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
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How to Escape From Zombie Mortgages
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
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
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?
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…
Will a Loan Modification Stop Foreclosure in New Jersey?
At the Law Firm of Ira J. Metrick, we offer aggressive loan modification representation. If you receive a foreclosure notice and want to keep your home but can’t catch up on payments, consider hiring an attorney experienced with foreclosure defense…
Can a Mortgage Company Refuse My Payment?
If your mortgage company refuses payment, it’s important to seek legal advice to understand your options and protect your home. At the Law Office of Ira J. Metrick, Esq., we can help you take legal action or explore loan modifications…
How Do Mortgage Surplus Funds Work in NJ?
In New Jersey, if a foreclosed property sells at a sheriff’s sale for more than the debt owed on it, the extra money is called mortgage foreclosure surplus funds or “Surplus Equity.” Here is how Mortgage Surplus Funds work in…
What is the NJ Fair Foreclosure Act?
On January 12th, 2024, New Jersey’s Fair Foreclosure Act was amended to include a new foreclosure protection for homeowners. Specifically, the introduction of the Community Wealth Preservation Program gives families facing foreclosure the first chance to buy back their…
Zombie Foreclosures Are On The Rise
Homeowners have been falling victim to “zombie second mortgages,” which are loans that disappeared several years ago only to discover they’re back from the dead seeking all the interest and fees that accrued while the loan had been dormant. As…