NJ foreclosures facing statute of limitations

From DS News:

Delinquent Loans May Still Face Foreclosure After Exceeding Statutes of Limitations

High-end estimates of loan-level delinquency timelines show that approximately 98,000 seriously delinquent mortgage loans may be facing some degree of exposure to foreclosure statutes of limitations in Florida, New Jersey, and New York—three of the states that were hit hardest by the foreclosure crisis, according to Black Knight Financial Services’ January 2016 Mortgage Monitor released Monday.

The courts are currently deliberating in those three states discussing the specifics of how the statues of limitations laws apply to foreclosures. In Florida, the foreclosure statute of limitations applies to mortgages that are five years or more overdue, while in New York and New Jersey, it applies to mortgages that are six or more years past due.

According to Black Knight, Florida has the largest volume of loans facing possible exposure to statutes of limitations with roughly 40,000, despite experiencing a 38 percent reduction over the past 12 months. For New York and New Jersey, the number of such loans is currently 35,000 and 22,000, respectively, after both experienced increases over the previous 12 months due to “limited resolution in severely delinquent loan populations” in both states, Black Knight reported.

“Without taking into account additional carrying costs and/or fees incurred by mortgage servicers, Black Knight estimates the current potential unpaid principal balance (UPB) risk exposure in these three states at approximately $30 billion, concentrated primarily in private-label securities,” Black Knight stated in the report. “As it stands today, roughly $1 out of every $10 of principal in private-label securitizations in these three states is tied to a mortgage that is more than five years delinquent in Florida or more than six years delinquent in New York and New Jersey.”

According to Black Knight, 37 percent of the loans that are more than five years delinquent in Florida are not actively involved in foreclosure, which depending on court rulings, potentially presents additional risk. For New York and New Jersey, the share of loans more than six year delinquent but not actively in foreclosure are 22 percent and 21 percent, respectively.

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89 Responses to NJ foreclosures facing statute of limitations

  1. Mike says:

    Good Morning New Jersey

  2. grim says:

    Boom…

    Who saw this one coming? Free houses for everyone!

  3. grim says:

    Of course, this runs contrary to SPECIALIZED LOAN SERVICING, LLC v. Washington, Dist. Court, D. New Jersey 2015 – AKA (“Nobody gets a free house”)

    https://scholar.google.com/scholar_case?q=specialized+loan+servicing+v+washington&hl=en&as_sdt=400006&as_ylo=2015&case=1698611988055803480&scilh=0

  4. walking bye says:

    I wonder if some of the delays are caused by the home owners disappearing, making it difficult for the banks to serve proper notices.

    I walked away from a sale when the bank could only offer a quitclaim deed as they could not find the owner of the home.

  5. grim says:

    Suspect that many of these properties would go right back into foreclosure due to tax lien sales.

  6. Zombie housing. Coming to a lily-white suburb near you.

  7. Banish the thought of little Rhiannon and Caleb bitten by rats inhabiting the zombie foreclosure next door…

  8. grim says:

    grim says:
    July 27, 2015 at 10:42 am

    Watch as the State of NJ shifts pension obligations onto the counties and municipalities. You’ll see. Each jurisdiction will be sent a bill, and it will be up to the municipalities to pay the piper.

    You’ll see, quote me, save this post.

    It will play out in the form of a “Special Assessment” on property holders, and it will apply to everyone, including age restricted housing, non-profits, religious organizations, state/federal operating within a municipality, properties previously provided with PILOTs. It will likely be a multi-year special assessment based on property value, taken as part of your municipal, county, and school taxes.

    Mark my words.

  9. grim says:

    From the Record:

    NJ nursing homes’ tax status examined

    Now that a dozen towns around New Jersey have sued their non-profit hospitals for property-tax payments, some nursing homes are in the cross hairs of municipal officials eager for new revenue sources. North Bergen, for example, targeted both its local hospital and the hospital-owned nursing home next door — the Harborage — in a lawsuit filed last month in state Tax Court.

    The nursing home industry, which often functions with tight financial margins, feels vulnerable now that a landmark case involving Morristown Medical Center’s property-tax exemption has opened up the possibility that other non-profits could face potential property taxes, or demands by their municipalities for payments in lieu of taxes.

