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Loan Modification Archives

What Are Mortgage Servicer Abuses?

Screen Shot 2019-06-22 at 3.58.03 PM.pngIt is a fact that mortgage lenders make mistakes. Those mistakes often result in homeowners paying more than they are supposed to. There are also many homeowners who are being foreclosed upon that have been victims of mortgaging servicing abuse. The lawyers at Levitt & Slafkes, P.C. are skilled in the legal tools that are available to challenge these illegal practices.

Dealing with An Upside Down Mortgage

Dealing with An Upside Down Mortgage v2.jpgHomeownership is an expensive investment in your family's future. When you purchase a home, you do so with the expectation that it will appreciate in value. Otherwise, you would just rent. Sadly, many Americans find themselves in a position where the value of their home is less than the homeowner's outstanding mortgage debt. This phenomenon is referred to as an "upside-down mortgage".

Staying in Your Home With A Mortgage Loan Modification

Staying in Your Home With A Mortgage Loan Modification.jpgHomeownership is an essential element of the American Dream. There is a great amount of pride in picking out (or building) a home, raising your children there, and putting money into the house as an investment into your financial future. Unfortunately, home loans can have very long terms, and a lot can change in your life during that time.

NJ Supreme Court Rules that Mortgage Company Must Provide Mortgage Modification if Homeowner Complies with Settlement Agreement

home.jpgOn July 31, 2017, the New Jersey Supreme Court in GMAC Mortgage, LLC v. TamiLynn Willoughby said that the Chancery and Appellate Courts incorrectly found that a settlement agreement between a homeowner and GMAC Mortgage, LLC was provisional and not enforceable, which ultimately led to her home being sold to GMAC at a sheriff's sale for $100.00. In a unanimous opinion, the Supreme Court reversed that result and enforced the agreement.

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.

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.

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