Do I Qualify for Principal Reduction Loan Modification? Principal reduction loan modification, also referred to as principal forgiveness, is a form of loan modification in which your lender permanently removes or “forgives” a certain amount of your remaining loan balance. Principal reduction loan modification is uncommon, and only offered in situations where the property is […]
How to Stop Foreclosure and Save Your Home From the Sheriff Sale
A foreclosure is one of the most stressful events a homeowner can go through. It is normal to feel a wide range of emotions and have a number of questions during this process. Keep in mind that if you are facing mortgage foreclosure in the state of New Jersey, a loan modification is your best […]
Dual Tracking (12 C.F.R. §1024.41(c))
Important to Note: If you haven’t been denied for a loan modification by your current Servicer since January 10, 2014 , as long as you submit a complete loan modification application at least 37 days before a sheriff sale, your lender must review and respond to the application within 30 days. If they take longer than 30 […]
How Does a Monmouth County Sheriff Sale Begin?
How Does a Monmouth County Sheriff Sale Begin? The Monmouth County Sheriff Sale process begins when your mortgage lender obtains a final judgement in a foreclosure and a Writ of Execution. Common mortgage lenders that foreclose include: Wells Fargo Citibank Bank of America Nationstar Ditech Seterus U.S. Bank Deutsche Bank Mellon Bank JP Morgan Bayview Statebridge SLS […]
New Jersey Sheriff Sale Process
After a mortgage lender has obtained a final judgment in a foreclosure, they have the option to schedule a Sheriff Sale. If you are facing this situation, it is important to know that it will not happen overnight, as there is a specific New Jersey Sheriff Sale process that must be followed. How Will I […]
Why Was My Mortgage Sold to Another Lender?
If you are up to date and currently making payments on your mortgage, you may be surprised to learn one day that your lender has sold your mortgage to another financial institution. Mortgages are very important to a homeowner, and the idea that another company is stepping in to take it over can be cause […]
Loan Modification Application FAQ
Will submitting a loan modification application halt foreclosure? Can my lender move forward with foreclosure if I am being reviewed for loan modification? Is it too late to apply for loan modification if I have received a foreclosure notice? What constitutes a complete application? Why is my lender telling me my application is incomplete? If […]
Protect Your Credit Report After Bankruptcy
After you’ve successfully filed for bankruptcy and received a bankruptcy discharge, all of your creditors must report only a “0” balance on your credit report. If they fail to do so, it could be a violation of the Bankruptcy Code, the Fair Credit Reporting Act and the NJ Consumer Fraud Act. Bankruptcy Discharge Violations After […]
What Are My Options When Facing A Sheriff Sale?
When your mortgage lender receives a final judgement in a foreclosure, they have the ability to schedule a Sheriff Sale of your home. While this might seem like the end of the fight to stop foreclosure, you may still have options left if you want to save your home. Can I Get a Loan Modification? […]
I’m Still Getting Phone Calls After Bankruptcy Discharge, What Do I Do?
What is a Bankruptcy Discharge? A bankruptcy discharge is a court order that renders a debt permanently unenforceable. Your lender is not, and will never be, allowed to continue pursuing payment of the debt that has been discharged. If you are still getting calls from your lender or another agency about the debt, there has […]
