Foreclosure is a frightening event for struggling homeowners. Should homeowners fail to make their regular mortgage payments, the mortgage lender is able to begin the foreclosure process on the property. However, because New Jersey is a judicial foreclosure state, mortgage lenders must go through state courts for any repossessions. The rules and procedures for this process are listed under The New Jersey Fair Foreclosure Act. The most important of which is the New Jersey Notice of Intent to Foreclose.
After countless hours spent holiday shopping, you finally finished. Now, you're faced with the credit card payments as you roll into the new year. While it may have been difficult to keep your finances - particularly your credit cards - top of mind amid the dash from store to store, those payments aren't going anywhere. Managing your credit can seem like a daunting task—but it doesn't have to be. Even if you've blown your budget and maxed out your cards, you can still take control of your credit and become financially fit.
Here are five things you should do right now to help get your credit back on track and sustain your financial reputation all year long:
Canada Mortgage and Housing Corporation (CMHC) offers the following tips to protect yourself against becoming a victim of mortgage fraud.
Be an informed consumer! Be wary of anyone who approaches you with an offer to make "easy money" in real estate. Remember: if a deal sounds too good to be true, it probably is. Protect yourself and your family from becoming victims of or accomplices to mortgage fraud. This means:
Imagine having a Foreclosure Complaint filed against you in 2010 as you were almost 12 months behind in making your mortgage payment. It is now 2014 and a trial has been scheduled to determine whether you get to keep your home or lose it at an auction sale.
In the intervening years, with the help of AALS you have submitted numerous applications for assistance to modify your loan with the lender, but have been denied for any government assistance program and have only been offered a solution that would require a substantial lump sum down payment. The owner of the loan has changed at least one time during the course of the litigation along with the servicer and the attorney for bank has changed as well. The new attorney for the bank has filed numerous documents with the Court as the trial date has approached and it appears that the new servicer has all of its "ducks" lined up to go forward and get a final judgment of foreclosure and have your home scheduled for sale.
New rules will provide homeowners and consumers shopping for a home mortgage with new rights and greater protection from harmful practices. These rules should eliminate or sharply reduce the runarounds and painful surprises that hurt so many homeowners during and after the financial crisis.
Our florida foreclosure lawyer, Gregory Nordt, Esq. was featured February 19, 2014 on Real Money with Ali Velshi. Basically, Ali Velshi's interviews, from top CEO's to small business store owners, shed light on the financial issues Americans face in their everyday lives, because let's be honest, financial issues are a big deal. This episode of Real Money dealt with something that hits really close to home, in the very literal sense, since Velshi addresses the very dreaded issue, FORECLOSURE, and underwater properties in Florida.
(BPT) - In the next few months, high school seniors across the country will be anxiously checking mailboxes for college acceptance letters. With two-thirds of recent high school grads enrolling in college as of 2012, according to the Bureau of Labor Statistics, it is the first step on a journey towards personal and financial independence for many Americans. Whether an incoming freshman, soon to be senior or recent grad, it is never too early to get financially fit. The key to success is to make the process fun and manageable.
Easy and enjoyable financial planning is the premise behind TheMintGrad.org, a new website from Northwestern Mutual, intended to encourage 18-24 year olds to embrace the notion of F.L.C. (financial loving care) - or the importance of strong financial habits as an essential component of overall well-being. In addition to a wide spectrum of content on topics ranging from investing to interview tips, the site features columns by well-known financial bloggers and user-friendly interactive tools. According to experts at TheMintGrad.org, the quickest way to jumpstart a financial fitness program is to mind your B.I.S.:
Budgeting - Less than one third of Americans (32 percent) put together a monthly budget. Learning to track income and expenses is essential to staying out of debt, especially for someone with limited means. Successful budgeting is similar to dieting. It is important to be realistic with goals and work towards incremental improvements. And like dieting, "cheating" once or twice will not undermine progress unless it becomes an excuse for abandoning the effort.
Should you miss work to attend a foreclosure settlement conference? When you’re facing foreclosure in New York, it seems to consume your entire world. When you’re at home you’re thinking about how to save your home. When you’re at work you think about the same thing. Yes, and when you’re watching the Knicks beat up on the Lakers, fighting your mortgage lender is still on your mind. However, is a New York foreclosure settlement conference really worth your time?
What is a settlement conference?
In response to the foreclosure crisis in New York and around the country, the state implemented mediation programs to help homeowners avoid foreclosure. Its mediation program, or foreclosure settlement conference, you and your lender meet face-to-face to negotiate an agreement. According to the 2009 law, you have to meet the following criteria to participate in a conference:
Our attorney Gregory Nordt, Esq. was featured lastnight on Real Money with Ali Velshi. Parts of Florida still have extremely high foreclosure rates topping the charts with New Jersey and New York.
By John Voket
In this report, I will pick up where I left off: reviewing details from the Connecticut Public Interest Research Group - ConnPIRG - about new Consumer Financial Protection Bureau (CFPB) rules that just went into effect to help protect homeowners and homebuyers from mortgage abuses.
ConnPIRG is a non-profit, non-partisan advocacy organization that takes on powerful interests on behalf of its members. As a founding member of the coalition Americans for Financial Reform, ConnPIRG helped lead the fight to establish the Consumer Financial Protection Bureau.
Abe Scarr, ConnPIRG Director said in addition to the CFPB's new rules protecting homebuyers and homeowners, the agency has released a variety of self-help tools so consumers can protect themselves.