    “Where do you draw the line?” asked Michele Kent, executive director of LeadingAge New Jersey, which represents non-profit nursing homes. “Where do the dominoes stop falling? … You could take this out to the entire panoply of thousands of non-profits throughout the state. It seems to pull the rug out from the whole concept of non-profit work.”

    Most non-profit nursing homes don’t compare in size or scale to hospitals, she said. The 56 members of her association tend to be small facilities that were founded by religious or philanthropic organizations to fulfill their missions, she said.

    Instead of lawsuits, one plan would protect nursing homes from property taxes, but require some of them — along with the state’s non-profit hospitals — to pay fees to their municipalities.

    State Sen. Nicholas Sacco — who as North Bergen’s mayor voted in favor of the suit against the Harborage — is expected to introduce legislation today that would require nursing homes owned by hospitals to pay community-service fees in lieu of property taxes.

    Sacco’s bill would protect the property-tax exemption those institutions enjoy, but subject them to annual payments to offset the cost of police and fire protection or lower property taxes for others.

  10. Fast Eddie says:

    It’s a dump. It’s been listed on and off forever. They tried selling it in 2012 for 515K and insist on asking 560K today. I was in it a year ago. It smells, it’s dirty and it reeks of pudgy muppets:

    http://www.njmls.com/listings/index.cfm?action=dsp.info&mlsnum=1607513&dayssince=&countysearch=false

  11. grim says:

    F*cking sugar maple… Really? That makes it better?

  12. Fast Eddie says:

    But it has top-rated schools where children play with unicorns!

  13. Fast Eddie says:

    From 800K to current price of 650K. The parkway noise will lull you to sleep:

    http://www.njmls.com/listings/index.cfm?action=dsp.info&mlsnum=1545165&dayssince=&countysearch=false

  14. People pay good money for white noise machines, Gary.

  15. gary (13)-

    Little Caleb and Rhiannon will go from riding unicorns to deep-frying rodents. In our lieftimes.

  16. Essex says:

    15. the all caps description ads that sense of urgency

  17. Captain Nom Deplume, Besotted Rummy says:

    Grim,

    You have mail

  18. Fast Eddie says:

    Meat [17],

    I think they’ll need to walk the tracks down the Pascack line into Hackensack to find some choice rat. Of course, that’s if they don’t get sold into some slav3ry circles.

  19. Fast Eddie says:

    Sold for 775K in 2007; was listed at 599K this past December and currently at 610K:

    http://www.njmls.com/listings/index.cfm?action=dsp.info&mlsnum=1606810&dayssince=&countysearch=false

  20. grim says:

    21 – appears to be nearly identical plans to my house, rooflines and all, with the exception of the garage entry being from the rear as opposed to the side, and maybe one or two minor items. Looking at the date it was built, and the fact that it’s really just over the hill – I’m guessing the same builder.

  21. grim says:

    19 – Thank you sir, much appreciated!

  22. Juice Box says:

    re# 21 – Busy corner on two busy roads, lots of accidents perhaps.

    Abama’s Farm is still there too, I spoke to the owner once he refuses to sell out,the family has been there a few generations.

  23. Fast Eddie says:

    Juice,

    They’ll sell eventually. I can’t imagine the score the DiPero (sp?) family made on that farm up in Montvale. There are muppets to fleece using 3800 sq. ft. sh1t boxes made of Chinese sheetrock, Home Depot cabinets and Acme infrastructure on 5000 sq. foot plots!

  24. Juice Box says:

    re # 25 – Article from last year.

    “Many farmers have taken the bait: Statewide, the last 64 years have seen the number of farms shrink from 25,000, to 9,071. Bergen County has only 60 left; Passaic County, 78. But the remaining farmers insist they are here to stay.”

    http://www.northjersey.com/news/remaining-family-farms-in-north-jersey-resist-lure-of-developers-1.1291420?page=all

  25. grim says:

    “Many farmers have taken the bait: Statewide, the last 64 years have seen the number of farms shrink from 25,000, to 9,071. Bergen County has only 60 left; Passaic County, 78. But the remaining farmers insist they are here to stay.”

