Frank Wible, Foreclosure/Short Sales

NJ Law: N.J.S.A. 2A:18-61.1 ET SEQ [Tenants in Foreclosure Homes]

I have to post my comments on this in my blog. New Jersey law states that is you are renting a home, and the home is foreclosed on, you pretty much NEVER have to leave. Just keep paying your rent to the new owner or lender in the case of an REO and they can never ask you to leave! If you were to have a 10 year lease with the prior owner for let's say $900 a month (well below market value) for a 4 Bedroom house, the lender would have to honor that lease! They have NO indications in the law to what "market value rent" should even be! Could you rent for $50 a month?....well, I would not press your luck with that one! :)

What's better, is that the lender would have to maintain the property or face criminal charges! HA! "Hello, Mr. Lender, yes this is YOUR tenant at 123 Main Street and I'm just calling you to inform you that the roof is now leaking and needs to be fixed!" WOW! And they have to fix it! WHAT A COUNTRY!

Ok, what do I conclude after reading this? Well, considering I do short sales for a living, I think I will start using this little bit of information in my short sale negotiations. "Yes Ummmm, [Insert Bank Name], the current home owner is considering renting the property out on a 10 year lease if we can not come to an agreement on this short sale. Do you happen to have a written lease your company uses or would you like me to make it up for the current owner?" OUCH! Lovin' it! Talk about short sale incentives...forget HAMP/HAFA, this is the best incentive I've seen yet!

This law is so ambiguous, I'm sure it will tie up the court systems like there is no tomorrow and be changed 50 times before long. But, for now, tenants that live in foreclosure homes should feel safe that they will not be on the streets anytime soon! Just make sure the rent is there on the first of the month (or what ever day they spell out), and you will be good to go!

On a side note, AGENTS, DO NOT attempt to have any tenant removed from a house that is in foreclosure (short sale) or has been foreclosed on...you could lose your license and face CRIMINAL charges! Additionally, your short sales that you now have with tenants in them; make sure you have your ducks in order and the tenant (if there is one), has plans to vacate prior to settlement. Find out their intentions....just don't ever say "You have To Leave!"


SAMPLE OF THE FORM THAT THE NEW OWNERS MUST SEND TO THE TENANT WITHIN 5 DAYS AFTER SHERIFF SALE...(You should see the restrictions on this! Font size, bold, etc etc)....




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NOTICE TO TENANTS

THE FORMER OWNER OF . . . . . . . . . . . . (insert property address) HAS LOST THE PROPERTY AS A RESULT OF A FORECLOSURE. IF YOU ARE A TENANT AT . . . . . . . . . (insert property address) YOU HAVE THE RIGHT TO REMAIN IN YOUR HOUSE. THE NEW OWNER CANNOT FORCE YOU TO MOVE OUT BECAUSE OF THE FORECLOSURE.

YOU ARE PROTECTED BY NEW JERSEY'S ANTI-EVICTION ACT, N.J.S.A. 2A:18-61.1 ET SEQ. FROM THE TIME YOU RECEIVE THIS AND UNTIL FURTHER NOTICE, YOU SHOULD PAY RENT TO ......(insert name and address of person to whom rent is due) PLEASE SEND RENT BY ......(insert method of transmission) ON THE ......(insert day) OF EACH MONTH.

WITH LIMITED EXCEPTIONS, THE NEW JERSEY ANTI-EVICTION ACT, N.J.S.A.2A:18-61.1 ET PROTECTS YOUR RIGHT TO REMAIN IN YOUR HOME. FORECLOSURE ALONE IS NOT GROUNDS FOR EVICTION OF A TENANT. YOU ARE PROTECTED BY THIS LAW EVEN IF YOU DO NOT HAVE A WRITTEN LEASE.

THE NEW OWNER CANNOT EVICT YOU WITHOUT"GOOD CAUSE," AS DETERMINED BY A COURT.

THIS MEANS THAT ONLY A SHERIFF'S OFFICER WITH A COURT ORDER MAY REMOVE YOU FROM THE PREMISES, AND ONLY AFTER YOU HAVE BEEN GIVEN THE OPPORTUNITY TO DEFEND YOURSELF AGAINST EVICTION IN COURT.

