Extension Of Federally Backed Loan Foreclosures And Evictions Until June 30, 2020 The Federal Housing Finance Agency (FHFA) has directed Fannie Mae and Freddie Mac (the Enterprises) to EXTEND SUSPENSION OF FORECLOSURES AND EVICTIONS THROUGH JUNE 30, 2020, due to the Coronavirus national emergency. The foreclosure and eviction suspension applies to homeowners with an Enterprise-backed […]
Does NJ Mortgage Forbearance Apply to Reverse Mortgages?
Care Act Mortgage Forbearance Can Apply To Reverse Mortgages Federally Backed Mortgages are eligible for a Mortgage Forbearance under the CARES Act. Most Reverse Mortgages are “Federally Backed.” The forbearance should be an initial period of 180 days and can be for up to one (1) year if you can represent that you are experiencing […]
What Happens After Forbearance for GSE Loans?
Mortgage Forbearance For GSE (Government Sponsored Enterprise) Loans If you have a federally backed mortgage loan, the CARES Act provides the right to a mortgage forbearance. Federally backed loans include: Fannie Mae Freddie Mac FHA VA USDA Reverse Mortgages The forbearance can be for up to one (1) year if you can represent that you […]
Assistance for NJ Homeowners Regarding Mortgage Forbearance
This is a summary of information on mortgage forbearance that originally appeared on the National Consumer Law Center (NCLC) website. Read the full article here. Assistance for NJ Homeowners Regarding Mortgage Forbearance If you have a federally backed mortgage loan, the CARES Act provides two kinds of relief: a foreclosure moratorium and the right to […]
Beware Mortgage Forbearance in NJ
What is Mortgage Forbearance? What Will Happen Afterwards? There are new state and federal programs to provide “Forbearance” on mortgage payments. However, NJ homeowners should understand what a “Forbearance” will do. A forbearance agreement is one type of short-term relief being offered by many loan servicers. The loan servicer agrees to reduce or suspend your […]
Federal Government Suspends Foreclosures and Evictions Due to Coronavirus
The Federal Housing Finance Agency (FHFA) has directed Fannie Mae and Freddie Mac (the Enterprises) to suspend foreclosures and evictions for at least 60 days due to the coronavirus national emergency. The foreclosure and eviction suspension applies to homeowners with an Enterprise-backed single-family mortgage. Homeowners with federally backed mortgage loans affected by COVID-19 can also […]
Can I Sell My Home During Foreclosure in NJ?
Many people think that if your home is facing foreclosure, you are out of options. However, that is far from the truth. Until foreclosure is complete, your home is still yours to do with as you want. This means that even if your home is scheduled for a sheriff sale, you can still make every […]
My New Jersey Ocwen Loan Was Transferred to PHH. What Do I Do?
My Loan Was Transferred From Ocwen to PHH and My Home was Sold at Sheriff Sale. Is This Legal? We have seen scenarios recently where New Jersey homeowners had their Ocwen mortgage transferred to PHH while they were being reviewed for a loan modification and their homes were sold at a sheriff sale. In these […]
I Just Had an Occupancy Inspection. Am I Being Foreclosed On?
What is an Occupancy Inspection in New Jersey? If a homeowner falls behind on their mortgage payments, their mortgage lenders are entitled to conduct inspections to check on the condition of the home and determine whether the homeowner is still living there. Your mortgage gives them the right to take actions to “protect the collateral.” […]
What Happens to a Second Mortgage After Foreclosure in NJ?
What is a Second Mortgage? When a homeowner takes out a second loan using their house as collateral, this can be known as a credit line, equity loan, or home equity line of credit (HELOC). These loans generally utilize the equity you have in your home. However, these loans are considered “Mortgages” and they are […]
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