RUN, Don't Walk: Why New Jersey Foreclosures Are a Trap for Note Investors! 🏃♀️ 🚩
Thinking about buying notes in New Jersey? Think again! Scott Carson unleashes a fiery rant on the latest changes to New Jersey's foreclosure laws, exposing why they're a lender's worst nightmare and why you should avoid the Garden State at all costs.
In this episode, you'll discover:
- The "Progressive" New Foreclosure Rules: Community wealth preservation programs, expanded access, and more… that all spell trouble for lenders.
- The Rant Begins: Scott is fired up over the new legislation to help lenders and borrowers, but not really helping. It makes about as much sense as the script for Super Troopers!
- The Core changes of the new Foreclosure Law: Signed into Law January.
- The New Notice Requirements: Now you have to label your mail as such that it's a notice of the seal of forclosure!
- What upset prices must look like: The foreclosing plaintiff must provide a good faith estimate of the upset price BEFORE the Auction and you can't budge from that!.
- No contacting borrowers: Lenders can't reach out to borrowers and ask if they are wanting to participate in the sales.
- What about after foreclosure? The long game, can be a trap for real estate investors.
- The Crazy Penalties for Non-Compliance: If you violate the 84-month occupancy requirement, get ready to pay up to $500,000.
- Why New Jersey is "off the list". The way for the government to make a hand out and take more money from the little guy.
- New Sheriff Commission fees: Get ready to pay your Sheriff 6% of the Winning Bid!.
If you're a note investor or lender, you NEED to hear this episode! Don't get caught in the New Jersey foreclosure trap – listen now and protect your investments! 🛡️ ⛔
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