Because New Jersey is a judicial foreclosure state, all foreclosures must go through the court system before they can be finalized. As part of the legal process, each side will have the opportunity to gather evidence before the trial to help build its case. This is known as the discovery phase in a lawsuit and…
During COVID-19, the SBA created the Economic Injury Disaster Loan (EIDL) program to help small businesses survive the financial impact of the pandemic by providing loans to cover operating expenses. For many companies, this loan was their lifeline and was the reason they were able to make it through the shutdown. However, with EIDL payments…
Facing foreclosure can be scary. If you’ve received a Notice of Intent to foreclose or a foreclosure complaint and summons, you might not know how to save your home. You may have heard of the Foreclosure Mediation Program, which is available to New Jersey residents. The NJ foreclosure mediation program offers a way for you…
The flex modification program is a loan modification offered by Fannie Mae and Freddie Mac. It was created to replace the Home Affordable Modification Program (HAMP) and help borrowers avoid foreclosure by making their monthly payments more affordable. In this article, we’ll discuss what a flex modification is, who is eligible for a flex modification…
Even if you’ve received a denied loan modification, the decision may not be final. In many cases, homeowners can submit a loan modification appeal to have their application reviewed and reconsidered for approval. In this article, we’ll talk through what happens if your loan modification is denied, and how to appeal a loan modification denial…
If you’re facing foreclosure and also have a second mortgage or HELOC, the pressure can feel overwhelming. It’s normal to start looking for ways to find help, and bankruptcy often comes up as an option to eliminate debt. However, whether bankruptcy can actually eliminate a second mortgage depends on the type of bankruptcy you file…
If you’re behind on your mortgage, you may be wondering if Chapter 13 bankruptcy can save your home. Chapter 13 can temporarily stop foreclosure and, in some cases, allow you to strip a second mortgage lien. However, bankruptcy comes with serious downsides, and it’s not always the best option for homeowners who want to protect…
Most of the time, homeowners have the best chance to stop foreclosure before the sheriff’s sale happens. But if your home has already been sold, it’s not always too late. You still have a chance to get your house back through what’s called the foreclosure right of redemption. In this article, we’ll explain how New…
Even if you’re keeping up with payments on your first mortgage, falling behind on a home equity loan or home equity line of credit (HELOC) can still put your home at risk. Many homeowners don’t realize that defaulting on a HELOC can lead to foreclosure, even if their primary mortgage is paid. Because your property…
If you’ve fallen behind on your mortgage payments, you may have already reached out to your lender for a loan modification, forbearance, or repayment plan to help you prevent foreclosure. While your request is under review, lenders are legally required to stop the foreclosure process. Moving forward with foreclosure while reviewing loan modifications or other…