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…
Loan Modification Representation We can reveal your eligibility for a loan modification with a specific lender along with the terms and payment amounts to provide more successful outcomes. Clients have found this helpful in order to make short term and long term financial decisions related to servicing their mortgage debt. We have the resources to…
Woman Says Bank Foreclosed On Her Home Despite Making Mortgage Payments “I purchased my home Feb. 20, 2004. In 2010 I received through the mail an offer from Bank of America (my mortgage bank), soliciting me for the Making Homes Affordable program, which was a President Obama sponsored mortgage modification program at the time. I…