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Archive for March, 2006
March
57-59 Prospect St. Clifton - Adjourned 4/11/2006
273 East 6th St. Clifton - Adjourned 4/11/2006
103 West 3rd St. Clifton - Adjourned 4/4/2006
1065 Main Ave. Clifton - Adjourned 4/25/2006
133 Avenue B Haledon - Sold Read Properties - 198K
24 Zeliff Ave. Little Falls - Adjourned 4/11/2006
133 East Main St. Paterson - Sold Plaintiff -$100
16 Rosa Parks Blvd. Paterson - Adjourned 4/11/2006
72 Oak St. Paterson - Sold Plaintiff -$100
105 Albion Ave. Paterson - Adjourned 4/11/2006
2 Sunset Rd. Pompton Lakes - Adjourned 4/25/2006
4 The Loop Ringwood - Cancelled
14 Upsale Path West Milford - Adjourned 4/4/2006
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March
211 Eleventh Street Barnegat - Adjourned 4/18/2006
89 Compass Avenue Bechwood - Adjourned 5/2/2006
30 Basset Drive Berkeley - Adjourned 5/2/2006
127 Manhattan Avenue Berkeley - Cancelled
115 Coolidge Drive Brick - Adjourned 4/18/2006
1651 West Princeton Avenue Brick - Adjourned 5/2/2006
412 N.Lake Shore Drive Brick - Adjourned 4/11/2006
8 Queen Ann Road Brick - Adjourned 4/18/2006
350 Yorktown Drive Forked River - Adjourned 5/2/2006
205 Brookwood Lane Forked River - Adjourned 4/18/2006
233 East Pleasant Grove Road Jackson - Adjourned 4/25/2006
62 Overlook Drive Jackson - Adjourned 4/18/2006
53 Rhode Island Drive Jackson - Adjourned 5/9/2006
606 Chestnut Street Lakehurst - Adjourned 5/9/2006
2628 Spruce Drive Lakehurst - Adjourned 4/18/2006
1463 Oak Street Lakewood - Adjourned 4/11/2006
156-A Gramercy Court Lakewood - Adjourned 4/18/2006
418 Drew Avenue Lanoka Harbor - Adjourned 4/18/2006
17 White Avenue Lavallette - Adjourned 12/12/2006
9 Pikes Peak Road AKA 7 Pikes Peak Rd. FKA 2 Pikes Peak Little Egg Harb - Adjourned 5/9/2006
230 Falcon Drive Little Egg Harb - Adjourned 4/11/2006
112 Lake Medford Lane Little Egg Harb - Adjourned 4/18/2006
1255 Canal Avenue Manahawkin - Sold 213K 3rd party
1217 Wellington Avenue Manchester - Bankruptcy
3201 Johnson Avenue Manchester - Adjourned 4/18/2006
901 Ocean Ship Bottom-LBI - Adjourned 4/18/2006
1976 South Street Tomes River - Adjourned 5/2/2006
2207 Grass Hollow Drive Toms River - Adjourned 5/9/2006
541 Duchess Court Toms River - Bankruptcy
100 Hamlett CT Toms River - Adjourned 4/18/2006
840 Girard Road Toms River - Adjourned 4/18/2006
84 Rosewood Drive Toms River - Sold 200K 3rd party
1854 Dino Boulevard Toms River - Cancelled
109 East Main Street Tuckerton - Adjourned 5/2/2006
343 South Green Street Tuckerton - Adjourned 4/25/2006
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March
149 S. Barnegat Blvd. Barnegat - Adjourned 4/11/2006
50 Village Drive Barnegat - Cancelled
8 Mizzen Drive Barnegat - Cancelled
2 Pigeon Place Bayville - Cancelled
8 Forest View Drive Bayville - Adjourned 4/25/2006
3 Stollman Street Bayville - Sold 293K - 3rd party
230 North Bay Drive Bayville - Adjourned 4/11/2006
852 Berkeley Avenue Beachwood - Adjourned 4/25/2006
514 Barber Avenue Brick - Cancelled
819 Victory Avenue Brick - Adjourned 4/25/2006
117 W. Marlin Way Chadwick/TR-BCH - Bankruptcy
832 Clifton Street Forked River - Adjourned 5/30/2006
838 Baldwin Street Forked River - Cancelled
40 Goldweber Avenue Jackson - Adjourned 5/23/2006