    So the farmland assessment program has largely been a failure? Except for those who game the system, of course.

    I suspect farmland preservation, in contrast, has been a success, but most fake farmers aren’t interested in deeding away their development rights.

  26. grim says:

    None of NJ’s urban farms are actually real farms, they are farm-like retail destinations, which operate farming as part of their eco-tourism value prop. The majority of their revenues are from products sold at retail, and not grown or produced on site. Pumpkin picking, hay rides, christmas trees, farm animal zoos, landscaping plants, materials, kitchy shit, OPP (other people’s produce), meat, 347 different types of jam, etc etc. Not saying this is bad, or that it’s not positive, or that the open space isn’t good, but let’s just call it what it is.

  27. libturd rotting away in St. Barnabas says:

    Long, wonky, highly scientific paper explaining the rise of Trump and why the herd love him. I highly recommend you read it. Btw, it’s not an attack piece.

    http://www.vox.com/2016/3/1/11127424/trump-authoritarianism

  28. Comrade Nom Deplume, Newspeak Editor says:

    As long as taxpayers aren’t guaranteeing these loans, I’ve no dog in this bailout fight.

    http://www.cnn.com/2016/03/06/us/flint-water-line-replacement/

  29. Comrade Nom Deplume, Newspeak Editor says:

    [30] lib

    I think I read it already. It was good and light on the bias.

    Why r u at Barnabas? Littlest Gator? Just testing one hopes

  30. Comrade Nom Deplume, Newspeak Editor says:

    [30] lib

    Not the same thing I read on Vox. And it is unquestionably an attack piece, gauded in the cloak of pseudoscience. I did the same thing. I’m still reading it but they’ve already done the usual Godwins Law stunt of Trump supporters = naz1s. .

  31. Juice Box says:

    re # 33- Nom keep up. Trump is a Gambino not a goose stepper.

    https://www.yahoo.com/politics/trump-challenged-over-ties-to-mob-linked-gambler-100050602.html

  32. Juice Box says:

    Make that a Soprano for the younger generations.

  33. Captain Nom Deplume, Besotted Rummy says:

    [34] Juice,

    I also heard he was a rapist. The internet smear is just getting started and the next thing we’ll hear is that Trump was the one who kidnapped the Linbergh baby.

  34. Captain Nom Deplume, Besotted Rummy says:

    I came across this quote on Imdb and was hoping to find the clip. One of my favorite moments from West Wing (John Amos as the black Joint Chief) and one I would toss at the BLM crowd:

    “Leo McGarry: The President’s personal aide. They’re looking at a kid. You have any problem with a young black man waiting on the President?

    Admiral Percy Fitzwallace: I’m an old black man and I wait on the President.

    Leo McGarry: The kid’s got to carry his bags and…

    Admiral Percy Fitzwallace: You going to pay him a decent wage?

    Leo McGarry: Yeah.

    Admiral Percy Fitzwallace:
    You going to treat him with respect in the workplace?
    Leo McGarry: Yeah.

    Admiral Percy Fitzwallace: Then why the hell should I care?

    Leo McGarry: That’s what I thought.

    Admiral Percy Fitzwallace: I got some real honest-to-god battles to fight, Leo. I don’t have time for the cosmetic ones.”

  35. A social class enamored of placenta encapsulation will meet its end. Whole Paycheck gluten-free selections will be replaced by fried rats, and their children will be abducted into white slav3ry.

    Like the good old days here again, Gary…

  36. I did some RE work for John Amos back in the day. Dude is a one-man gang. And hilarious.

    I talked him out of diving into a massive arts/renovation/restaurant project in Newark at the height of the boom. Still one of my proudest moments.

  37. grim says:

    Neither Cruz or Rubio will beat Clinton or Sanders. Trump is the only shot the GOP has.

  38. rentinginNJ says:

    Watch as the State of NJ shifts pension obligations onto the counties and municipalities. It will play out in the form of a “Special Assessment” on property holders

    Possibly, but a much simpler way to do it would be for the state to lift the 2% cap then cut the cr^p out of aid to the municipalities, using the money instead for pensions, which would give the towns little choice but to raise taxes.
    Those red light $aftey cameras will be making a comeback too, as cities start looking for ways to offset cuts from the state.