EXAMPLES OF "GOOD CAUSE" ARE FAILURE TO PAY RENT, WILLFULLY DAMAGING THE PREMISES, OR PERSONAL OCCUPANCY BY THE NEW OWNER. IT IS ILLEGAL FOR THE NEW OWNER TO TRY HAVE YOU REMOVED.

A RESIDENTIAL TENANT IN NEW JERSEY CAN BE EVICTED ONLY THROUGH A COURT PROCESS. ONLY A COURT OFFICER WITH A COURT ORDER MAY REMOVE YOU FROM THE PREMISES, AND ONLY AFTER YOU HAVE BEEN GIVEN THE OPPORTUNITY TO DEFEND YOURSELF IN COURT.

INDIVIDUALS CAN BE SUBJECT TO BOTH CIVIL AND CRIMINAL PENALTIES FOR TRYING TO FORCE YOU TO LEAVE YOUR HOME IN ANY OTHER MANNER, INCLUDING SHUTTING OFF UTILITIES OR OTHER VITAL SERVICE OR FAILING TO MAINTAIN THE PREMISES.

IF THE NEW OWNER PRESSURES YOU TO LEAVE, CONSULT WITH AN ATTORNEY OR FILE A COMPLAINT WITH YOUR LOCAL PROSECUTOR. YOU MAY, HOWEVER, ACCEPT FINANCIAL COMPENSATION FOR LEAVING VOLUNTARILY IF THE NEW OWNER OFFERS SUCH COMPENSATION. IF SOMEONE IS PRESSURING YOU TO LEAVE, CONSULT WITH AN ATTORNEY.

MARCH 24th, 11am to 1PM

Broker's Open Tour and FREE Lunch! The Seller Would Love Your Feedback!

Brokers Open You'll be quite pleased with how well this property has been taken care of. Settle into this ranch 3-bedroom/2.1-bath home. This distinctive floor plan delivers a striking gathering room with marble floors, fireplace, built-in bookcases, first-rate kitchen with breakfast area, custom countertops, dishwasher, custom cabinets, pantry, large laundry, hobby room, large yard, lush garden, deck, 1-car garage, detailed woodwork, professional decor. New garbage disposal, all stainless steel appliances, with new 2-drawer dishwasher and new microwave; glass-top stove; new hardwood floors in kitchen, dining room and office, new carpeting in master bedroom and 1 bedroom, new lighting in kitchen and dining room, bedroom, both baths; interior painted throughout, new 30-year Timberline roof (all of old roof removed down to the studs) with new plywood sheathing; new landscaping; new gutters, new hot water heater, new air conditioning-heating system including entire duct system replaced;new water filtration system. A Must See PROPERTY FEATURES: Air Conditioning Central Heat Fireplace Hardwood Flooring Tile Flooring Family Room Living Room Bonus/Rec Room Office/Den Dishwasher Refrigerator Microwave Dryer Laundry Area-Indoor Yard Garage Cable Professional decor Glass-top stove Stainless steel appliances CONTACT INFO: Property For Sale MLS#: 5490225 318,000 Single Family Home 3 Bed 3.0 Bath Parking: 5 Car + Sq. Ft. Built 1969 Commission: 7 N Kings Hwy N Cherry Hill, NJ 08034 (click for map) Virtual Tour Local MLS Remax All Pros Frank Wible 5701 Rt 42 Turnersville, NJ 08012 Office: 856-228-7990 Cell: 856-745-7700 Fax: 856-228-4433 Email Me Visit My Website

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Services Provided.
Frank Wible is no stranger to foreclosures and difficult real estate markets. He has spent his entire real estate career focused on the people involved in foreclosure. As heard on the radio and seen on TV, Frank Wible is often called by the media to provide market analysis and assistance to call-in listeners when they face financial hardship with their homes. Frank is a well known real estate columnist and analyst for national newspapers, magazines and websites. He is recognized as a nationwide foreclosure, short sale, and loss mitigation expert.