105 Violet Lane Jackson - Adjourned 4/25/2006
606 Chestnut Street Lakehurst - Adjourned 4/4/2006
706 Oak Street Lakehurst - Adjourned 4/11/2006
1463 Oak Street Lakewood - Adjourned 4/4/2006
771 Briar Road Lanoka Harbor - Adjourned 4/25/2006
230 Falcon Drive Little Egg Harb - Adjourned 4/4/2006
121 Greenwood Lake Road Little Egg Harb - Adjourned 4/25/2006
232 Steering Lane Manahawkin - Cancelled
574 Nautilus Drive Manahawkin - Adjourned 4/25/2006
1013 Oakdale Street Manchester - Adjourned 4/11/2006
1415 Dorsett Dock Road Point Pleasant - Adjourned 4/25/2006
412 Matt Robinson Lane Point Pleasant - Adjourned 5/23/2006
916 Borden Avenue Point Pleasant - Adjourned 4/11/2006
1096 Kells Court Toms River - Adjourned 4/25/2006
2308 Second Avenue Toms River - Adjourned 4/25/2006
826 New Jersey Avenue Toms River - Adjourned 5/2/2006
755 Nassau Drive Toms River - Cancelled
1981 Whitesville Road Toms River - Adjourned 4/11/2006
639 Longview Drive Toms River - Adjourned 4/11/2006
601 Skimmer Court Tuckerton - Cancelled
17 Dolphin Way Waretown - Cancelled
16 Walnut Street Beachwood - Adjourned 4/11/2006
130 Aster Court Jackson - Adjourned 4/11/2006
420 Mermaid Beachwood - Cancelled
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March
2 Pine Drive Bergenfield - Adjourned Plaintiff 5/5/2006
137 Roosevelt Avenue Dumont - Adjourned Defendant 4/21/2006
383 Walker Street Fairview - Adjourned Defendant 4/21/2006
639 Jacey Drive Fort Lee - Settled
121 Delaware Lane Franklin Lakes - Adjourned plaintiff 5/5/2006
870 Ewing Avenue Franklin Lakes - Settled
27 Sampson Street Garfield - Settled
104 Wood Street Garfield - Canceled
81 Linden Street Hackensack - Adjourned Plaintiff 4/28/2006
474 Burton Avenue Hasbrouck Hghts - Settled
43 Sheridan Avenue HO HO Kus - Adjourned Plaintiff  5/12/2006
1177 Sycamore Lane Unit H Mahwah  - Sold 3rd party 320K
31 High Street Mahwah - Settled
94 Moonachie Road Moonachie
350 Madison Avenue New Milford - Sold 3rd party 333K
376 Willard Road Paramus - Adjourned plaintiff 4/28/2006
900 Somerset Court Unit 900 Ramsey - Settled
200 Woodland Avenue Ridgewood - Settled
6 East Terrace Avenue Rochelle Park - Adjourned Plaintiff 4/28/2006
75 Strathmore Terrace Saddle Brook - - Adjourned Court 4/21/2006
82 Genessee Avenue Teaneck - Returned to Court
32 Prospect Terrace Teaneck - Settled
86 Genesse Avenue Teaneck - - Adjourned Plaintiff 4/21/2006
1087 Congress Street Teaneck - Adjourned Plaintiff 6/2/2006
11 Sisson Terrace Tenafly - Adjourned Plaintiff 4/7/2006
65 Jordon Avenue Wallington - Adjourned Defendant 4/21/2006
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March
425 Robins Street Roselle - Bankruptcy
1828 Whittier Place Rahway - Adjourned 4/26/2006
1634 Montgomery Street Rahway - Adjourned 4/12/2006
1229 Whelan Place Rahway - Adjourned 4/19/2006
1343 E 7th Street Plainfield - Adjourned 4/19/2006
15 Union Avenue Linden - Adjourned 4/5/2006
249 W. 1st Avenue Roselle - Adjourned 4/12/2006
1300-04 Myrtle Avenue Plainfield - Adjourned 4/19/2006
929 Carnegie Avenue Plainfield - Adjourned 4/5/2006
43 1/2 Geneva St. Elizabeth - Adjourned 4/12/2006
2443 Poplar Street Union - Adjourned 5/3/2006
671 Madison Aveue Elizabeth - Adjourned 4/5/2006
1110 Prospect Ave. Plainfield - Adjourned 4/26/2006
