Foreclosure Vampires in NJ - New York News

Foreclosure Vampires in NJ

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Beachwood, N.J.(My9NJ) -

New Jersey’s foreclosed homes are filled with 'vampires'. In this case they aren’t the undead, they’re people living in homes going through foreclosure for years and not paying any bills.

People call them squatters or freeloaders but when you dig deeper, it could be the foreclosure process in New Jersey that may be flawed and not necessarily the homeowner getting a free ride.

I chased the story to Beachwood where Christine Saia has been living in her home since 2008 without paying the mortgage. She showed me a stack of documents showing she tried to work things out with the bank but they wouldn’t work with her.

New Jersey’s foreclosure process takes an average of 1,000 days. That's the longest in the nation. If the mortgage provider will not accept mortgage payments or negotiate then the homeowner is stuck in limbo. It's happening all over New Jersey with Hudson & Cape May ranking the highest; 80% of people remaining in the home for years during foreclosure.

Attorney Cheri Robinson told me that the process is even more complicated because lawsuits have proven that several mortgage companies didn’t follow the proper process and may have to start over from scratch years after the process begins.

Mortgage companies may also have an incentive to to allow the process to drag out in a bad market because they can’t sell the houses and a “vampire” will continue to maintain the house for them until the market improves.

As much as it may seem like a sweet deal, in this case homeowners tell us that not paying bills isn’t all it's cracked up to be.

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