Monday's are when the Sheriff's sale notices are published in the Courier, and today three new properties are added to the 19 that were advertised last Monday.
Given that we are hardly at the worst part of the mortgage crisis yet, I have decided to pay more attention to the Plainfield situation, especially since a Realtor® friend pointed out the alarming number of properties in 'pre-foreclosure' status in town (see more here), and the questions of speculation, abuse and/or fraud that come to mind when some of the dollar amounts are considered (see more on that here).
Recently, a house in the 700-block of Berkeley Avenue that was noted last November as having an upset amount of $996,000 (!), was sold by the bank and closed. Though the sale price is not yet published, I am told it went for about A THIRD of what the banks were into it for. What does that do to the value of other properties in the neighborhood?
Also in the 2nd Ward, a resident noticed a neighbor loading furnishings up into a U-Haul and learned the family was giving up on the home and the mortgage and 'handing the keys back to the bank'. Which means another vacant property, and another sign of our mortgage troubles.
I'm going out with the camera today to take pictures of more properties, but am still not quite sure about whether to post them or not.
It's embarrassing to those caught in the web to have the legal notice pinpoint their property and their name; on the other hand, if the wave of foreclosures mounts (as I fear it will), the whole community will be affected. And shouldn't people have a right to know? And shouldn't public officials have their attention called to a 'quality of life' (how they love that term!) issue -- especially one that can impact the public purse as well as a property owner's?
While I mull whether or not to put the pix on a Google map, I'm lugging out the old digital camera.
- June 17, 2008: "How bad is Plainfield's subprime mortgage picture?"
- November 11, 2007: "Plainfield Foreclosures"
-- Dan Damon
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2 comments:
Dan, While I am opposed to any 'hint' of fraudulent lending practices, I do believe homebuyers are responsible for knowing (and understanding) how much they can afford...I remember when I bought my house in Plainfield in 1987, and had a 'variable' rate at the time, I wanted to know what was the 'highest' it could go before I would buy the house....don't these people ask these questions? don't they have a responsibility? and walking away from homes is irresponsible....sorry.
What do you know about the tear down of the giant brick Georgian Colonial on the corner of Prospect and Rahway. This is the heart of Sleepy Hollow so I dont get it. About a month ago I drove by and there were fences up at the driveway. Today I drove by and the house is GONE. They tore it down. Hit me with info because no one seems to know anything.
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