Zombie Mortgage Loan foreclosures are on the rise in New Jersey. If you’ve recently discovered a long-forgotten second mortgage or Home Equity Line of Credit coming back to haunt you, it’s important to understand your rights. At the Law Office of Ira J. Metrick, Esq., we offer aggressive representation to save your home from foreclosure
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New Updates to Flex Modification Programs
Starting December 2024, Fannie Mae and Freddie Mac will roll out significant updates to their Flex Modification programs, aimed at making mortgage modifications more accessible for borrowers facing financial hardships.
According to the FHFA, these changes will allow people to stay in their homes by reducing mortgage payments through lower interest rates (if eligible),…
How To Find Out If You’re Owed Surplus Funds in New Jersey
When a property is foreclosed in New Jersey and sold at auction, any funds left after paying off the mortgage and other liens may be owed to the former homeowner. These are known as “surplus funds,” and they represent an opportunity for previous owners to recover some of their property’s value. However, claiming these funds…
What Happens if You Default on a Second Mortgage?
What Happens If You Default on a Second Mortgage, or Defaulted Years Ago Without Knowing?
Even if you’re current on your first mortgage, falling behind on a second mortgage can still result in foreclosure. In many cases, people had a Second Mortgage that disappeared between 2008-2012, and they are now being foreclosed and the lenders…
Will a Loan Modification Stop Foreclosure in New Jersey?
At the Law Firm of Ira J. Metrick, we offer aggressive loan modification representation. If you receive a foreclosure notice and want to keep your home but can’t catch up on payments, consider hiring an attorney experienced with foreclosure defense and loan modifications right away; they can pursue a loan modification with your lender, potentially…
Can a Mortgage Company Refuse My Payment?
If your mortgage company refuses payment, it’s important to seek legal advice to understand your options and protect your home. At the Law Office of Ira J. Metrick, Esq., we can help you take legal action or explore loan modifications to avoid foreclosure.
Can a Mortgage Company Refuse My Payment?
Yes, a mortgage company can…
How Do Mortgage Surplus Funds Work in NJ?
In New Jersey, if a foreclosed property sells at a sheriff’s sale for more than the debt owed on it, the extra money is called mortgage foreclosure surplus funds or “Surplus Equity.” Here is how Mortgage Surplus Funds work in NJ.
How Are Surplus Funds Calculated?
Surplus funds, or foreclosure overages, are created if the…
What is the NJ Fair Foreclosure Act?
On January 12th, 2024, New Jersey’s Fair Foreclosure Act was amended to include a new foreclosure protection for homeowners. Specifically, the introduction of the Community Wealth Preservation Program gives families facing foreclosure the first chance to buy back their homes at sheriff’s sales.
What is the NJ Fair Foreclosure Act?
The New Jersey Fair…
Zombie Foreclosures Are On The Rise
Homeowners have been falling victim to “zombie second mortgages,” which are loans that disappeared several years ago only to discover they’re back from the dead seeking all the interest and fees that accrued while the loan had been dormant. As discussed in a recent article by NPR, cases of zombie foreclosures are rising across…
Important Update for New Jersey Homeowners: New Sheriff Sale Notice Requirements
Important Update for New Jersey Homeowners: New Sheriff Sale Notice Requirements
As of January 12, 2024, New Jersey has changed the requirements for notice of the Sheriff Sale. The envelope must state that it contains notice of the Sheriff Sale.
What’s Changed?
N.J.S.A. § 2A:50-64 now requires that any notice regarding the sale of a…