If your mortgage payment has become difficult to manage, you are not alone. Many homeowners reach a point where they need to reassess their options and find a way forward. Two of the most common paths are loan modification and
Ira J. Metrick's Law Blog
Ira J. Metrick's Law Blog, published by Ira J. Metrick Attorney at Law LLC, focuses on legal issues related to foreclosure defense and mortgage loan modifications in New Jersey. The blog covers topics such as the foreclosure process timeline, pre-foreclosure stages, repayment plans, and strategies to stop foreclosure. It also addresses challenges like zombie mortgages and surplus funds claims, including guidance for heirs navigating probate to claim funds after a sheriff's sale. The blog provides practical information for homeowners facing mortgage difficulties, emphasizing consumer rights and legal remedies available under state and federal laws.
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Latest from Ira J. Metrick's Law Blog
What Is Dual Tracking?
By Metrick ESQ.
What Is Dual Tracking?
Dual tracking occurs when a residential mortgage loan servicer is reviewing the first complete application from a homeowner for a modification or other loss mitigation option, and the servicer files a foreclosure complaint, applies for a…
How to Request a 1099-C Transcript from the IRS
By JSMTAdmin
Zombie Second Mortgages, believed to have been cancelled years ago, are now resurfacing with lenders or debt collectors demanding payment for years of interest and fees.
If your lender cancelled the debt, they should have filed a Form 1099-C…
How Long is the Pre-Foreclosure Process?
By JSMTAdmin
Before a Foreclosure Complaint is filed with the Court, a property is in “The Pre-Foreclosure Stage.” Understanding how long the pre-foreclosure process is, along with the NJ foreclosure timeline, is an important part of understanding the options available to…
Can a Repayment Plan Stop Foreclosure?
By JSMTAdmin
In New Jersey, if you have fallen behind on your mortgage payments, but you can catch up within 12-24 months, a repayment plan may be the best solution to avoid foreclosure. Understanding how it works and whether you qualify can…
How Do Heirs Claim Surplus Funds in NJ?
By JSMTAdmin
SURPLUS FUNDS FOR FAMILY MEMBERS AND HEIRS
A common issue in surplus funds cases arises when the property owner dies, and their heirs wish to claim the funds. If there is more than $20,000 available in Surplus Funds, the court…
How to Escape From Zombie Mortgages
By JSMTAdmin
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…
New Updates to Flex Modification Programs
By JSMTAdmin
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…
How To Find Out If You’re Owed Surplus Funds in New Jersey
By JSMTAdmin
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…
What Happens if You Default on a Second Mortgage?
By JSMTAdmin
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…