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Posts tagged "foreclosure"

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.

Sheriff Sale Process in New Jersey

In 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

Many 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.

Mental Health and Bankruptcy

Debt can leave you feeling hopeless, anxious, and like a failure. If you are among the 35% of all Americans who have delinquent debt, it is important to know that you are not alone. The average American household in default owes $5,178, mostly in a mix of credit cards, medical debt, and utility bills.

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. 

What is a Short Sale?

When 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.

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.

What is Dual Tracking in Foreclosure?

Due to the foreclosure crisis that our country has faced, the federal government and numerous state governments enacted laws aimed at prohibiting the abuses that many mortgage lenders were using including harsh variable interest rates, foreclosure rescue scams, robo-signing, dual tracking and others. This blog will focus on dual tracking.

The New Jersey Foreclosure Mediation Program

If you are facing foreclosure of your home, it is important to educate yourself about the New Jersey Foreclosure Mediation Program. Several government agencies have combined their efforts to find solutions to the overwhelming number of foreclosure cases in the state. The program focuses on promoting work-out and payment arrangements negotiated between the struggling borrower and his or her lender.

Atlantic City & Trenton Top the Charts for Metro Foreclosures

According to RealtyTrac, the New Jersey metropolitan areas of Atlantic City and Trenton had the highest metro foreclosure rates in the United States for November of 2015. This is the fifth straight month that Atlantic City and its surrounding area have topped the charts for foreclosures. In fact, for every 307 homes in or near Atlantic City, there was a foreclosure filing in November, as compared to one in 1,268 nationally.

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