This handbook was written and designed to educate people about the foreclosure sale process and the options that they might have to stop it. It is intended to supply homeowners and potential buyers with answers to many of the questions associated with foreclosure. Although the information contained in this handbook is based on the procedures practiced in New Jersey, they can easily be applied to most foreclosure situations in the United States.
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Buying foreclosure properties at the Sheriff's Sale (or Auction, as its commonly known) is one of the best and quickest ways to make a profit 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 • Non-judicial
The non-judicial process does not require the lender to file a suit against the borrower. They can simply file a notice of default with the courts and schedule the property for sale shortly after.
The judicial process, the method used in New Jersey, requires the lender to file a suit against the borrower. This is generally a lengthy process due to the restrictions and schedules set forth by the courts.
This booklet focuses on the judicial process since it is the method used in New Jersey.
The statements reflected in this booklet are factual; however, one should always obtain proper guidance from an attorney or other reliable source during any real estate transaction.
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Most Helpful Customer Reviews
2 of 2 people found the following review helpful:
5.0 out of 5 stars
Very Useful guide ...,
By
This review is from: The Foreclosure Handbook - A basic guide to understanding the foreclosure process (Paperback)
I am a real estate agent who bought this to learn more about foreclosures and this manual pretty much gives you everything you need to know about foreclosures. I bought it to learn how to list these houses, but it also serves well if you are looking to invest in foreclosures.
1 of 1 people found the following review helpful:
4.0 out of 5 stars
Essential tool for understanding the foreclosure process!!!,
This review is from: The Foreclosure Handbook - A basic guide to understanding the foreclosure process (Paperback)
If you are interested in learning about the foreclosure process, this book is a great resource! It provides you with not only with solid information on how the process works but also with invaluable insight on how to use that process to your advantage!!!
1 of 1 people found the following review helpful:
4.0 out of 5 stars
Good Information on how to cover all the basics,
By Sheriff Sales Online (New Jersey) - See all my reviews
This review is from: The Foreclosure Handbook - A basic guide to understanding the foreclosure process (Paperback)
Granted. You can find some of this information online if you know what you are doing already, but being new to the business this is a great book to lean the basics. If you are just a homeowner looking to buy a foreclosure in NJ then this is a good place to start.
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