal choice for you. Number of foreclosed properties are now compounding due to the adverse effects of recession, credit squeeze and unprecedented job loss. People are now finding it hard to maintain regularity while repaying the home equity loans. As a result, lenders are left with the only viable option called foreclosure. It is a legal process and safeguards lender’s interest when the borrower fails in respecting mortgage or commercial security agreement. In this article we will focus on state specific foreclosure laws related to New Jersey and the process of buying foreclosures here.

Foreclosed properties in New Jersey can be distressed homes, fixer upper homes, residential properties, condos and commercial properties. As it is a lien theory state, judicial foreclosure is the only foreclosure process here. Here a homeowner can use the property as guarantee against home equity loans but then he enjoys the sole ownership on it during the repayment tenure. Hence, the lender has to file foreclosure plea in the court of law to cease borrower’s ownership rights when the borrower defaults in the payment of borrowed amount. As the foreclosure process is done through judicial intervention, it is known as judicial foreclosure.

When the lender faces gross default or breach of mortgage by the borrower he can initiate foreclosure process in the superior court. These courts deal with foreclosure only. Once the plea of foreclosure is filed, the court summons all parties involved with distressed homes and in general approves the foreclosure for recovery of the unpaid amount. All the judicial activities related to foreclosure are taken place at a special court called superior court. Pending legal action notice is issued on the property. Generally, the foreclosure process in New Jersey takes around 250 days to be finalized. The time period is dependent upon factors like redemption period and further judicial actions taken by the homeowner/borrower. The process might be delayed when the borrower files for delay payment or declares bankruptcy.

New Jersey Foreclosure Homes are profitable investment options. They cost lower compared to new homes. That is the reason why people are now buying these properties for residence, second homes, renting and sale after adding equity. All relevant information related to these properties is available free of cost on real estate websites.
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