New Jersey Housing Suffers as Defaults Exceed Nevada: Mortgages

New Jersey Housing Suffers as Defaults Exceed Nevada: Mortgages

Wendell and Margret Brady haven’t paid their mortgage in more than three years, withholding the money amid a foreclosure dispute on the couple’s 11-bedroom house in Morristown, New Jersey.

The Victorian home, built in 1887 and owned by the retired couple for 38 years, is part of the growing backlog of properties facing repossession in the state, which now has the second-highest serious delinquency rate in the U.S. While shrinking nationwide, the pipeline of distressed real estate, or shadow inventory, is also growing in New York, Connecticut, Maine and Pennsylvania because of state laws that slow the foreclosure process. The Bradys heard nothing from their lender from May 2011, until a letter arrived in the mail last week.

“This was like going back to day one,” said Margret Brady, 77, after she and her husband received on Sept. 15 the certified letter saying they must pay $223,730 by the end of the month or face losing the house. “It was like we hadn’t gone through any of the stuff of the last three years.”

New Jersey’s judicial review of all foreclosures, which delays seizures to help borrowers, threatens to hold down prices for years as properties remain subject to repossession and then may be sold at a discount. That’s buffeting a housing market already hurt by unemployment that’s risen to a 35-year high.

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5 Responses to “New Jersey Housing Suffers as Defaults Exceed Nevada: Mortgages”
  1. Sarah says:

    This article blames homeowners that aren’t foreclosed upon, for keeping housing prices down. It also implies that judicial foreclosures keep housing prices down. Yeah right, those are the problems. Not a negative word towards the Banksters. The press always chooses a situation where the house is massive, and the people appear to be “getting away with something.” Pure propaganda. Yes, let’s blame people who haven’t been foreclosed upon (a decision the Banksters control) for damaging the housing market. Total crap. If Barack O’Failure had simply allowed for principle reduction we wouldn’t be seeing what is now a rush to put people on the street.

    • Lynn says:

      Your not understanding that these banks rule the world!! I have spend 3 years fighting Wells Fargo. They have the best legal teams out there. They own the court and the media. I had an air tight case against them and lost without the judge even looking at anything!! Who has time or money for an appeal? They do!!

  2. stripes says:

    Defaults are rampant, yet CNBC is reporting housing is returning to “normal”….and housing starts are way up…! CNBC also said QE won’t help the economy if people can’t get approved for “loans.” Hmmm….? That does not make sense so it’s more lies & deception to cover up the truth about their failed credit scam….. My take on what they are saying about housing returning to “normal ” and housing starts being way up… it must be the rich who are building these homes.. Not only is that NOT NORMAL…and proves their credit system is a failure…THAT WILL NOT SAVE THEIR FAILED CREDIT SYSTEM. It is all just an illusion that things are returning to “normal.” Their credit system is a complete fraud and a complete failure because it is criminal and was meant to fail.

  3. Lynn says:

    Don’t go to court in Morristown Judge Hansbury won’t let you stand a change. He dismissed my case without even letting me get to discovery

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