1456 Maple Avenue Hillside - Sold Plaintiff $100
529 West Scott Avenue Rahway - Adjourned 4/12/2006
413 Yale Avenue Hillside - Adjourned 4/12/2006
1162 West 7th Street Plainfield - Adjourned 5/3/2006
931 Sheridan Avenue Roselle - Adjourned 5/3/2006
226-228 East 5th Street Plainfield - Adjourned 5/3/2006
1742 Park Street Rahway - Adjourned 5/31/2006
418D A/K/A 416-18D E. Front St. Plainfield - Adjourned 4/5/2006
582 Orchard Street Rahway - Sold 3rd Party 205K
160 Franaces Place Hillside - Adjourned 4/19/2006
1242 Lansdowne Terrace Plainfield - Adjourned 4/19/2006
45 Ridgway Avenue Hillside - Adjourned 5/3/2006
279 Conklin Avenue Hillside - Adjourned 4/12/2006
1020 Evergreen Avenue Plainfield - Adjourned 4/12/2006
196 Hawthorne Drive Clark - - Adjourned 4/12/2006
2539 Audrey Terrace Union - Canceled
228 Fulton Street Elizabeth - Sold Plaintiff $100
717 E. 2nd Street Plainfield - - Adjourned 4/12/2006
722 Chestnut Street Roselle - Adjourned 4/26/2006
50 Morris Avenue Summit - Adjourned 4/26/2006
1334 Barbara Avenue Union - Adjourned 5/3/2006
1355 Burnet Avenue Union - Adjourned 4/26/2006
234 Port Avenue Elizabeth - Adjourned 4/12/2006
457 Meisel Avenue Springfield - Adjourned 4/26/2006
273 Conklin Avenue Hillside - Adjourned 4/12/2006
760-762 East 2nd Street Plainfield - Adjourned 4/5/2006
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March
Street               City                  Status
61A Atlantic Street Jersey City - Adjourned 5/4/2006
193 Ege Avenue Jersey City - Adjourned 6/22/2006
330-330A Johnston Avenue Jersey City - Adjourned 4/6/2006
167 Winfield Avenue Jersey City - Adjourned 3/30/2006
43 3rd Avenue Secaucus - Adjourned 4/6/2006
110 Hauxhurst Aveue Weehawken -Â Sold Plaintiff - Deutche Bank $465,100
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March
Bergen County Results will usually be updated by the following Monday from now on. The following list does not reflect all results as of 3/27/06
Street            City                      Status
139 Dudley Drive Bergenfield
172 Roosevelt Avenue Bergenfield - Settled
223 Cypress Avenue Bogota
433 8th Street Carlstadt
433 Eighth Street Carlstadt
192 Hackensack Street Unit D East Rutherford
11 Chamin PLZ Englewood
228 5th St Fairview
724 Tall Oak Court Franklin Lakes
434 Midland Avenue Garfield - Adjourned 5/26/2006
134 Orchard Street Garfield
104 Wood Street Garfield
206 Central Avenue Hackensack
460 W. Anderson Street Hackensack - Adjourned 4/7/2006
138 Lynn Street Harrington Park
16 Beverly Road Hillsdale
10 James Court Lodi
181 Miller Road Mahwah - Adjourned 4/21/2006
654 Harvard Street New Milford - Settled
9 Post Road Oakland
900 Somerset Court Unit 900 Ramsey
375 Howland Avenue River Edge
751 Orangeburgh Road River Vale - Adjourned 4/7/2006
78 Woodclif Lake Road Saddle River
114 Lindbergh Blvd Teaneck
100 Sherman Ave. Teaneck
205Â 14th Street Wood Ridge - Adjourned 4/28/2006
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March
Mortgage Fraud..
Posted by (2) Comment
I found this article online and I thought that everyone would find it intersting. Mortgage fraud is the No. 1 white collar crime in america and a lot of people don’t know they are even doing it. This article talks about a Guru who was caught in a type of securities fraud.
