Phelan Hallinan Diamond and Jones, LLP, a Major Foreclosure Mill Law Firm, Has Closed Phelan Hallinan Diamond and Jones, LLP, a law firm that has represented a long list of mortgage lenders in New Jersey foreclosure cases, has closed permanently. Some of the banks they have represented include: Bank of America Caliber Home Loans Citibank […]
UPDATE: Federally Backed Loan Foreclosures, Evictions Extended Until 12/31/2020
August 2020 Update: Extension Of Federally Backed Loan Foreclosures And Evictions Until December 31, 2020 An August 2020 update to the CARES Act has directed Fannie Mae and Freddie Mac (the Enterprises), as well as all other federally backed loans, to EXTEND SUSPENSION OF FORECLOSURES AND EVICTIONS THROUGH DECEMBER 31, 2020, due to the Coronavirus […]
Can My Lender Charge Late Fees During Foreclosure?
New Jersey Lenders CANNOT Charge Late Fees During Foreclosure Once your lender has filed a foreclosure complaint, they can no longer charge or collect any new late fees for missed payments that were due after the complaint has been filed. By initiating foreclosure, your lender is accelerating the payment of the debt and denying you […]
Is My Foreclosure On Hold During Forbearance?
During the ongoing COVID-19 situation, many New Jersey homeowners are receiving relief on their mortgage payments through mortgage forbearance. This new situation is leading to some uncertainty on a few issues, including whether or not your lender can move forward with foreclosure during the relief period. Can My Lender Pursue Foreclosure During Mortgage Forbearance? A […]
NCLC Offers Key Resource for Homeowners with COVID-19 Hardship
NCLC’s chart, Summary of Foreclosure Alternatives for Borrowers with COVID-19 Hardships (updated April 21, 2020), is a key resource summarizing available options for each type of mortgage loan, with links to applicable guidances, significant forbearance provisions beyond the CARES Act, and post-forbearance options. View the Full NCLC Chart Here The chart is summarized below as: […]
Final Judgments in Foreclosure Are Resuming in NJ
While many New Jersey mortgage lenders are offering mortgage forbearance due to the Coronavirus and foreclosures are paused for the time being, the NJ Foreclosure Unit has resumed granting Final Judgments in Foreclosure. If you are behind on your mortgage payments and are in danger of foreclosure once COVID-19 forbearance ends, contact the Law Office […]
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 […]
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