Don’t get played. Mortgage servicers who are obligated to award CARES Act forbearance are facing what they perceive to be an existential crisis. If enough people demand their rights under the Act, the servicers will be faced with a MASSIVE annual hit because for the next year for everyone in forbearance the servicer has to…
I have been preaching for months about the crucial importance of obtaining CARES Act forbearance on your mortgage loan, if you are eligible. Here is the post explaining eligibility and how to obtain the forbearance under CARES. And here is a post from October explaining that if your mortgage is eligible for a forbearance, you…
The light is at the end of the tunnel, and the vaccines are eventually going to kick in enough to make a real difference and get us back to a ‘normal’ life, whatever that means. What I am reading from the science and medical journals is that we really cannot expect this pandemic to wind…
The three things you must do to protect yourself and your home in 2021 As I have already explained in a separate blog explaining the federal foreclosure moratorium and how it was being implemented by the three types of mortgage servicers, foreclosures are going to restart in 2021. If you have not taken advantage of…
So there is plenty of bad news these days, but we are starting to see some good news, right? Like the most recent news about the government foreclosure moratorium. On a personal note, we have a Covid exposure scare. Our youngest son’s girlfriend came into contact with someone who tested (falsely) positive. It took a…
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…