Bergen County pre foreclosures (Hackensack: mortgage, refinance, homes)

[beachouse]

Wow just signed up for one of those sites that show preforeclosures and foreclosures .
This week alone 11 preforeclosures in Hackensack.
I think that preforeclosures show up after about 3 months of missed payments.

Have noticed that foreclosures are starting to show up in the more expensive towns now in Bergen County.

The expensive beach towns in Ocean County like Lavalette still holding strong though.Guess the rich are still in decent shape.

Tighter mortgage money and lots of underwater homeowners ....IMHO
it's going to get a lot worse ...

What are everyone elses thoughts.

[Love2Golf09]

Originally Posted by beachouse

Wow just signed up for one of those sites that show preforeclosures and foreclosures .
This week alone 11 preforeclosures in Hackensack.
I think that preforeclosures show up after about 3 months of missed payments.

Have noticed that foreclosures are starting to show up in the more expensive towns now in Bergen County.

The expensive beach towns in Ocean County like Lavalette still holding strong though.Guess the rich are still in decent shape.

Tighter mortgage money and lots of underwater homeowners ....IMHO
it's going to get a lot worse ...

What are everyone elses thoughts.

Honestly, we are off the map when it comes to mortgages. I have no idea what's going to happen anymore and the market is very unpredictable. I read that the gov't is backing around 52% of all mortgages and Obama said that if things continue to go bad and people can't make their payments they will be able to "rent" their homes from the gov't. I have no idea what the hell that means. Again, we're in uncharted waters here because we're refusing to let it take its natural course, so you're not seeing tons of buyers come in and get these properties dirt cheap. In some places yes, but many times the home owners are purposely walking away rather than selling cheap, their being allowed to refinance their mortgages backed by the gov't and staying in their homes, and the whole thing is a nasty mess.

[elflord1973]

Originally Posted by Love2Golf09

Honestly, we are off the map when it comes to mortgages. I have no idea what's going to happen anymore and the market is very unpredictable.

The market forces are somewhat predictable, political intervention is less so. Reading the rest of your post, I take it that this is more or less what you meant.

I read that the gov't is backing around 52% of all mortgages and Obama

Been that way for a long time.

said that if things continue to go back and people can't make their parents they will be able to "rent" their homes from the gov't. I have no idea what the hell that means.

Anything to price the rest of us out of the market. If these democrats are so fond of "the common man", they could show their love by not trying to price him out of the market.