Article published Friday, March 24, 2006
Ottawa Hills home of Ulmer in foreclosure
NEW HAVEN, Conn. –A Greenwich man was charged Friday with defrauding a New York bank of at least $7 million.
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March
Yesterday there was new information released about the US housing statistics. Seems that the inventory of houses on the market from the past six months is the highest in 10 years. Enter the buyers market…
An estimated 550,000 houses are currently for sale in the US and there has already been a 10% decline in sales activitiy.
It was also reported that builders involved in the huge condo boom in Miami Florida are halting construction on projects in fear of being caught holding the bag. Housing starts are down 30% and most of the big housing stocks are in decline.
Foreclosure activity has increased in New Jersey as well. We are noticing an increased amount of public notices, lis pendens and longer sale lists. Lower upset amounts at sales combined with gossip of REO Brokers coming back in a big way.
Are these the signs of a bust?
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March
Jeffrey Posner
http://www.sheriffsalesonline.com
Buying foreclosure properties at the Sheriff’s Sale (or Auction as it’s commonly known) is one of the best and quickest ways to make big profits in the distressed real estate business. However, it can also be the easiest way to lose.
The sale of a property comes at the end of the foreclosure process when the defaulting property owner cannot repair their financial problems with the lending institution.
There are 2 types of foreclosure, “judicial†and “non-judicialâ€. In basic terms, the “judicial†process requires the lender to file a suit against the borrower and the “non-judicial†process does not. The judicial foreclosure is a much more lengthy process due to the restrictions and schedules set forth by the courts. For our purposes, we will focus on the “judicial†process since it is the method used in New Jersey.
The process starts with the mortgage document, a security instrument used to pledge the property as protection against the loan.
When a default occurs, the lender attempts to end the homeowner’s rights of possession. The lender must file suit and prove in court that it has the right to sell the property to recover its loss by virtue of the default and as stipulated in the signed security instrument. If awarded a final judgment from the court, the mortgage company will proceed with the foreclosure process and the property will be scheduled for sale.
The properties are sold at public auction under the direction of the court in the county where the property is located. The winning bidder of this auction will receive clear title to the property (excluding taxes owed and other municipal liens, more on this later). About 80% of the time the successful bidder is the lender, the original mortgage holder.
Attorneys are usually there to represent the lenders in the bidding process. Get to know these attorneys because they can provide you with the judgment amounts and other information before the sale, giving you extra time to plan your strategy. There will also be investors, onlookers and other curious individuals observing the proceedings.
Occasionally, a lien holder of the property will appear trying to salvage what they can from their remaining interests. Rare but certainly possible, the homeowner may show up to bid on their own property. Remember, the owner has 10 days to redeem the property for the full judgment amount. In the event of redemption, all prior liens will become active again. In other words, it’s like reversing the foreclosure process; you’re back to where you started with only the foreclosing lien holder paid off.
Rewards
The biggest reward to buying properties at the Sheriff sale is the high profit potential. If there is a substantial difference between the fair market value of a property and its final judgment amount at sale, you can really win big. Typically, the largest monetary rewards will come from the proper application of this investment method.
Sales are usually advertised 4 - 6 weeks in advance. In some counties, this information may be available 6 - 8 months or more before the sale (tip –information available this far in advance can drastically differ from the properties that eventually end up at sale because the owners are only 3-4 months behind at this point and it is relatively easy to cure the default). By the time they reach the sheriff’s department you have at least 1 month before the sale.
In New Jersey, all owners are entitled to 2 adjournments for a period of 2 weeks each. The owner can take them all at once or in 2 separate intervals, usually giving you 2 months from the publication/release date to do your research.
You will need to research the property, the condition of the loan and the condition of the owner. Why the owner? If you can work out a satisfactory arrangement with them, you might be able to save yourself the trouble of going to the auction. If you meet with the owner and cannot work out a deal, take careful note of the property’s condition while you are there. This will give you a competitive advantage over other bidders at the auction.
You should go to the courthouse and observe the process a few times before going to bid on your property. It’s certainly a good idea to familiarize yourself with the local auction process.
For instance, certain counties do not announce the judgment amounts of their properties and if you are not careful, you might end up paying over the amount necessary to purchase.
Drawbacks
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