Back in April, the Newark/Urban Essex Foreclosure Task Force had a area wide outreach campaign to get the word out about resources available home owners in jeopardy of losing their homes to foreclosure. At the end of the event, participants from all over Newark and the surrounding urban communities converged on a house the ECD had recently acquired out of foreclosure. I thought it would be interesting if the former owner would come and give her story as to how the home had fallen into such disrepair and why it had ended up with a foreclosure filing. She responded that she didn't think her story was representative of the normal foreclosure, but she did share her story. Here it is, in her own words:
“I appreciate you reaching out to me. However, my situation was altogether different. I purchased this property from a family member who was unable to move out for over a year. During this time, I suffered unexpected cost due to their usage. Then once vacated, I would spend money to start repairs only to have local break in and steal items installed. Cabinet, pipes, sheet rock and flooring. They then began to steal fixtures from the kitchen and bathrooms.
Subsequently, it became impossible for me to sink anymore money into this property while trying to maintain my primary resident and another income property in the city. The property was put on the market and a cash buyer was secured. However, that buyer kept requesting to push the purchase date back so many times that we later found they were hoping that I would not be able to afford the payments any longer, thus ending in foreclosure so they could get a possible short sale.
When this was discovered I reached out to Mary Ann (her realtor) to secure a real buyer for the property.”
Subsequently, it became impossible for me to sink anymore money into this property while trying to maintain my primary resident and another income property in the city. The property was put on the market and a cash buyer was secured. However, that buyer kept requesting to push the purchase date back so many times that we later found they were hoping that I would not be able to afford the payments any longer, thus ending in foreclosure so they could get a possible short sale.
When this was discovered I reached out to Mary Ann (her realtor) to secure a real buyer for the property.”
As time has gone on, there is no one "usual" story. Only more damage to the fiber of our communities.