Sounds like you're in the same situation as the rest of the country. You just might want to do the short sale thing, but rather then listen to all the mortgage brokers and realtors (who are mostly sharks trying to take advantage of your situation), why don't you take all your stuff. Throw it into storage and rent the place out until you can get a new job? The other option, is to get the heck out of the North East, just go down south. Heck, in Florida every other home is in forclosure, you can get a killer place down there for 1/2 the amount of money. The north east in a biggest rip off in the world right now, it's so over priced.
The banks are basically waiting for you to go into a short sale or foreclosure so then can own your house and let it rot without reselling, so they can keep all the prices in the country artificially inflated by not allowing the housing supply increase. Let's face reality that the goverment is now working with the banks so they can own america and you work for them and your house. Remember when people lived in smaller houses and actually paid them off? Rember when there was no such thing as a second mortgage? Remember when people didn't have credit cards? - Sun Apr 13 2008, 18:27
The other answer is a "plug" from a Realtor. The reality is that Jersey City is a terrible place for a long term investment. You have some of the highest taxes in the country. In regards to Dixon Mills in JC, you are buying a rental conversion with tons of problems. It's a converted old factory with lots of plumbing problems and irregular sized units, on a lousy road in a bad neighborhood. They can't sell even a fraction of the unit that are for sale, and my guess is most of them will remain rental units.
Try and find a decent school for you children in Jersey City? Unless your kids have a 24 hour armed escort good luck in the public schools. Oh, there are no public schools in downtown JC, only a few private schools.
To be very honest from a person that actually owns a condo in a waterfront property, the only way Jersey City would be a great place to live, is if Port Liberte, and Pauls Hook and Pavonia Newport could annex themselves as an independent government. These 3 neighborhoods have less then 10% of the population paying over 50% of the tax burden. NICE!
Jersey City is beyond corrupt, the owner of Liberty Harbor paid a few hundred thousand dollars for 40 acres of prime property on the waterfront. Wow, the property was worth over 100 million dollars, and he got it for less then 1 million, what a deal! Sure wish I could buy an acre of waterfront property for under $100,000 per / acre. Oh, and they control your parking, your internet service, you phone service, your cable service and have exclusive right on all the commercial property on Grand Street. What a DEAL! - Tue Apr 8 2008, 12:10
MVPs or 'Most Valuable Players' are key Trulia Voices members who have been contributing high-quality content throughout 2008 and providing valuable advice to consumers and real estate professionals.
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