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 […]
Understanding FHA Partial Claims
What is an FHA Modification with a Partial Claim? The Department of Housing and Urban Development (HUD) supports home ownership for many low or moderate income borrowers. It does this through the Federal Housing Administration (FHA), which offers insured mortgages for families with poor credit or financial struggles. There are several options for homeowners having […]
Representing Yourself in a Foreclosure Case
If you are a Defendant in a foreclosure case in New Jersey, you have the option to represent yourself. Should you choose to go this route, it is important to realize that you must comply with NJ Court Rules. If you don’t comply with the rules, your case could end quickly. What To Expect if […]
Does Bankruptcy Entitle Me to an Automatic Stay?
IF YOU FILE 3 BANKRUPTCIES WITHIN ONE YEAR, THERE IS NO AUTOMATIC STAY AND YOU WILL NOT STOP THE FORECLOSURE What is an Automatic Stay in Bankruptcy? If your lender has obtained a final judgment in a foreclosure and your home has been scheduled for a sheriff sale, there are several options available to you […]
Can I Be Locked Out of My Home Following a Foreclosure?
Is The New Owner Allowed to Lock Me Out of My Home After Foreclosure? When the foreclosure process is over and your home has been sold to a new owner at a Sheriff Sale, you will most likely have to move. However, under New Jersey law, there are procedures the new owner must go through […]
Why Was My Foreclosed Home Bought for $100?
My Home was Sold at a Sheriff Sale For $100. What Happened? Once your mortgage lender has received a Final Judgment of Foreclosure on your home, they can schedule a Sheriff Sale. To learn more about this process, see our New Jersey Sheriff Sale Timeline. When your lender schedules the sale, they can choose to […]
Is Your Mortgage Owned by Mr. Cooper, Formerly Nationstar?
Mr. Cooper, Formerly Nationstar Mortgage In August 2017, Nationstar Mortgage, one of the country’s largest non-bank mortgage lenders, announced that they were changing their name to ‘Mr. Cooper’ as part of a major rebranding effort. Nationstar/Mr. Cooper is normally a mortgage Servicer and seeks foreclosures in New Jersey on behalf of the companies that actually […]
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