Monmouth County Foreclosure Doubled

Monmouth County rate of foreclosure has nearly doubled from the figure a year back. It has been found that the number of foreclosures in the real estate of Monmouth County have come to 114 that stood at 57 in the month of January in 2007. The number of foreclosures that stood at 47 in August 2007 has become 82 in this year’s August month.

The towns that have been heavily affected by the problem of home foreclosure are Keyport, Howell, Freehold, Asbury Park, Manalapan, Long Branch, Union Beach, and Freehold. Six foreclosures have been arrested in Millstone. However, no report has been found on the properties in a pre-foreclosure situation in the Monmouth County.

In Millstone, about 31 properties are in a pre-foreclosure status. Besides, three properties are up for auction and one property is bank possessed in Millstone. The court system looks after the problem of foreclosure in New Jersey. The process of foreclosure takes about nine months there. On the other hand, about 30 days are required for the pre-foreclosure process. A foreclosure on property can be prevented by the borrower by making the required payments. A total of about four homes have been listed for pre-foreclosure in Roosevelt.

In Allentown real estate, 14 properties have been listed for pre-foreclosure. According to the clerk of Allentown, Julie Martin, a minimum of six properties out of these 14 properties are situated in Upper Freehold. However, their mail address is Allentown. A total of about nine homes (pre-foreclosure and bank-owned) with mailing address of Cream Ridge have been listed that has got properties of both Plumsted and Upper Freehold. When the Tax Assessor of Upper Freehold, Stephen Walters, was asked on how foreclosures strike the real estate market, he said that distressed sales draw off homebuyers from more distinctly valued properties.

Walters further said, “While some of these sales put people into ownership of property that would not have otherwise been possible for the purchaser, it is unfortunately at the expense, literally, of the former property owner,” According to him, the problem of foreclosure does not have a very big effect on the tax rate and market value of a property.

For starting off with the foreclosure process, the lender keeps a record with the county clerk on the pending lawsuit. He can take action on either the whole unpaid amount or the default payments. A foreclosure notice is received by the borrower in the meantime to which the borrower has to respond within 35 days.

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