  39. grim says:

    Knocking out Trump would be knowingly throwing the election.

  40. Fast Eddie says:

    Meat [38],

    A glimpse at life in Northern Jersey in a few years:

    https://www.youtube.com/watch?v=bie1BYpfzWk

  41. grim says:

    41 – Too much politics in that, nobody is going to be associated dropping the cap and being directly responsible for increasing property taxes, instead, they’ll make up new schemes that aren’t called taxes and do the same thing.

  42. Ragnar says:

    If knocking out Trump end up letting Hillary in, I could live with that.
    People end up getting the government they deserve.
    The media is perpetuating a myth that Trump is super-popular with Republicans, and that only a cabal of “establishment insiders” are against him. The majority of Republicans have unfavorable opinions of him. Nominating someone other than Trump is something the majority of Republicans would favor.
    But since most of the media think that republicans are as crass and bombastic as Trump, they just find it hard to believe, and they are the ones falling for the Trump campaign’s propaganda that he’s the true choice of the Republicans-ex “establishment”.
    It is true that Trump wins among the subset of Republicans who are college dropouts or Klan members, which the media likely considers the “Republican base”.

  43. Soon to be another NJ expat says:

    Responding to yesterday’s post # 29 (hughes)…

    Appreciate the anecdote. I concur that any project estimate of dollars and time should be doubled – or more.

  44. nwnj3 says:

    Ragnar likes the fact that Hill and Cruz are both backed by Goldman and WS, two sure thing candidates.

  45. Libturd questioning the gender of Hillary's Cankle fluid. says:

    Nom,

    I think that piece only comes across as a hit piece if you truly believe Trump is a Republican. I’ll reiterate this again. Trump is a closet liberal. I’ve listened to him for the past twenty years or so as he’s a frequent guest on the Howard Stern Show. I do have to say, he came across sounding a hell of a lot more like Ed Koch than Charles or David Koch. He was definitely pro-choice and pretty much echoed most of Stern’s positions whenever the topic was brought up. And yes, sometimes Stern can be Islamophobic and anti-immigrant, but more of in a joking manner. Stern still plays the race card for laughs, which only the most sensitive and pussified take offense to. Trump plays the race card for political gain, which is actually dangerous. But I don’t think anyone should really fear Trump’s nationalism. He is a true master of saying what people like to hear. He’s entertaining, to say the least. But I wonder if his charisma over any real substance will hold over a length of time. We’ll see.

  46. GOP'sbroken (the good one) says:

    you wrong

    grim says:
    March 7, 2016 at 12:46 pm
    Neither Cruz or Rubio will beat Clinton or Sanders. Trump is the only shot the GOP has.

  47. Libturd questioning the gender of Hillary's Cankle fluid. says:

    All right…now for something that matters.

    Those here who know Gator and me, know that our younger son D, has had a speech delay. He was getting help through Early Intervention and more recently, qualified for special needs in the GR preschool program. He also had slight physical delays, but not too bad. Well about three months ago, we noticed D’s gait looked a bit off balance. At least, more than normal considering his physical delay. We shared this with his teachers and his pediatrician at his 3 year physical, but none were that concerned. Well, over the last three months, his balance worsened to the point where D would fall on occasion. About a month ago, D had an appointment with his Pediatric Development & Behavior special1st where I pointed out his balance issues and he fell and bumped his head (just slightly). He vomited a moment after that (first time D tossed his cookies in nearly two years). She didn’t seem concerned and D seemed fine. In the following week D’s balance worsened and he threw up a couple more times in the morning, right after he woke up. I took him to my Pediatrician to see if he had a virus or ear infection but no infection was found. We scheduled the D for an ENT appointment in about three weeks time. About a week later, D’s balance got so bad that I had to hold his hand for him to be able to walk without falling. He was also still vomiting about once per day. So back to the Pediatrician I went, and he got me a same day appointment at a Neurologist. The Neurologist couldn’t get us an MRI spot at St. Barnabas until this past Wednesday morning (about a week from our initial consult). Well Daniel’s balance issue seemed to go away for a day or two after the initial consult (I shared that here), but came back a couple of days later, so we obviously went through with it. Low and behold, our neurosurgeon was shaking when she told us the results, so we knew it was pretty bad before she even uttered her first word. D had a huge malignant brain tumor that required immediate removal, and it was surprising that he hadn’t slipped into a coma for his brains own protection. Well surgery went perfectly on Friday morning and the entire tumor was successfully removed. D is recovering perfectly and a spinal tap is next and then on to see if he needs a shunt or not. Pathology is not done, but he most likely had a Medulloblastoma. Needless to say, we have been living in the hospital for the past five days in the PICU. We will probably be here for another seven. Then a month of healing and a lot of chemo until D is a little older and can tolerate just a little radiation. We have consults with three cancer centers planned, so we are not sure where or what the program will be. We should know in about a week.

