According to your recollection, you left your property several years ago, 4 maybe 5. The property continues to sit in a state of disrepair. There are some signs that your foreclosure process did not go as well as planned.
ATTOM Data Solutions reported that the 2017 foreclosure filings in the state of New Jersey hit over 70,000. The average foreclosure, took +/- 1,300 days from start to finish. It’s been more than 4 or 5 years that you’ve been in foreclosure. What happened to your foreclosure? Below are just few signs that your foreclosure may not have been completed:
1. The Property Doesn’t Appear to be Maintained
Other than some debris, the property looks the same way as if you just left the property. The banks usually send individuals out to check on a property once an owner has missed a few payments. They may send out a field person to speak with you to determine what your intentions might be for the property.
In most cases, the bank is checking on the property periodically. At this point, the bank has hired several real estate agents to drive by the property to determine its value from the outside. Based on the photos received from the real estate agent’s report, the bank may send a property preservation company to clean up around the property.
From what it looks like based on your drive-by no one is maintaining the property. There’s a good chance that your visit was between maintenance check-ups for the property preservation company. Or, your property may not be a priority for the lender. The lender could have decided to not proceed, at this time, with the foreclosure.
2. Finally, A Sign in the Window
It’s been years and there’s a sign in the window and a lockbox on the door Finally! The bank appears to be in the game. They’ve shown your property some love and attention that it needed. Did you notice that I said, “your property”?
That letter on the front window of the property is from the property preservation company. The letter states who is maintaining the property and instructions of who to contact, in case of an emergency. There may be a new lock or a lockbox on the front door. This give the bank access to the property to check and maintain the property as needed.
It’s been years and you have not received a letter regarding the foreclosure.
The bank can be a little slow in its mailing process. However, they should be mailing notices and legal documents in accordance with the New Jersey Foreclosure process. Remember, you may have left the property at the beginning or middle or the foreclosure process. The notices and legal documents may have been mailed to the vacant home. This may be the only address that the lender has on file. In most cases the paperwork will catch up with the process.
The lender has access to resources that can point them to your new place of residence. If a significant amount of time has passed and you are not receiving correspondence from the bank, this is a reason for concern.
3. You are receiving calls from individuals asking to buy the property
This is huge. I run into this situation all the time. When I meet a new client, I’m required to prove to them that they still hold ownership of the property. Although the turn over of government records can be slow, it doesn’t take years unless there is a problem. In addition, if individuals are reaching out to purchase your property, that is proof that you are on public record as the owner of the property.
To find out if your lender is still involved, check with the City’s Tax Collector. Find out if the lender is paying the taxes or if there is a lienholder involved. If a lienholder is involved, there’s an indication that your lender is no longer pursuing a foreclosure.
Some of your investigation can be done privately through the internet. If you suspect that your foreclosure was dismissed or halted in some way, this is a good time to get to the bottom of things.
