COVID-19 Mortgage Forbearance is Ending June 30, 2021 On March 19, 2020, New Jersey Governor Phil Murphy issued Executive Order 106, which suspended eviction and foreclosure removals throughout the state. On March 28th, Murphy announced that financial institutions would be providing mortgage forbearance for NJ residents facing hardship due to the COVID-19 pandemic. This mortgage […]
Flagstar Mortgage Data Breach
Flagstar Mortgage Data Breach We have become aware that a data breach has occurred at Flagstar Mortgage. If Flagstar has been your mortgage servicer, I wanted to reach out to you to let you know that you may get a letter from Flagstar indicating whether or not you were part of the breach. If Flagstar […]
UPDATE: Federally Backed Loan Foreclosures, Evictions Extended Until 1/31/2021
January 2021 Update: Extension Of Federally Backed Loan Foreclosures And Evictions Until January 31, 2021 Federally Backed Loans, specifically, Fannie Mae, Freddie Mac, the VA, FHA, and USDA have extended the moratoriums on foreclosures enacted earlier this year. Single-family homeowners with loans backed by Fannie, Freddie, or the VA are now protected from foreclosure through […]
Beware of Fake Loan Modification Companies (Updated)
Updated October 2020 A Warning Regarding Loan Modification Scams With the recent increase in New Jersey foreclosures, there has been a rise in fraudulent companies claiming to offer the following: “Loss Mitigation Consulting” “Foreclosure Prevention” “Mortgage Loan Modification” Any related service where the company is offering to negotiate your loan with your lender in exchange […]
Will COVID-19 Forbearance Affect My Credit Score?
Will COVID-19 Forbearance Hurt My Credit Report? During the ongoing COVID-19 situation, many New Jersey homeowners are receiving relief on their mortgage payments and are concerned about how this might affect their credit score. If you were current on your mortgage payments at the time you received the Forbearance due to COVID-19, your lender is […]
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 […]
NJ Executive Order Halts Sheriff Sales & Evictions Due to Coronavirus
Per Executive Order no. 106 signed by Governor Phil Murphy, the County Sheriff’s Offices should not be proceeding with any Sheriff Sales or evictions at this time. The order provides no end date except to say that it shall end 60 days after the declared State of Emergency, or the current Public Health Emergency, shall […]
NJ Law Journal: Omissions and Mistakes in the CARES Act
Ira J. Metrick co-authored an article in the New Jersey Law Journal this month on errors and omissions found within the Coronavirus Aid, Relief, and Economic Security (CARES) Act recently enacted by the federal government. Under this Act as it is currently written, countless individuals who are already facing financial hardship may lose their Coronavirus […]