    Our support network in GR has been phenomenal and we are at peace with the future odds of a complete recovery and battle ahead. We are not looking for any sympathy either. Just wanted to fill you all in. Pray to whomever for the D and hug your kids when you get a chance. You never know if they are carrying around a tumor for two years or so.

  48. Libturd questioning the gender of Hillary's Cankle fluid. says:

    “Neither Cruz or Rubio will beat Clinton or Sanders. Trump is the only shot the GOP has.”

    Anon only thinks your wrong because there are lots of dumb D’s who think like Anon and Otto and actually believe that crap that Otto posted the other day. They are so convinced, that they are registering as Rs and voting for Trump in primaries or at caucuses. Can’t wait for them to realize they pulled a Plaxico when Trump wins.

  49. yome says:

    Lib,
    A prayer for your son quick recovery

  50. Raymond Reddington says:

    Hubschmann

  51. Libturd questioning the gender of Hillary's Cankle fluid. says:

    Thanks Yome.

  52. nwnj3 says:

    #51
    Good luck and god bless.

  53. walking bye says:

    Lib, Im glad you took him in to get looked at. My wife went through a very similar situation with her brother. This was in the 80’s and the technology and medicine is much better since. He survived and did well. Unfortunately they screwed up on some growth hormones through the 2000’s which led to some other issues. Again the medical field has made leaps and bounds since then and know all will work out for you.

  54. Libturd questioning the gender of Hillary's Cankle fluid. says:

    Thanks. We good. (for now at least)

    GTG at Sloan Kettering?

  55. grim says:

    Wow – did not expect that – I remember that dialog from the other day. Prayers for him and hope your family is keeping in the best spirits you can.

  56. jcer says:

    51, the best to your family and son, hopefully he makes a full recovery and all of the treatment goes well.

  57. D-FENS says:

    Sorry to hear that libturd. I can only imagine how you and your wife must feel. I hope he has a full and speedy recovery.

  58. D-FENS says:

    Ragnar. Wake up. You and your friends share the minority opinion.

    Lots of people you socialize with probably would vote for trump too, they just wouldn’t admit it to your face.

  59. jcer says:

    Honestly Trump is no better or worse than the rest of these assclowns. Hillary is a liar and a crook, Cruz is slimy, Sanders is a delusional old man. This is a pick your poison situation, the only conclusion is no one is good, not much change from the last few elections.

  60. Libturd questioning the gender of Hillary's Cankle fluid. says:

    We good. It is what it is Grim. And as far as the cancer goes, it can’t spread, is curable and the odds are pretty good. New it wasn’t hypochondria.

  61. Libturd questioning the gender of Hillary's Cankle fluid. says:

    Knew…not much sleep lately.

  62. joyce says:

    Best of luck, Libturd.

  63. joyce says:

    Exactly. I’m not voting for anyone with a D or R next to their name (and often there isn’t a candidate I would feel proud voting for so my vote is a no vote). That said, Trump can’t do any worse than his predecessors … in fact, that should be his slogan (and no I’m not voting for him, R or I).

    jcer says:
    March 7, 2016 at 4:47 pm
    Honestly Trump is no better or worse than the rest of these assclowns. Hillary is a liar and a crook, Cruz is slimy, Sanders is a delusional old man. This is a pick your poison situation, the only conclusion is no one is good, not much change from the last few elections.

