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Servicing / The Ticker

Struggling N.J. city misses out on foreclosure revenue

Foreclosure
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According to the Times of Trenton, the city of Trenton, N.J., missed out on thousands of dollars in potential revenue because it failed to pursue foreclosure cases against delinquent taxpayers for the past three years. The paper explains why in a recent report:

“We haven’t done any foreclosures for a while,” said Edward Kirkendoll, the municipal tax collector.

Hutchinson said the city stopped processing foreclosures after it laid off staff in recent years. The city previously had a real estate department that oversaw foreclosures, he said.

Hutchinson said he was concerned that, because the city has not been processing foreclosures, property owners have less incentive to pay their taxes on time, and the city has been missing out on revenue.

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