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 […]
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 […]
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