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 […]

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 […]

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 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 […]

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 […]