If you have concerns about being able to pay your mortgage payments, you may find some relief in knowing that you have many resources available to you to help make your loan more manageable. These options may help you modify your loan with the lender, avoid penalty and late fees, or even avoid foreclosure all…
Are you a homeowner falling behind on mortgage payments? Worried that you may not be able to pay as much towards your mortgage soon? Want to restructure your mortgage payments to make them more affordable? You may be able to get a mortgage loan modification from your mortgage company to help make the loan more…
One of the best ways for homeowners to save their home from foreclosure is by getting a mortgage loan modification. With the end of the CARES Act, foreclosures are estimated to be in the millions and the CFPB is doing everything they can to prevent a repeat of the 2008 Great Recession. Lenders and servicers…
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…
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 New Jersey Supreme Court just issued its second Omnibus Order … here‘s what you need to know! The New Jersey Supreme Court has issued two emergent ‘Omnibus’ Orders related to Covid 19. The second, issued today, addresses foreclosure for the first time. Previously, Today, Where the CARES Act and Governor Murphy has pretty much…
A forbearance of payments on your mortgage may or may not be right for you. Here is a breakdown of the hidden pitfalls and opportunities built in that you need to understand before making this decision. FHA Back Mortgage Loans and Forbearance Postponing or reducing loan payments while interest continues to accrue is a forbearance….
What is RESPA and how does it relate to your mortgage, your FHA Forbearance, and the CARES Act? The Real Estate Settlement Procedures Act (RESPA) is the federal statute that governs the mortgage servicing industry and protects your rights under the CARES Act. It is an extremely complex and nuanced statute such that few New…
What is New Jersey Foreclosure Mediation? I created the video here addressing that question. If you want to understand further, the following is a deeper dive into the topic. So what is it? The foreclosure mediation program is a mediation handled through the court system and set up by Chief Justice Stuart Rabner of the…