  64. Alex says:

    51-

    Best of luck to you and your family, Lib, hoping for a full recovery.

  65. Libturd questioning the gender of Hillary's Cankle fluid. says:

    Life’s crazy. One morning you are taking your kid to school. The next morning you find out your kid should have slipped into a coma a few months earlier.

  66. Soon to be another NJ expat says:

    Libturd – best wishes for your son and your family.

  67. Libturd questioning the gender of Hillary's Cankle fluid. says:

    Thanks. Now how do I get my disabled plates?

  68. chicagofinance says:

    Stu….stunned….hang in there….just vent on the board….we deserve everything you can dish out…..

  69. 1987 Condo says:

    good luck Lib and our prayers go to you and your family and those supporting you directly.

  70. 30 year realtor says:

    #51 Lib,

    Wishing you strength.

  71. Raymond Reddington says:

    Lib, best wishes for your son and entire family.

  72. walking bye says:

    Lib, wish you well. As for asking about Sloan, and if its worth it. I would say they have the process flows down pat. ie they will make sure steps don’t get missed/files lost/mistakes made. That is what you get with them.

  73. Nom [20, yesterday];

    Not looking forward to the expressions of glee from the prog/soc bloc of anon/Otto/Rory/yome on the passing of Nancy Reagan.

    Like I said, the left is all class.

    Byron York ✔‎@ByronYork
    Would not have guessed that 3 of first 7 paragraphs of NYT Nancy Reagan obit would be about Iran-contra. http://ow.ly/Z860C

  74. Now Spanky, be reasonable says:

    Libturd, glad to hear that your son’s surgery was successful. Very frightening, but kids are really tough, tougher than we give them credit for.

  75. walking bye says:

    @77 – Best comment from the article – Can you imagine if Michelle Obama used an astrologer to set up white house schedules. Ahh, those were different times in America.

  76. Ragnar says:

    Lib,
    Best wishes to you and your family.

  77. Fabius Maximus says:

    Lib/Gator,

    In our thoughts and prayers. Leaving your kid on a table with an anesthesiologist is one of those moments where, priorities and perspectives come into sharp focus.

    Good luck and stay strong.

  78. Libturd says:

    Thanks ya’all. For what it’s worth, D’s head now resembles Chris Christie’s after his surgery (CC’s that is).

  79. Fabius Maximus says:

    Bloomberg not running, puts the boot into Trump in the process.

    https://www.yahoo.com/news/bloomberg-decides-against-third-party-000043324.html

    Bloomberg, in ending his third and likely final flirtation with a White House run, wrote that a three-way race could lead to no one winning a majority of electoral votes, which would send the race to the Republican-controlled House of Representatives — and, therefore, to one of the GOP front-runners.

    “That is not a risk I can take in good conscience,” Bloomberg wrote.

    Bloomberg was blistering in his critique of Trump, currently the GOP front-runner, saying the real estate mogul has run “the most divisive and demagogic presidential campaign I can remember, preying on people’s prejudices and fears.”

    He was similarly critical of Cruz, saying the Texas senator’s “pandering on immigration may lack Trump’s rhetorical excess, but it is no less extreme.”

  80. The Great Pumpkin says:

    Brought a tear to my eye. Praying everything works out. Stay strong.

  81. Outofstater says:

    Lib – Sending up prayers down here in the Bible Belt. D is in good hands and what I wish for you and Gator is restful sleep when you can get it and a sense of peace always.

  82. Comrade Nom Deplume, Newspeak Editor says:

    Lib,

    The missus and I were very sorry to hear about this. Sorry if I let out a cat out of the bag that you didn’t want let out. I knew D was having medical issues from FB or here, can’t recollect. When I say your sock, I was concerned. Should have kept it on FB.

  83. libturd rotting away in St. Barnabas says:

    Don’t mind sharing. There’s no shame in having a sick child.

  84. NJCoast says:

    Lib and Gator,
    I wish you health and happiness for your family.

  85. Fabius Maximus says:

    10:26 Turn key voter trailer election services. What A Business model!
    https://www.youtube.com/watch?v=3saU5racsGE

    I don’t think we need this in NJ. Our commissions take this to a whole new level.
    Passiac Sewer Commission?

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