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 […]
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 […]
New NJ Law Requires Lenders to Send Foreclosure Mediation Notice
BEWARE MISLEADING NOTICES OF INTENT TO FORECLOSE A NOTICE OF INTENT TO FORECLOSE CANNOT CLAIM THAT A FORECLOSURE HAS BEEN FILED. SENDING THE NEW JERSEY COURT MEDIATION PACKET MAY BE IMPROPER. YOU SHOULD NOT RECEIVE A PACKET OF DOCUMENTS THAT LOOKS LIKE THIS: Click here to see a full example of an incorrect Foreclosure Mediation […]
What Are My Options For Stopping an FHA Foreclosure?
The Federal Housing Administration (FHA), a branch of U.S. Department of Housing and Urban Development (HUD), insures mortgages for homeowners who may not qualify for traditional mortgage due to poor credit or other financial struggles. There are several differences between FHA insured mortgages and traditional mortgages: Borrowers with FHA loans can pay a much smaller […]
Can Bankruptcy Stop an HOA Foreclosure?
Understanding HomeOwners Association (HOA) and Condominium Foreclosure In New Jersey In New Jersey, if you live in a condominium, townhome or a single family home that is part of a common interest development, you most likely have to pay dues and assessments to a condominium association (COA) or a homeowners’ association (HOA). Falling behind on […]
Ira Metrick Wins FDCPA Violation Case On Behalf of Disabled NJ Veteran
Mr. Metrick recently had a published decision against a bank and law firm on behalf of a disabled New Jersey veteran for claims under the FDCPA (FLORY v. MCCABE, WEISBERG & CONWAY, LLC and FIRST ATLANTIC FEDERAL CREDIT UNION et al (3:18-cv-15522), New Jersey District Court). In their decision, the court required the bank and […]
Breaking Down The New NJ Foreclosure Laws
On Monday April 30th, Governor Phil Murphy signed a package of bills into law designed to help New Jersey homeowners facing foreclosure stay in their homes, as well as addressing other aspects of the NJ foreclosure crisis. Here is a breakdown of these new laws. We will be providing more information as it becomes available. […]
Breaking Down the NJ Foreclosure Process
Foreclosure can be a lengthy ordeal. While dealing with foreclosure can be stressful, it is important to understand the process and your options. The following is intended to help understand what you can expect in a foreclosure case. The NJ Foreclosure Process: Step by Step Default The foreclosure process can begin after a default of […]
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