Opportunities when Buying Foreclosure Homes in NJ

New Jersey is among the states hardly hit by the previous housing downturn and foreclosure crisis in the US. The number of foreclosure homes in NJ, just like in other states, has significantly declined, especially last October and November when most major lenders and mortgage servicers decided to halt foreclosure activities to give way for a review and revamp of their foreclosure procedures.

It could be noted that items in every foreclosed home listing in the state have been declining since January 2009. However, the volume of foreclosure homes in NJ remains high. According to data released by a property tracking firm, the rate of foreclosure homes in NJ is about one in every 700 properties, as of October.

That number is still significantly high when the historical standard in the state is taken. In fact, every foreclosed home listing in NJ remains full of different foreclosed properties that are up for sale and at reasonable tag prices. To address the problem of still high volume of foreclosure homes in NJ, the state government has provided assistance in various forms.

First of all, the state government has ensured that every potential buyer who is eyeing each foreclosed home listing is given equal rights with all others. All buyers are given equal opportunities to access and obtain viable and affordable housing through foreclosure homes in NJ. Thus, the Fair Housing Act was established in cooperation with the US Housing and Urban Development.

The legislation mainly assures that no discrimination would occur within the industry. All homebuyers would be able to bid or buy every available property in each foreclosed home listing in the state. Foreclosure homes in NJ would be available to every potential buyer regardless of his national origin, religion, disability, sex, family status, and race.

To give the legislation more authority and power, the New Jersey Housing and Mortgage Finance Agency was also made active. The agency aims to provide homeowners assistance through access to loan modification programs. This way, the state aims to help curtail and prevent the continuous proliferation of foreclosure homes in NJ.

MostlyForeclosures.com, get news and updated listings of foreclosures for sale here.