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Loan Modification Archives

Avoiding Loan Modification Scams

If you are currently in danger of losing your home, most likely you are exploring all options while still attempting to tread water financially. Fear of foreclosure can cause a substantial amount of stress for any homeowner, increasing as you try to go it alone in seeking a viable solution. Consult with an experienced mortgage modification attorney who will review your case, explain your options, and help you fend off foreclosure.

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-

Maplewood, 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.

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

Li' 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. 

Common Foreclosure and Loan Modification Scams

People who are overwhelmed by debt are unfortunately also targets for con artists. Scammers have learned that desperate people often make rash decisions when trying to improve their financial troubles. One area where scammers prey on individuals in financial distress is by offering fraudulent foreclosure and loan modification assistance.

Why Loan Modifications are Better than Refinancing

If you are trying to decide whether to refinance or modify your mortgage, it is important to understand how each option works. Many homeowners are surprised to learn that they can modify their mortgage even when they are current on their payments. It isn't a common occurrence, but modifications (also called "recasts") of current mortgages have been available for years.

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.

Could a Loan Modification Save Your Home?

Loan Mod Save Home pic.jpgNew Jersey has consistently been ranked as one of the states with the highest rate of foreclosure in the nation. Many of the troubled mortgages relate back to the financial crisis of 2008. Homeowners were sold mortgages with adjustable interest rates, interest-only loans, or other types of mortgages with risky loan terms that put the borrowers at risk for defaulting on their payments and facing foreclosure.

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