With the CARES Act you are entitled to a forbearance of your mortgage. That is a year of no payments, no bank penalties, no bank fees … no foreclosure and no sale. A year for you to get back on your feet, make important life decisions and maybe, modify the loan when you are able…
October, 2020 – Are the Foreclosure Courts Open? The short answer is: 1) Yes, the foreclosure courts are open, but 2) there still are no sales going on in any County, 3) there are still no removals/evictions and 4) no foreclosure complaints will be filed for FHA backed mortgage loans until, at least December 31,…
Division of Consumer Affairs The Division of Consumer Affairs is part of the state government and it is intended to devote its time to protecting New Jersey consumers from all kinds of financial abuse, including foreclosure. On foreclosures, at least, they really do not do a very good job of it. Some of their advice…
I have devoted my career to protecting consumers since 2008, right at the start of the Great Recession. New Jersey went from less than 20,000 foreclosures to more than 70,000 foreclosure complaints filed each year during that period. Currently, Governor Murphy has placed a moratorium on evictions and foreclosures in New Jersey. I think once…
The unfolding of my career has made me a witness to individual stories of emotion, challenge, and courage. This is a brief story about a family in a crisis as a result of a foreclosure case through no fault of their own. The takeaway is that even in the midst of great difficulty, we can…
Update: What’s going on in the court system in New Jersey right now! July 4, 2020 The supreme court of NJ has issued it’s fifth Omnibus order. This order has reopened the foreclosure unit. That means the clerk’s office that reviews all of the motions for default, the motions for final judgement, and basically deals…
How and when can mortgage servicers file foreclosure complaints right now? This video goes over the federal and state rules and regulations that are governing how and when mortgage services can prosecute their alleged rights against people in default on their homes. For government backed loans, as we explained in our last post, you cannot…
FHFA Extends Foreclosure and Eviction Moratorium The Federal Housing Finance Agency announced an extension to the moratorium on filing foreclosure complaints. Originally set to end on June 30, 2020 – the moratorium has been pushed back to Aug 31, 2020. Two more months! This is the time to prepare, think strategize, and get ready. Pay…
So, Josh. Are the foreclosure courts open, or not? I have had to field this question multiple times these last several months. I have addressed this in my videos and blog posts, but this article will drill down much further. It is an excellent question, the answer is complicated, and is both yes … and…
How Banks Think: Banks know how the system works, how long it takes to ‘win’ a foreclosure case … how expensive it is to litigate a defended foreclosure case. You should know this, too, which is why I created the Foreclosure Infographic. I’ve talked about this in my earlier newsletters and in several blog posts,…