FREQUENTLY ASKED QUESTIONS
WWW.NJFORECLOSURES.COM
DIVISION OF FAQ Inc.
WHAT TYPE OF DATA DOES
NJ FORECLOSURES.COM OFFER?
WHAT ARE LIS PENDENS FILINGS?
WHAT
INFORMATION DOES NJFORECLOSURES.COM PROVIDE FOR EACH LIS PENDENS RECORDING?
HOW LONG
BEFORE A LIS PENDENS FILING IS SCHEDULED FOR SHERIFF SALE?
HOW
ACCURATE IS THE INFORMATION I RECEIVE ON THE LIS PENDENS FILING?
WHO
SHOULD I CONTACT: PROPERTY OWNER, ATTORNEY REPRESENTING THE PLAINTIFF (LENDER) OR THE
LENDER ITSELF?
WHEN
SHOULD A LETTER BE SENT TO THE PROPERTY OWNER OF A PRE-FORECLOSURE?
NJFORECLOSURES.COM
LISTS MORTGAGE DATE AND FIGURE. WHAT DOES THIS REPRESENT?
WHEN
SHOULD I CALL THE PLAINTIFF'S ATTORNEY FOR INFORMATION ABOUT THE PROPERTY?
WHY PURCHASE A LIS PENDENS?
WHAT TYPE OF DATA DOES NJ
FORECLOSURES.COM OFFER?
Currently, NJFORECLOSURES.COM provides the most up-to-date real estate lis pendens
filings for all 21 counties in the State of New Jersey. Our comprehensive internet data
base is updated daily to ensure our clients the most recent information available.
NJFORECLOSURES.COM is currently working on a software program to provide our clients
with Sheriff Sale listings for all 21 counties in the State of New Jersey. We anticipate
this service will be available by April 30, 1999. Visit our site often for reduced
introductory price offering on this service.
WHAT ARE LIS PENDENS FILINGS?
Lis Pendens is the initial notice of pendency filed which indicates a mortgage
foreclosure action has been initiated and is pending against the property. Essentially, a
lis pendens filing is a pre-foreclosure listing of real estate where the owner has
defaulted on the mortgage.
WHAT
INFORMATION DOES NJFORECLOSURES.COM PROVIDE FOR EACH LIS PENDENS RECORDING?
NJFORECLOSURES.COM provides:
- the docket number
- plaintiff's name (bank and mortgagee)
- address and phone number, when available
- defendant's name (mortgagor and borrower)
- street address, city, state and zip code of property
- Block/Lot number when available
- mortgage inception date and amount
- any liens the bank may provide (however, a title search is highly recommended for any
property)
- the plaintiff attorney's name
- address and phone number, when available
- additional comments when available
HOW LONG
BEFORE A LIS PENDENS FILING IS SCHEDULED FOR SHERIFF SALE?
Based on NJFORECLOSURES.COM data tracking system of lis pendens and sheriff sales, it
appears a sheriff sale can be scheduled as soon as 3-6 months after the initial lis
pendens filing to more than one year after the complaint filing.
HOW
ACCURATE IS THE INFORMATION I RECEIVE ON THE LIS PENDENS FILING?
NJFORECLOSURES.COM prides itself on attention to detail and accuracy. All data that
appears on our database has been checked for accuracy by referencing the lis pendens
filing itself.
WHO
SHOULD I CONTACT: PROPERTY OWNER, ATTORNEY REPRESENTING THE PLAINTIFF (LENDER) OR THE
LENDER ITSELF?
Contact should be made directly to the property owner. Each lis pendens complaint
filing may or may not be for sale. NJFORECLOSURES.COM recommends contacting the property
owner by phone, mail or certified mail. View a sample letter.
WHEN
SHOULD A LETTER BE SENT TO THE PROPERTY OWNER OF A PRE-FORECLOSURE?
If you see a property in our database in which you are interested, you should send a
letter immediately. We also recommend a follow up phone call. If there is no response,
assume the property owner is not interested in selling the property at this time. Don't be
discouraged; our label enabler function allows you to create mailing lists from which you
can resend letters to properties in which you are interested. Remember--a property owner
may not be interested in selling the first time you send a letter, but as time goes on, he
may change his mind. Be diligent in resending letters.
NJFORECLOSURES.COM
LISTS MORTGAGE DATE AND AMOUNT. WHAT DOES THIS REPRESENT?
The information listed in our database is the amount of the original mortgage on which
the property owner has defaulted. You will need to do a foreclosure search/title search to
determine the amount owed to the bank. It is also important to determine if there are
additional liens on the property. This is why a title/foreclosure search is recommended.
Remember, the mortgage amount is not what is being asked for the property. Again, the
property may not be for sale.
WHEN
SHOULD I CALL THE PLAINTIFF'S ATTORNEY FOR INFORMATION ABOUT THE PROPERTY?
Only call the attorney once you have contracted to purchase the property from the
owner. It is important to remember the only person who can show you or discuss the
property with you is the property owner or his agent.
WHY PURCHASE A LIS PENDENS?
Professional investors pursue and purchase properties in desirable market areas. A
majority of lis pendens (pre-foreclosures) are refinanced or sold quickly, never making it
to foreclosure/sheriff sale. For this reason it is important to contact the property owner
first to create a business relationship. You will know whether they intend to make up the
mortgage or put their property up for sale.
GOOD LUCK! REMEMBER A GOOD DEAL IS WHEN ALL PARTIES WIN!
