A number of properties were sold last week at Sheriff Sale foreclosure auctions. All of them well below the judgment price.

31 B South Maple Ave, Park Ridge NJ -  had a winning bid of $57,600, much less than the $184,874.05 judgment awarded to Wachovia Bank. The 1,449 sq ft condo last sold in 2008 for $345,000.

104 Munn Ave, Teaneck, NJ - received a winning bid of $193,000. The 1,146 sq ft home sits on a 4,000 sq ft lot. It was last sold in 2005 for $350,000. Zillow estimates the value at around $277k. The foreclosure judgment was for $314,210.60.

81-83 Brook St, Bergenfield NJ - received a winning bid of $226,000. About half of the $459,462.56 foreclosure judgment awarded to IndyMac. This 1810 sq ft two-family home sits on a 4560 sq ft lot at the end of a dead end street and was last sold for $425k in 2004.

130 Wallace St, Red Bank NJ - received a winning bid of $242,000, about 58% of the $418,935.81 foreclosure judgment awarded to CitiMortgage. The 1,652 sq ft home built in 1925 sits on a 18k sq ft log and was last sold in 2007 for $427k.


Comments:

I'm new to the Foreclosure Process...

For the 1st property.. does that mean the buyer in effect purchased that condo for $57,600.

All he has to do is evict (if someone is there) and make sure he has title (which shouldn't be a problem since he purchased from the bank?)

Thank
Mandy

Posted by Mandy on January 09, 2011 at 06:40 PM EST #

Foreclosure is the legal process by which a mortgagee, or other lien holder, usually a lender, obtains a termination of a mortgagor's equitable right of redemption, either by court order or by operation of law Usually a lender obtains a security interest from a borrower who mortgages or pledges an asset like a house to secure the loan. If the borrower defaults and the lender tries to repossess the property, courts of equity can grant the borrower the equitable right of redemption if the borrower repays the debt. While this equitable right exists, it is a cloud on title and the lender cannot be sure that it can successfully repossess the property.Nice information.
builders richmond va

Posted by builders richmond va on March 05, 2011 at 03:58 AM EST #

Mandy,

I'm new to the foreclosure process, too, and saw your note. I'd like to live or invest in real estate in Bergen County. Are you an investor or are you seeking a new place to live?

Jim

Posted by Jim on August 12, 2011 at 12:01 PM EDT #

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Posted by Alex Brown on September 28, 2011 at 04:15 PM EDT #

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