Statute of Limitations For Collecting on Old Second Mortgages, HELOCs and Lines of Credit in New Jersey New Jersey statute N.J.S.A. 12A:3-118(b) states that if there have not been any payments made for more than 10 years and there has been no demand for payment in 6 years, the lender cannot collect from the borrower. […]
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 […]
Is My NJ Loan Servicing Transfer Legal?
Understanding Loan Servicing Transfers in NJ Many homeowners making monthly payments on their mortgage are surprised to find that their loan has suddenly been sold or transferred to another servicer. You should be aware that servicing transfers are common and not a cause for concern, as long as your old and new servicer follow the […]
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 foreclose […]
Mortgage Servicing Hell Desk – Tell Us Your Story
We Want to Hear your Mortgage Servicing Horror Stories for Events After January 10, 2014 At the law office of Ira J. Metrick, we work with federal counsel, many times on a contingency basis, to file suit against lenders and their representatives, who have violated federal laws including: The Fair Debt Collection Practices Act (FDCPA) […]
My Bank Won’t Accept My Mortgage Payment. What Can I Do?
Stopping Foreclosure Through Reinstatement In situations where a borrower is behind on their mortgage payments, they have the option of paying back all of the arrears and getting back up to date in one payment, called a mortgage reinstatement. Reinstatements are a means of stopping a foreclosure or sheriff sale and becoming current on a […]
Why Won’t My Lender Let Me Reinstate My Mortgage Loan?
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 […]
My New Lender Took My Monthly Payment But Said I am in Default
HELP! MY NEW LENDER TOOK MY MONTHLY PAYMENT BUT SAID I AM IN DEFAULT Although your original lender may be a large bank such as Wells Fargo, Bank of America, or PNC Bank, it is common for these institutions to sell your mortgage to another company. They may continue to service your loan, or the […]
Why is My Bank Sending Me Bills for a Discharged Second Mortgage?
My Second Mortgage was Discharged Through Bankruptcy. Why is My Bank Still Contacting Me? A Bankruptcy Discharge is a federal court order that erases a debt, such as a mortgage or second mortgage (Credit Line, Home Equity Line of Credit “HELOC” or Equity Loan). Any debt that is included on a Bankruptcy Discharge cannot show […]
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 […]
