Does Chapter 13 Protect Your Home from Foreclosure?
Losing your home to foreclosure can happen quickly even when you’re earning a steady income. If you or a loved one suffers a serious illness and faces extensive medical bills not covered by insurance, you may not be able to keep up with mortgage payments. And depending on your lender, it may take only three… Read More »
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 »