As the short sale authority, many Realtors, brokers, and even lenders have hired Frank to assist in the closings on their short sales and foreclosure properties. Frank continues to grow his "Helping People" business and win award after award for service and dedication to the industry, and most importantly, homeowners in these financial troubles.

What do you mean by Short Sale?
There are many ways to lose a home but giving away ownership in a manner that destroys credit, embarrasses the family and strips an owner of dignity is one of the hardest. For owners who can no longer afford to keep mortgage payments current, there are alternatives to bankruptcy or foreclosure proceedings. One of those options is called a "short sale." When lenders agree to do a short sale in real estate, it means the lender is accepting less than the total amount due.

If you are facing financial difficulties and are behind on mortgage payments, or if your lender has contacted you in regards to foreclosing on your home, you are not alone. New Jersey has one of the highest foreclosure rates in the nation. Frank Wible and his team of experts can assist you by explaining all your options, and negotiating directly with your lender for a short sale. Frank Wible specializes in marketing properties where a short sale may be a seller's last option before the home is foreclosed. The key to a successful short sale is to call Frank as soon as possible to discuss your options. The call and your information will be kept strictly confidential.

Areas of Services:

NEW JERSEY...
Camden County
Burlington County
Gloucester County
Monmouth County
Atlantic County
Ocean County
Cape May County

FLORIDA...
Tampa Area
Hillsboro County
Pasco County
Pinellas County
Hernando County

Frank Wible
RE/MAX All Pros
Short Sale & Foreclosure Division
Home Retention Services

Cell: 856-745-7700
http://www.ShortSaleNJ.com

VIEW THIS VIDEO FIRST, IT'S SHOCKING: http://www.cnbc.com/id/15840232?video=1039849853

Dear Mr. Santelli & CNBC,

Your reporting on this topic today was an outrage. Are you calling my clients that have kept steady jobs for years, and now from no fault of their own, are possibly losing their home "losers?" Personally I think you are a pompous ass!

I agree that many people purchased homes that they could not afford, but why did the lenders place the stamp of "APPROVED" on the damn loan to begin with. Maybe the blame (not the trillions their getting) needs to go in that direction. And, is it wrong for someone that never had the opportunity to have the American dream of homeownership try to make it work? The lenders told these people they could afford it, so they bought. It's that simple.

You calling people that are behind on their mortgage, some for very valid reasons, "losers", only makes you look like a complete jerk and goes to the creditability of your bias reporting.

What do you propose? Shall we put all these people on the streets? Will that cost tax payers less? Your ignorance on this topic is baffling on so many levels.

The housing market is the backbone of our economy and needs to be corrected. The corruption and outright greed at the governmental and executive (CEO) levels created this nightmare we all live in today and needs to be addressed in order for this country to move forward. Just for the record, a personal friend of mine was dismissed (fired) from a national lender in 2005 for declining too many loans. It's fairly obvious where this problem started!

Someone I know needs to transfer to another state because it's the only way to keep his employment and means to feed his family. Their home has dropped over $200,000 in value and requires lender or governmental intervention or he will surely lose it, are they "losers?"

Let's hope for your sake you never lose your job reporting for CNBC (which by the way, I think you should), and are not required to sell your home that has dropped significantly in value. If so, I will be the first one at your door step picketing with a "LOSER" sign on your lawn.

In closing, some people have saved all their lives, built enough cash to purchase their first home, then catastrophe struck and they lost not only their income, but their savings due to the 60% drop in the market. They ask the lenders/government for assistance and you tag them as a "loser!" As far as I am concerned Mr. Santelli, you are not only an ignorant jackass, but an extremely poor reporter, and all around human being.

You're so damn smart, what do you propose? Stick your head in the sand and ignore this hoping it will just go away? I can only hope the next short sale I have approved for my "NON-LOSER" client, the loss comes directly from your tax dollars personally. Nothing would make me happier!

Thank you for your time and showing your true self. Character is identified during the bad times, and you have now shown yours clearly...

Frank Wible
RE/MAX All Pros
Short Sale & Foreclosure Division
Home Retention Services