-Webinar On Reverse Mortgages And History Of Home Equity Conversion Mortgage-Maplewood, NJ -- Bruce H. Levitt, Managing Partner, , recently presented a webinar for the New Jersey Institute for Continuing Legal Education (NJICLE). Levitt and...
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Loan Modifications
The Flex Modification Program
Fannie Mae and Freddie Mac are introducing a jointly developed new mortgage loan modification at the direction of the Federal Housing Finance Agency, which has been named the Flex Modification.The Flex Modification combines features of the Home Affordable Mortgage...
BEWARE OF LOAN MODIFICATION SCAMS
On December 31, 2016 the Home Affordable Modification Program ("HAMP") which has helped homeowners save homes for the past six years is scheduled to expire. Homeowners who have applications for modifications which are submitted up to that date will still be eligible...
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 New Jersey’s Housing Market Really Recovering?
Reports are showing that New Jersey's housing market is slowly recovering. However, throughout New Jersey the average home sales are still lower than those in peak of the housing bubble.Tg Glazer, president of the New Jersey Realtors Association, stated "[w]e're not...
Protect your Financial Welfare: Proceed with Caution to an ATM
Most people consider it very safe to pull money from automated-teller machines (ATMs) for quick withdrawals of cash. Unfortunately, there are scammers who are using ATMs to steal your personal information, including your PIN number, debit card number, expiration date...
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...
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...
Could a Loan Modification Save Your Home?
New 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...
Loan Modifications – The Pros and Cons
If you are facing foreclosure of your home, a loan modification may be the answer to your troubles. Before you modify a loan, it is important to understand the pros and cons, including:Pros of Modifying a Mortgage Loan· You can obtain a lower interest rate...