Category Archives: Foreclosure Defense
Tips for Handling a Trial Mortgage Modification Period
Amending the terms of a mortgage by adjusting interest rates, or by extending the period over which the mortgage will be paid, can allow a borrower to better manage financial hardship. In fact, a mortgage modification is one of the most common ways to avert a home foreclosure. Before a mortgage company agrees to permanent… Read More »
Can You Short Sell a Home With Multiple Mortgages?
When you owe more on your home than the property is worth on the market, you may consider a short sale as a way to avoid foreclosure. This means the property is sold for less than the outstanding mortgage. Here’s an example of a short sale scenario: You owe $300,000 on your home and cannot… Read More »
How Long Can Forbearance Be Used To Stop a Foreclosure?
Under a forbearance agreement, a mortgage company reduces or halts a homeowner’s monthly mortgage payments for a set period of time. The total amount owed does not change but is simply due at a later date. Forbearance is a foreclosure defense strategy designed to help people keep their homes as they deal with temporary hardship…. Read More »
Can New Jersey Renters Be Evicted During an Owner’s Foreclosure?
If you are given notice that your landlord’s mortgagee filed for foreclosure on the house or apartment building where you live, it is important that you know your rights as a tenant. First and foremost, you should know that you cannot be evicted simply because your landlord failed to pay their mortgage. Nor do you… Read More »
Reverse Mortgages and Bankruptcy
Reverse mortgages are designed to allow you live off of the equity in your home. This type of loan pays off your mortgage, lets you live in the home “mortgage payment free” for life or until you leave the home. Often, these loans require that you pay the property taxes and insurance. Should you fail… Read More »
Curing a Mortgage Default In New Jersey
A mortgage default occurs when a homeowner fails to make a required monthly mortgage payment. The mortgage loan agreement provides various remedies to the lender. The lender can impose late fees and even file a lawsuit to take back the property, to “foreclose” the owner’s interest in the property. Since lenders make their living on interest… Read More »