There were 28 properties scheduled for last Friday's Sheriff foreclosure auction, 11 went to auction and 4 were sold. Two for less than the judgement.
2 Valley Lane, Upper Saddle River, NJ had a winning bid of $504,000 by Matthew LLC. The foreclosure judgment awarded to Avelo Mortgage, LLC was $712,596.15 and the home was last sold in September 2006 for $1,160,000. The winning bid was 29.28% below the foreclosure judgment and 56.55% below the bubble price. It looks like the last assessment in Upper Saddle River was in 2002. The current tax assessors value of the property is $661,300 and the winning bid was 23.79% below the assessed value.
88 Woodcrest Drive, Woodcliff Lake, NJ had a winning bid of $650,000 by Daniel Silva. The foreclosure judgment awarded to CSB Realty Corp. was $413,520.04 and the home was last sold in 1990 for $510,000. The winning bid was 57% more than the foreclosure judgment and 27% more than the 1990 price. Not much appreciation for nearly 20 years compared to what was happening during the bubble.
60 Herzog Place, Englewood, NJ had a winning bid of $12,000 by 60 Herzog Land Trust, Carolyn Bloiso as Trustee. The judgment awarded to LT Asset Recovery LCC was $9,583.07 and the home was last sold in 1998 for $155,000. This doesn't seem to be a mortgage related judgment but some other debt that was being collected through a foreclosure proceeding. If that's the case, the other liens will need to be worked out and since the winning bidder has picked up foreclosures at auction in the past we can assume that she's done her homework and worked things out with the other lienholders in the event she won the auction.
554 Terrace Avenue, Hasbrouck Heights, NJ had a winning bid of $256,000 by 554 Land Trust, Carolyn Bloiso as Trustee. The judgment awarded to U.S. Bank National Association, as Trustee for Mastr Asset Backed Securities Trust 2005-AB1 was
$351,441.24 and the home was last sold in August of 2005 for $425,000. The winning bid was 27.16% below the foreclosure judgment and 39.76% below the bubble price.
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