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Scura, Wigfield, Heyer, Stevens & Cammarota Blog

Loan Modification vs. Bankruptcy Court’s Loss Mitigation Program

After the market crash of 2008, 2.6 million Americans lost their jobs, and 1.2 million properties were foreclosed in 2009 due to the recession. As a result, many of the mortgage lenders that accepted the government bail-out money were forced to offer loan modification assistance programs to help homeowners catch up on their mortgage arrears in an effort to avoid foreclosure.  

Mortgage lenders to the rescue, right? Unfortunately, oftentimes theories don’t work as well in practice. The influx of loan modification applications inundated the offices of ill-prepared and understaffed mortgage lenders, causing most applications to be denied or overlooked without even being properly reviewed. The failure of these loan modification programs, coupled with loan modification scams, only perpetuated the increasing foreclosure rates. But Why?

Personal Deficiency Judgments after Foreclosure in New Jersey

For homeowners facing the imminent loss of their home to a foreclosure, the added threat of a personal deficiency judgment lurks in the background. Because a deficiency judgment is personal, it may have negative effects on your credit and can result in wage garnishments, bank account levies, or subject you to other collection methods. Therefore, for those facing foreclosure, it is important to understand the personal deficiency judgment process and the options available to you.

Does a Mortgage Modification Trial Period Establish a Valid Contract?

U.S. District Judge Freda Wolfson recently ruled in favor of a homeowner’s claim for breach of contract after the mortgage company failed to honor a permanent modification after the homeowner completed all of the requirements of the trial modification.

Foreclosure: A New Jersey Homeowner’s Right to Reinstate

Across the country, foreclosures have become an unfortunate reality for many homeowners. Most states, including New Jersey, require a lawsuit to be filed to effectuate the foreclosure process. In other words, if a homeowner stops paying the mortgage, the lender cannot simply show up at the residence without a court approved final judgment and demand the homeowner vacate the premises.

New Jersey Foreclosure Attorneys Explain Tenant Rights When Evicted In Foreclosure

Many people in New Jersey prefer to rent rather than owning their home. While not owning a home means that the renter will be able to avoid facing foreclosure of that home if they fail to make payments, it does not mean that they are able to completely avoid the negative effects of foreclosure under all circumstances.

Many renters do not consider the possibility of foreclosure on the property they are renting. When a landlord is in default, the bank will most likely sell the property as soon as it can, which could result in the bank attempting to evict the tenants.

Can a Homeowner Own a Home Again After Foreclosure in New Jersey?

Losing a home in any situation is a tragic event for a homeowner in New Jersey. If financial troubles have led to the foreclosure of a home, many homeowners exhaust their efforts to keep their home. Filing for bankruptcy might be able to halt or prolong the process. However, in some cases a homeowner may still end up losing his or her home. This leaves the homeowner pondering many questions such as ways to rebuild his or her credit or improve his or her financial health. Additionally he or she may wonder if his or her days of owning a home are forever over.

Homeowner Rights and Stopping New Jersey Foreclosure

Some homeowners in New Jersey might encounter issues with their mortgage loans. While in some cases these issues can quickly be corrected, a problematic mortgage loan could lead to a foreclosure. Our law firm understands that facing the possibility of losing a home to financial problems is a major event that needs to be addressed immediately and carefully. New Jersey homeowners should be aware of their rights and options so they can navigate the process to stop foreclosure.

Taking Action to Stop Foreclosure of Your New Jersey Home

While owning a home is considered to be part of the "American dream," it could also lead to major source of financial problems for families and individuals in New Jersey. As it is the case for many homeowners, obtaining a loan through a lender is what made home ownership possible. Although this is common, it is also what leads some into financial crises, causing the fear of foreclosure. Our law firm understands that keeping a home when addressing financial problems is important. Individuals and families have options when it comes to addressing financial problems, helping them to prevent or even stop the foreclosure process.

Resources for New Jersey Residents Facing Foreclosure

It can be an extremely emotional and difficult experience for individuals in New Jersey and elsewhere to deal with the possibility that they might lose their home. Facing foreclosure is never easy, especially when a homeowner is dealing with several financial challenges. For some people, the best step might be to take action to stop the foreclosure process. No matter what an individual or family decides, it is important that they understand their options.

Strategies You Can Use to Keep Your House Before Filing for Bankruptcy

hand_holding_houseA common question that arises when you are faced with bankruptcy is whether or not you will lose your home. This is a terrifying thought that may lead you to think that foreclosure is the only answer. Before you starting searching for a foreclosure defense lawyer in Jersey, first you need to understand there are several different options to retaining a property after a bankruptcy proceeding is commenced [add this link: http://blog.scura.com/the-basic-differences-between-chapter-7-chapter-13-and-chapter-11-bankruptcy].

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