New Jersey's open space disappearing

The Star-Ledger reports

For the first time, New Jersey’s landscape is covered more by housing and shopping malls rather than forests, the real consequence of the "two most sprawling decades" ever, a report being released today concludes.

The study, a collaboration between Rowan and Rutgers universities, analyzed land use data between 1986 and 2007 and estimates the state could run out of open space around 2050 if the pace of development that took place in the sprawl years continued.

The question is will the slow market further slow the amount of land under development?

And how about the upsurge in urban development, especially the kind seen in Hudson County?

Experts point to several factors behind the trend: younger generations now have fewer children and prefer urbanized settings; the recession has forced both builders and buyers to settle for smaller (and cheaper) houses; land is just too expensive now for more McMansions.

Read the full story.

 

For your next title order 

or if you have questions about what you see here, 

contact Stephen M. Flatow 

Vested Title Inc. 

648 Newark Avenue, P.O. Box 6453, 

Jersey City, NJ 07306 

Tel 201-656-9220 - Fax 201-656-4506 

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Revitalization money on the way to NJ communities

Thanks to New Jersey’s two U.S. Senators, Lautenberg and Menendez,

counties and municipalities across New Jersey will receive $24,195,998 for various housing and community revitalization programs. The grants, administered through the Department of Housing and Urban Development (HUD), are part of four initiatives: The Community Development Block Grant (CDBG) program, the HOME Investment Partnership, the Emergency Shelter Grants (ESG) program, and the Housing Opportunities for Persons With AIDS (HOPWA) program.

The grant money will be made available through the U.S. Department of Housing and Urban Development.

According to a press release issued by Senator Lautenberg’s office,

The CDBG and HOME programs provide funding to develop decent and affordable housing, enhance infrastructure and develop economic opportunities primarily in communities with large populations of low and moderate-income families.  HOPWA funding provides housing assistance and related support services to meet the special needs of people with HIV and AIDS.  The ESG program provides homeless people with basic shelter and other services.

  Let's hope there's more money coming for New Jersey's struggling communities.

For your next title order or 

if you have questions about what you see here, contact 

Stephen M. Flatow 

Vested Title Inc. 

648 Newark Avenue, P.O. Box 6453, 

Jersey City, NJ 07306 

Tel 201-656-9220 - Fax 201-656-4506 

E-mail vti@vested.com - www.vested.com

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Getting credit after bankruptcy? A 2-step process

Justin Harelik, a L.A. attorney writes about bankruptcy for Bankrate.com. A reader posed this question about life after bankruptcy-

Dear Bankruptcy Adviser,
I have had really good credit for the past 20 years and recently went through a bankruptcy and am wondering how to "start over." I did keep my two cars and my house, but they still show up as discharged in a bankruptcy on my credit report and, according to my lender, that will continue for three to six months after the bankruptcy is discharged. How do I explain that to potential creditors?
-- Terri

The answer-

Dear Terri,

"As you begin the credit repair process, you will need to explain yourself to potential lenders over and over and over again. Yes, it will get to a point where you just might give up. But you cannot!"

Lenders today are quick to say "no" to anything out of the ordinary. Credit dings, especially ones as big as a bankruptcy, give the lender all the incentive needed to reject you for a loan or financing. You must remember that you can get credit again, but it will take some time. Here's a two-step process to follow.

Here are the two steps:

Tell your story. Research shows that the vast majority, more than 80 percent, of individuals who file bankruptcy have dealt with an illness, a divorce or a period of unemployment. You need to prepare a 30- to 40-second sound bite, explaining why you filed for bankruptcy. Even the most sympathetic loan officer or underwriter will not want to hear you tell your life story. Be concise, but thorough.

Interview your lenders. You don't want unnecessary credit inquiries showing up on your credit report after a bankruptcy. You will want to know whether you have the option of a loan after bankruptcy before you even fill out an application.

Bankruptcy does not mean your life has come to an end. It may seem that way, but never, ever, let them get you down.

Read the full article from Bankrate.com.

For your next title order or if you have questions about what you see here,
contact Stephen M. Flatow
Vested Title Inc.
648 Newark Avenue, P.O. Box 6453,
Jersey City, NJ 07306
Tel 201-656-9220 - Fax 201-656-4506
E-mail vti@vested.com - www.vested.com

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No tax credits for N.J. homebuyers; impact of end of Federal program being felt in New Jersey

We previously told you about a plan to give N.J. homebuyers a tax credit. Well, N.J. Gov. Chris Christie has vetoed the bill that would have given tax credits of up to $15,000 to homebuyers. The reason-- the state could not afford to forego $100 million in tax revenue over the program’s proposed three-year lifespan.

According to the report in the Star-Ledger, Christie has said that while he would support some economic development programs in other times, the state does not have the luxury of paying for them now.

Responding to criticism, “Christie argued in his veto the money would have been used by people already committed to buying homes and would “’briefly and artificially inflate home values.’”

Read the full article.

The New York Times reports on the impact,

“After the expiration of the federal tax-credit program for buyers on April 30, the number of contract signings in New Jersey abruptly fell to the lowest point in six years — after more than a year of continuous gains.”

Well, I guess we are not seeing the light at the end of the tunnel.

For your next title order or
if you have questions about what you see here,
contact Stephen M. Flatow
Vested Title Inc.
648 Newark Avenue, P.O. Box 6453,
Jersey City, NJ 07306
Tel 201-656-9220 - Fax 201-656-4506
E-mail vti@vested.com - www.vested.com

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Greedy mortgage brokers charged with theft

The Asbury Park Press reported

"Three executives from Hawthorne Capital Corp., a mortgage brokerage with offices in Manalapan, (New Jersey) New York and Pennsylvania, have been charged with theft for failing to pay off original loans after refinancing mortgages, the Monmouth County Prosecutor's Office said."

"New Jersey customers used the company to refinance their mortgages, the Prosecutor's Office said. Typically when that happens, the lender pays off the original mortgages. But the Prosecutor's Office said it received a complaint from a Monmouth County homeowner who said a check sent to her original mortgage company had been returned for insufficient funds after the homeowner refinanced with Hawthorne."

Now, this is interesting because we normally find a title company and/or lawyer involved in the actual disbursement the new mortgage loans, not the mortgage broker. So, we think there’s more here than meets the eye.

Also interesting is the clumsiness in which the broker acted since there doesn't seem to be any attempt to hide the fraud by making a few months' worth of mortgage payments on behalf of the owner.

We’ll try to follow this story.

For your next title order or if you have questions about what you see here,
contact Stephen M. Flatow
Vested Title Inc.
648 Newark Avenue, P.O. Box 6453,
Jersey City, NJ 07306
Tel 201-656-9220 - Fax 201-656-4506
E-mail vti@vested.com - www.vested.com

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