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Foreclosure & Alternatives Archives

Can a Lender Foreclose While a Loan Modification Application is Pending?

can a lender foreclose.jpgThe home is where the heart is, often filled with many of our life's memories as well as offering a treasured place of comfort and security. When that becomes threatened, you may find yourself exploring and exhausting every option before giving in to foreclosure.

Forgiveness of Debt Income

forgiveness of debt.jpgBeing in debt can cause terrible stress which unfortunately does not disappear overnight. This problem cannot be ignored - as tempting as it would be to take those bills and literally shove them under the rug or toss them out. While millions of other Americans may be in the same boat, you must take control of your situation and sort your finances out, whether by negotiating with your creditors or exploring other debt relief options, to include bankruptcy.

The New Jersey Foreclosure Sale Process

Thumbnail image for The New Jersey Foreclosure Sale Process.jpgIf you have been experiencing extreme financial distress, it was most likely caused by an unexpected event or series of life events such as illness or unemployment. Unsecured debt like credit cards may have spiraled out of control. Aggressive debt collectors may be calling and hassling you daily, with their activity and threats escalating as they generally have little to take from you except for your credit rating.

Why Should I Hire a Foreclosure Defense Attorney?

why should I hire.jpgIf you are having trouble making mortgage payments, the threat of foreclosure is probably weighing heavily on your mind--and unfortunately, this is an issue that will only escalate if you do nothing. You are probably worrying about losing your home, finding another, and cringing at the thought of what will happen to your credit.

Bruce H. Levitt, Levitt & Slafkes, Presenter, New Jersey Institute for Continuing Legal Education (NJICLE)

-Webinar On Reverse Mortgages And History Of Home Equity Conversion Mortgage-

BRUCE H. LEVITT.jpgMaplewood, NJ -- Bruce H. Levitt, Managing Partner, Levitt & Slafkes, P.C., recently presented a webinar for the New Jersey Institute for Continuing Legal Education (NJICLE). Levitt and Victor Medina, Esq., discussed reverse mortgages as well as a brief history of the home equity conversion mortgage. The webinar was held November 22, 2016 and approved for CLE credits.

Sheriff Sale Process in New Jersey

Sherrif Sale Process in New Jersey.jpgIn New Jersey when a mortgage or other lien secured by real estate goes into default the foreclosure process begins. After a mortgage lender has obtained a final judgment in foreclosure, they can schedule a Sheriff Sale. If you are facing this situation, it is important to know that it will not happen immediately, as there is a specific process that must be followed.

Charges Filed Against Foreclosure Rescue Fraud Duo

Charges Filed Against Foreclosure Rescue Fraud Duo.jpgMany homeowners in crisis have turned to so-called foreclosure "rescue" firms. The owners of one such New Jersey foreclose rescue firm are being sued for allegedly violating state consumer fraud laws, as well as laws governing debt counseling and financial advertising.

New Webinar on Reverse Mortgages

Seminar.jpgLevitt & Slafkes is proud to announce that on November 7, 2016, attorney Bruce Levitt will be leading a continuing legal education webinar on the subject of reverse mortgages. Together with attorney Victor Medina of the Medina Law Group, these two attorneys will share their expertise in the area of reverse mortgages and share valuable insight on advising clients on reverse mortgages. To register for "Reverse Mortgages: Forwards and Backwards," click here.

Will Lil' Kim's New Jersey Mansion be Foreclosed?

kim new jersey.jpgLi' Kim's $3 million Alpine, New Jersey mansion faces foreclosure, proving once again that even the rich and famous can fall on hard times. Kimberly Jones, also known as Lil' Kim, has had a string of financial troubles, culminating in a 2010 foreclosure action on the property and an IRS tax lien of $127,000 this year. 

What is a Short Sale?

What is a short sale.jpgWhen a homeowner is struggling to pay his or her mortgage, it is important to consider every debt relief option. One effective option for homeowners to consider is a short sale, which involves the mortgage lender agreeing to allow the homeowner to sell the property for less than what is owed on the mortgage. A mortgage company is typically agreeable to accepting less money in order to avoid the time and expense of foreclosure. Although the amount recovered by the mortgage lender in a short sale leaves the lender "short," it also saves the company a substantial amount of money by avoiding the foreclosure process, so it is often a tempting option for mortgage lenders.

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