A modification to an existing loan made by a lender in response to a borrower’s long-term inability to repay the loan. Loan Modifications typically involve a reduction in the interest rate on the loan, an extension of the length of the term of the loan, a different type of loan or any combination of the three. Why would someone need a loan modification? If you […]
Top 5 myths about being served with a foreclosure complaint
Submitted by New Jersey Foreclosure Attorney, Lee M. Perlman If I ignore the foreclosure complaint it will go away WRONG, in most cases you want to accept service of the complaint and decide if a reply or a formal answer makes sense. You have 35 days to file a written answer with the court. You […]
Mortgages After Bankruptcy
A personal bankruptcy stands out as a conspicuous blemish on a consumer’s credit report for as long as 10 years. But the barrier it presents to obtaining a mortgage doesn’t have to last that long. Many individuals who sought bankruptcy protection during the recent recession, which officially ended in 2009, may now be eligible to […]
Americans Face Post-Foreclosure Hell as Wages Garnished, Assets Seized
NEW YORK – Many thousands of Americans who lost their homes in the housing bust, but have since begun to rebuild their finances, are suddenly facing a new foreclosure nightmare: debt collectors are chasing them down for the money they still owe by freezing their bank accounts, garnishing their wages and seizing their assets.By now, […]
Treasury Secretary Unveils Small Steps to Augment Loan Modification Program
Jacob J. Lew, center, the Treasury secretary, met with homeowners, housing counselors and counseling clients at the Greater Washington Urban League in Washington on Thursday. Credit Daniel Rosenbaum for The New York Times The Obama administration will take further steps to ease foreclosures, rising rents and scarce mortgages, Jacob J. Lew, the Treasury secretary, said […]
Alternatives to Foreclosure in New Jersey
Given the current climate of the housing market in New Jersey many homeowners are finding themselves with mortgages far greater than the current fair market value of their property. Many of these homeowners are unable to get out from under the water and soon find themselves facing the very real possibility of foreclosure once they […]
Foreclosures May be Driving the Rise in Suicides
Submitted by New Jersey Foreclosure attorney Lee M Perlman. Originally published in the Washington Post by Emily Badger (Marcio Jose Sanchez/AP) The foreclosure crisis increasingly looks like a public health crisis, too. Researchers have connected foreclosures to depression, stress-related illnesses and spikes in emergency room visits. Last week, The Washington Post’s Dina elBoghdaddy wrote that […]
Pitfalls of Reverse Mortgages May Pass to Borrower’s Heirs
By JESSICA SILVER-GREENBERG originally posted here Jim Wilson/The New York TimesIsabel Santos says she spends her evenings huddled over stacks of foreclosure notices on her parents’ home. The only solace for Isabel Santos as she spends her evenings huddled over stacks of yellowed foreclosure notices is that her parents are not alive to watch their […]
Avoiding Tax Liability on Short Sales and Foreclosures
Insolvency can leave a homeowner with little hope and few options of ever meeting their financial obligations to their lenders. Given the ongoing foreclosure crisis in North Jersey, it may be appropriate to mention two avenues in which lenders and homeowners can deal with the populaces increasing inability to pay off their debts. Two methods […]
Loan Complaints by Homeowners Rise Once More
By JESSICA SILVER-GREENBERG and MICHAEL CORKERY Daniel Rosenbaum for The New York Times Wanda Darden, at home in Riverdale, Md. Her mortgage has bounced among three loan servicers, leading to increasing mix-ups. “I either get conflicting answers or no answer at all,” she said. A growing number of homeowners trying to avert foreclosure are confronting […]
