NCLC’s chart, Summary of Foreclosure Alternatives for Borrowers with COVID-19 Hardships (updated April 21, 2020), is a key resource summarizing available options for each type of mortgage loan, with links to applicable guidances, significant forbearance provisions beyond the CARES Act, and post-forbearance options. View the Full NCLC Chart Here The chart is summarized below as: […]
Final Judgments in Foreclosure Are Resuming in NJ
While many New Jersey mortgage lenders are offering mortgage forbearance due to the Coronavirus and foreclosures are paused for the time being, the NJ Foreclosure Unit has resumed granting Final Judgments in Foreclosure. If you are behind on your mortgage payments and are in danger of foreclosure once COVID-19 forbearance ends, contact the Law Office […]
Will COVID-19 Forbearance Affect My Credit Score?
Will COVID-19 Forbearance Hurt My Credit Report? During the ongoing COVID-19 situation, many New Jersey homeowners are receiving relief on their mortgage payments and are concerned about how this might affect their credit score. If you were current on your mortgage payments at the time you received the Forbearance due to COVID-19, your lender is […]
Federally Backed Loan Foreclosures, Evictions Extended Until June 30, 2020
Extension Of Federally Backed Loan Foreclosures And Evictions Until June 30, 2020 The Federal Housing Finance Agency (FHFA) has directed Fannie Mae and Freddie Mac (the Enterprises) to EXTEND SUSPENSION OF FORECLOSURES AND EVICTIONS THROUGH JUNE 30, 2020, due to the Coronavirus national emergency. The foreclosure and eviction suspension applies to homeowners with an Enterprise-backed […]
Does NJ Mortgage Forbearance Apply to Reverse Mortgages?
Care Act Mortgage Forbearance Can Apply To Reverse Mortgages Federally Backed Mortgages are eligible for a Mortgage Forbearance under the CARES Act. Most Reverse Mortgages are “Federally Backed.” The forbearance should be an initial period of 180 days and can be for up to one (1) year if you can represent that you are experiencing […]
What Happens After Forbearance for GSE Loans?
Mortgage Forbearance For GSE (Government Sponsored Enterprise) Loans If you have a federally backed mortgage loan, the CARES Act provides the right to a mortgage forbearance. Federally backed loans include: Fannie Mae Freddie Mac FHA VA USDA Reverse Mortgages The forbearance can be for up to one (1) year if you can represent that you […]
Assistance for NJ Homeowners Regarding Mortgage Forbearance
This is a summary of information on mortgage forbearance that originally appeared on the National Consumer Law Center (NCLC) website. Read the full article here. Assistance for NJ Homeowners Regarding Mortgage Forbearance If you have a federally backed mortgage loan, the CARES Act provides two kinds of relief: a foreclosure moratorium and the right to […]
Beware Mortgage Forbearance in NJ
What is Mortgage Forbearance? What Will Happen Afterwards? There are new state and federal programs to provide “Forbearance” on mortgage payments. However, NJ homeowners should understand what a “Forbearance” will do. A forbearance agreement is one type of short-term relief being offered by many loan servicers. The loan servicer agrees to reduce or suspend your […]
NJ Executive Order Halts Sheriff Sales & Evictions Due to Coronavirus
Per Executive Order no. 106 signed by Governor Phil Murphy, the County Sheriff’s Offices should not be proceeding with any Sheriff Sales or evictions at this time. The order provides no end date except to say that it shall end 60 days after the declared State of Emergency, or the current Public Health Emergency, shall […]
NJ Law Journal: Omissions and Mistakes in the CARES Act
Ira J. Metrick co-authored an article in the New Jersey Law Journal this month on errors and omissions found within the Coronavirus Aid, Relief, and Economic Security (CARES) Act recently enacted by the federal government. Under this Act as it is currently written, countless individuals who are already facing financial hardship may lose their Coronavirus […]
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