What is Mortgage Reinstatement? If a borrower is behind on their mortgage loan payments, they may be in a position to pay back all of the arrears on the loan and become current again in one payment. This is known as mortgage reinstatement, and is a method of stopping a foreclosure or sheriff sale. In […]
Beware of Fake Loan Modification Companies
A Warning Regarding Loan Modification Scams With the recent increase in New Jersey foreclosures, there has been a rise in fraudulent companies claiming to offer the following: “Loss Mitigation Consulting” “Foreclosure Prevention” “Mortgage Loan Modification” Any related service where the company is offering to negotiate your loan with your lender in exchange for upfront fees. […]
The NJ Foreclosure Mediation Program is Closed in Monmouth County
The NJ Courts Foreclosure Mediation Program in MONMOUTH COUNTY is CLOSED. The Court’s foreclosure Mediation program in Monmouth County is closed. Home owners who receive foreclosure complaints in Monmouth County will not be able to apply for mediation. All modification attempts must go directly through the lender. The New Jersey Judiciary had established a free […]
Can My Lender Collect a Deficiency Judgment After a Foreclosure?
What is a Deficiency After Foreclosure? Many houses are “underwater,” meaning that the homeowner owes more than the house is worth. When a mortgage lender forecloses on a home, the property goes to Sheriff Sale. After the Sheriff Sale, the borrower is entitled to a credit for fair market value on the amount owed. After […]
How Can I Stop a Mercer County Sheriff Sale?
How Does the Mercer County Sheriff Sale Process Start? The Sheriff Sale process in Mercer County, NJ begins when your mortgage lender obtains a Writ of Execution following a final judgement in a foreclosure. Common mortgage lenders that foreclose include: Wells Fargo Citibank Bank of America Nationstar Ditech Seterus U.S. Bank Deutsche Bank Mellon Bank […]
Is Your Loan Owned by ABFC Trust?
Loans Owned by ABFC Trust Situations sometimes arise where lenders are ordered to pay billions of dollars in fines and they can get credit for payments by granting principal reduction loan modifications, including forgiving missed payments, arrears, and principal. There are instances where lenders will buy pools of non-performing loans, including many from Fannie Mae […]
Important Information About Your Freddie Mac Loan Modification
Do You Have a Federal Home Loan Mortgage Corporation (Freddie Mac) Loan Modification? If your mortgage is owned by Freddie Mac and you have had a loan modification on that mortgage, you may be eligible for a new program Freddie Mac is offering starting in October 2017 that can get you a better payment plan. […]
The Somerset County Sheriff Sale Process
How Does a Somerset County Sheriff Sale Begin? In Somerset County, NJ, the Sheriff Sale process starts when a mortgage lender obtains a final judgement in a foreclosure, followed by a Writ of Execution. The following mortgage lenders have a history of pursuing foreclosures: Wells Fargo Bank of America Citibank Nationstar U.S. Bank Ditech Seterus […]
Can a Bank Foreclose on a Property if the Homeowner Dies?
What Happens to a Mortgage When the Borrower Dies? When a homeowner dies, the lender can foreclosure, but the foreclosure must name the heirs, executors and administrators. If the lender has not named the heirs, executors and administrators, they cannot proceed with a sheriff sale. When a homeowner or mortgage borrower dies, their Will normally […]
Do You Have a Fannie Mae Loan Modification?
Important Information Regarding Your Federal National Mortgage Association (Fannie Mae) Loan Modification If you have a mortgage owned by Fannie Mae and you have had a prior loan modification, you may be able to get a better payment plan starting in October 2017. This program will apply to people who are current with their payments, […]
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