March 22, 2009

NJLispendens Updates Search Parameters

Filed under: Uncategorized — americanforeclosures @ 6:39 pm

Here is an important new update from

Lis pendens pre foreclosure filings are being filed at record-high numbers in New Jersey. The backlog of lis pendenspayment-due-lispendens in the courts waiting to be processed is still high. Each day, NJLispendens is collecting current records (processed 2-3 days ago) and records that are just now being processed after several weeks of delay in the courts. They’ve  added a new search parameter so you won’t miss any “new” (to the database) records with “older” file dates. By using Date Added To System: alone Or combined with other search parameters, all records meeting your criteria will be displayed (including those recently processed with older file dates). Remember, you can search by any or all of the fields below. Once your search results are displayed, you can choose to save the search for your next visit. You can also opt to have the search results emailed to you.

March 11, 2009

Millions of homeowners will not qualify for President Barack Obama’s Homeowner Affordability and Stability Plan

Millions of homeowners will not qualify for President Barack Obama’s Homeowner Affordability and Stability Plan. There are certain restrictions in the housing plan that will exclude those who meet them. Homeowners with jumbo mortgages, which refer to loans over $417,000, are not eligible. Loan borrowers whose mortgage loan balances are five percent more than their present home values would also not be eligible. It is also known among housing advocates and nonprofit associations that mortgage lenders refuse to work out loan modifications for distressed homeowners in areas hard hit by foreclosures. Obama’s proposal to give bankruptcy judges the power to modify loans to lessen monthly payments by Congress, could nudge banks to do some loan modifications. But this proposal is being opposed intensely by the mortgage industry and some groups of legislators. Borrowers also need clean credit, a stable income, and the loan can’t be above 105 percent of the property value. Bush’s similar plan only saved 30 homes, way under their projections. Obama is being accused of using hard working taxpayer dollars to try to bail out ignorant borrowers to simply borrowed too much and were irresponsible.

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