As of February 8th, 2022, the Consumer Financial Protection Bureau (CFPB) took action against mortgage servicer Fay Servicing for failing to provide mortgage borrowers with the protections against foreclosure that are required by law. The Bureau found that Fay “violated the CFPB’s servicing rules by keeping borrowers in the dark about critical information about the […]
CARES Act Foreclosure Protections Ended December 31, 2021
As of December 31, 2021, the Federal Regulations preventing foreclosures for those who have federally-backed mortgages have come to an end. Formerly provided by the CARES Act, these protections allowed for: A grace period from mortgage payments No new foreclosures No foreclosure-related evictions No credit score changes due to COVID-19 relief Now that this period […]
Can I Get a Loan Modification Without Documented Income?
Loan Modifications for People Who Have Not Filed Tax Returns or Who Work “Off the Books” If you are unable to show documented income, you may be eligible for a mortgage loan modification. If you have not been able to get a loan modification because of working off the books or failing to file tax […]
Can I Get a CARES Act Loan Modification in NJ?
My COVID-19 Mortgage Forbearance Period is Ending. What Should I Do? Due to the COVID-19 pandemic, many struggling homeowners have received mortgage forbearance when they have been unable to make their monthly payments. Many homeowners have received their forbearance through the CARES Act, which has provided forbearances for federally backed mortgages. During the mortgage forbearance […]
Why Did My Lender Reject My Loan Modification?
We get many calls from clients who believed they qualified for a loan modification and spent a great deal of time and effort to apply for a loan modification, only to find out that they never qualified for a modification, and no matter what they did, they would have been denied. The loan modification application […]
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 […]
Can I Still Stop Foreclosure If I’ve Defaulted on a Loan Modification?
I Defaulted on My Modified Loan. Can I Still Stop Foreclosure? You have the right to defend a foreclosure, even if you have defaulted on a loan modification. At the Law Firm of Ira J. Metrick, we often receive calls from homeowners who had a prior loan modification, but ended up defaulting on the loan […]
Can I Be Denied a Loan Modification Due to a Title Issue in NJ?
Will a Lien or Judgment Against My Home Prevent Me From Getting a Loan Modification? New Jersey homeowners have reported that their lenders have denied or cancelled loan modifications due to alleged titles issues against their home, such as a lien or judgment like a second mortgage, equity loan, Home Owners Association (HOA) lien, or […]
Can I Get a Loan Modification While in Bankruptcy?
Avoiding Foreclosure with a Loan Modification Falling behind on mortgage payments or having your house foreclosed on is always extremely stressful and it can seem like there is little you can do to stop it. However, there are ways to relieve the pressure or temporarily halt the foreclosure. One of the best actions you can […]
I’ve Defaulted on a Step Rate Loan Modification. What Should I Do?
At the Law Firm of Ira J. Metrick, we often receive calls from homeowners who had a prior modification, but defaulted due to loss of employment, health issues or because of an increase in their modification’s interest rate. Unfortunately, defaulting on modifications is a common situation that arises when your modification has a “step rate” […]
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