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November 2015 Archives

How will "Know Before You Owe" Mortgage Rule Impact New Jersey Homeowners?

The Consumer Financial Protection Bureau (CFPB) has recently issued a final rule setting the effective date of the "Know Before You Owe" mortgage disclosure rule to October 3, 2015. The new rules are formally known as TILA-RESPA, which stands for the Truth in Lending Act and the Real Estate Settlement Procedures Act. The rule requires user-friendly mortgage disclosure forms to be used that clearly outline the terms of a mortgage for a homebuyer.

Zombie Foreclosures in New Jersey

The phrase "zombie foreclosure" is used to describe a problem that is increasingly hitting individuals across New Jersey. According to RealtyTrac, a company that tracks national housing data, of all the homeowners in the foreclosure process across the country, one in four vacated the house before the bank repossessed it. This is what is referred to as a "zombie foreclosure" because the home sits empty but the bank does not have possession of it yet.

Couple Indicted for Filing Fraudulent Sandy Claims in New Jersey Bankruptcy

Homeowners who are facing foreclosure are prime targets for scammers.. Even though they often believe the deal is too good to be true, they are in a desperate situation and take the deal anyway. According to the NY Post, this is exactly what happened to Broadies Byas.

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