What Are Hard Money Lenders? Hard money lenders offer an alternative way of getting loans, including those you would use to pay off your mortgage. They differ from traditional mortgage lenders in that the loans come from private individuals or investors based on the property you are using as collateral (in this case, your home). […]
Does a Chapter 7 Bankruptcy Stop Foreclosure?
Chapter 7 Bankruptcy and Foreclosure It is a common misconception that if you file for Chapter 7 bankruptcy, your foreclosure goes away forever. While it does temporarily halt all foreclosure proceedings, it is not a permanent solution. Your lender will eventually be able to foreclose on your property. What Happens To My Mortgage When I […]
I’ve Defaulted on a Step Rate Loan Modification. What Should I Do?
At the Law Firm of Ira J. Metrick, we often receive calls from homeowners who had a prior modification, but defaulted due to loss of employment, health issues or because of an increase in their modification’s interest rate. Unfortunately, defaulting on modifications is a common situation that arises when your modification has a “step rate” […]
How Long Do I Have Until the Sheriff Sale?
When Will My Sheriff Sale Be Scheduled? Once your lender has received a Final Judgment in the foreclosure, they are permitted to schedule a sheriff sale. When your home is scheduled for a sheriff sale in New Jersey, it can be a very stressful experience. A common question we are asked is, “How long do […]
Can Someone Other Than My Lender Foreclose on My Home?
Foreclosing Based Upon An Assignment of Mortgage? Sometimes we receive calls from homeowners who have been mailed a foreclosure complaint from a company they do not recognize. This usually means that your loan has been sold or the mortgage has been assigned. This type of mortgage transfer is legal, but the new company cannot foreclosure […]
Fannie Mae & Freddie Mac Loans Bought By MTGLQ Investors
Was Your Fannie Mae or Freddie Mac Loan Bought By MTGLQ Investors? If your mortgage is owned by Fannie Mae or Freddie Mac and you have fallen behind on your mortgage payments, you may soon find that your loan has been purchased by MTGLQ Investors. In December 2017, MTGLQ purchased $1.23 Billion in non-performing loans […]
Why is My Bankruptcy Discharge Showing on my Credit Report?
What is a Bankruptcy Discharge? A bankruptcy discharge is an official order from a bankruptcy court that absolves the debtor of any legal requirement to pay the discharged debts. It also prohibits creditors from making attempts to collect the debt through phone calls, letters, lawsuits or any other means. This being the case, if you […]
Can a Short Payoff Stop a Foreclosure?
What is a Short Payoff? At the law office of Ira J. Metrick, we help homeowners stop foreclosures in a variety of ways. A relatively new method for resolving a foreclosure is a short payoff. This occurs when a lender allows the homeowner to fully pay off the mortgage for a reduced amount, for example […]
How Does Eviction After Foreclosure Work?
What Happens After a Sheriff Sale? Can the New Owner Walk In and Change the Locks? Once your home is sold at a Sheriff Sale, ownership of your home will only pass to the buyer when the full purchase price is paid and the deed is delivered from the Sheriff. Until the new owner has […]
NJ Foreclosures Are Moving Fast
FORECLOSURES DON’T TAKE YEARS IN NEW JERSEY New Jersey has the unfortunate distinction of leading the nation in foreclosures. In 2017, nearly 70,000 NJ properties were involved in the foreclosure process. Based upon the large number of old foreclosure lingering in the system, the average foreclosure appears to take years. However, new foreclosure are moving […]
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