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.
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.
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.
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.
If you have filed a Chapter 7 or Chapter 13 bankruptcy, or you have gone through a foreclosure, you may be wondering how long it will take before you can buy a new home. No two cases are identical, but how you handle your credit after your bankruptcy or foreclosure plays a significant role.
Homeowners who are facing foreclosure are prime targets for scammers.. Even though they often believe the deal is too good to be true, they are in a desperate situation and take the deal anyway. According to the NY Post, this is exactly what happened to Broadies Byas.
If you are severely delinquent on your mortgage loan payments and you believe your lender will soon be taking action, it is important to understand how foreclosure works in New Jersey. Foreclosure is the legal process where the lender obtains a court order allowing it to sell your house after you default on your mortgage loan. During the foreclosure process, you will have several options to save your home. Thus, even if the foreclosure action has already begun it doesn't mean you should give up hope. Contact us to learn the various options available to you.
One of the biggest concerns people have when considering bankruptcy is whether they will be able to keep their home. The good news is that bankruptcy law offers you several options that permit you to keep your house in both Chapter 7 and Chapter 13 filings. However, if you are severely delinquent on your mortgage loan payments, it makes a big difference in what strategies will work for keeping it.
If you are a New Jersey homeowner and you are past due on- your mortgage loan payments, you are probably wondering when your lender will start the foreclosure process. New Jersey is a judicial foreclosure state, which means that mortgage lenders must typically use the court system to foreclose on your home. For the homeowner, this is good news because the judicial process is usually slower than the non-judicial process. While no two cases are identical, below is a general summary of the foreclosure procedure in New Jersey:
One of the most common questions we get from our clients is whether they can buy a home after filing for bankruptcy, and if so, how long they must wait to be eligible to do so.