I tried to buy a place from an investor who had previously bought it out of HOA foreclosure. Title company refused to write a policy. I could still buy it but it would been up to me to clear the title issue.
Compared to california the whole jersey shore is kinda trashy.
I don’t like anything about NY NJ except for manhattan and surroundings, Hudson river valley and parts of Long Island.
Were there payment only loan mods? No principal reduction. I think there were. Just wondering how many of these house could be pretty easy to make payments on even though they are upside down?
Also, people who did get principal reductions but owe the government equity sharing might be nearly as bad as upside down, even though the house doesn’t look that way. Not sure how many there are. Does anyone have these kinds of stats?
You’d be surprised — not all people are eligible for those mods. In particular, idiots who bought non-primary, as an investment at the top of the market, are out of luck.
Also, the mods don’t mean a free house. One person I know who modified had her payment reduced by $500/mo or so. But only as long as it remains a primary — if she has to move for work, she loses the house.
I’m not too shocked. Buy a house with 3.5% down, market falls 4%, you’re technically underwater. And like others said there are markets that are still below bubble peak prices. In SD County right now a lot of the homes that are for sale are (poorly maintained) bubble homes that the owners are finally able to escape now that prices have almost caught up.
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