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November 2015 Archives

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

know before you owe pic.jpgThe 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

zombie foreclosure pic.jpgThe 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

13232046_m.jpgThe New Jersey Attorney General's office has recently announced that a Bergen County couple has been indicted for bankruptcy fraud. The couple scammed their insurance company out of $53,000 and falsified their bankruptcy petition which led to a discharge of $175,000 of debt.

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