Mortgage Foreclosure Resolution

The New Jersey foreclosure process is a very lengthy compared to other states. There are so many foreclosure filings in New Jersey that virtually every one either knows someone whose house is in foreclosure, or is aware of a foreclosure within their neighborhood. Also, I am sure that most people know of a circumstance where a person’s property has been in foreclosure for numerous years.
Prior to the fall out of the economy, the real estate crash, and the rise in the foreclosure filings, a typical foreclosure action took approximately eight months. However, over the last four years a foreclosure action could have taken many years, from the date of the filing of the lawsuit to the sheriff’s sale. The two main reasons for the delay was the inability for the system to handle the high volume of foreclosures and the New Jersey Supreme court’s order to cease all filings for approximately one year. Furthermore, there are only a hand full of law firms that handle the bulk of the foreclosure actions. This resulted in a back log, not only with the courts, but with the law firms, as well.
However, presently, the system is much more efficient, as the back log has thinned out. Also, the court has implemented an electronic filing process that has reduced the time between the filing of the complaint through the sheriff’s sale.
At present, it is estimated that a foreclosure complaint may be filed after approximately three or four months of mortgage arrears. The estimated time between the filing of the foreclosure action through the date of the sheriff’s sale is about eight months.
You can contact Robert Manchel, the NJ. foreclosure resolution attorney, at (866) 503-5655.

How can bankruptcy save my house from foreclosure
There are three options, involving a chapter 13 case.
Option One (cure mortgage arrears)
Pay the total amount that the debtor is behind with their mortgage over a period of 36 to 60 months., in addition to making regular monthly mortgage payments. The debtor may be unable to make such payments. In other words, if a person is $40,000 behind with their mortgage payments, this will require a monthly trustee payment, not including costs and expenses, of about $666.00, plus future monthly mortgage payments. The debtor is able to keep his house and reinstate the mortgage, if he completes all required payments, that are due through the bankruptcy case and directly to the mortgage company.
Second option (pursue loan modification)
Requesting a loan modification through a chapter 13. Typically, the mortgage company will allow six months for the loan modification process. In this situation, the debtor is puttihg all of their eggs in one basket. If the mortgage company approves the loan modification, the debtor is able to save their house. Under this option, the debtor must make the regular monthly mortgage payments or possibly less, in addition to a monthly trustee payment. The trustee payment must be a reasonable payment based on the debtor’s disposable income and asset values. If the loan modification is denied, the debtor will, likely, be unable to save his house. A person may chose this alternative, solely, if he is unable to pursue both options.
Third option (pursue loan modification and cure mortgage arrears)
A person may pursue both options explained above. If the loan modification is denied, he may save his house by completing the required payments.
Please note that this is an extremely simplified explanation of these matters, which vary greatly based on different circumstances and finances.
Robert Manchel is a New Jersey bankruptcy attorney, who may be reached at (866) 503-5655.

Foreclosures in New Jersey have dropped to their lowest levels in three years, according to NorthJersey.com. Compared with a year ago, New Jersey foreclosures are down 50 percent. Across the United States, foreclosures are down 27 percent.
However, it’s not all good news – the numbers are expected to bounce back. Currently, foreclosures have been postponed while lenders work on problems regarding their legal procedures. It has been alleged that because so many homeowners are defaulting on their mortgages currently, lenders have been “robo-signing” foreclosure forms, which means bank employees signed affidavits and other legal documents without ensuring they were accurate. In December, the New Jersey Chief Justice ordered six lenders to show why their foreclosures shouldn’t be frozen. Those lenders; Ally Financial, Bank of America, Citibank, JP Morgan Chase, Onewest Bank, and Wells Fargo; will appear in court later this month to defend their actions.
The high foreclosure rates in the U.S. have been attributed to primarily two reasons: homeowners who weren’t as qualified as others to hold a mortgage began to default, and the economic crisis has caused unemployment to skyrocket, leaving homeowners with the inability to stay current on their mortgages. As the job situation improves, however, foreclosure rates are expected to decrease.
Are you currently facing a foreclosure in New Jersey? If so, contact New Jersey foreclosure resolution lawyer Robert Manchel. He has many years of experience in working with mortgage companies to determine solutions for his clients other than foreclosure. Mr. Manchel can also guide you through the foreclosure process if it becomes necessary. Call Robert Manchel today at 866-503-5655 to learn more.

In our last blog post, we discussed the common types of foreclosure scams that are popping up across the nation from con-artists who are attempting to cash in on the recent foreclosure crisis. If you are interested in working with foreclosure rescue companies, the Office of the Comptroller of the Currency (OCC) offers some helpful additional tips on avoiding foreclosure scams.
First, you should be aware that you can always work with a HUD-approved counselor on foreclosure or mortgage related issues, and they should be free. You could also consider approaching your lender for help and ask them what programs are available for assistance. They should have personnel who are aware of the options available for mortgage modification or other foreclosure alternatives.
If you decide to take advantage of a modification program, make all mortgage payments directly to your lender. Relying on someone else to send that money to the lender is taking a big risk. Also, if you are signing up for a foreclosure alternative, be aware of what you are signing. Read every single document, and don’t sign anything with errors, even if the other party promises to correct them. Get any promises offered by the program in writing – oral promises involving real estate are typically not enforceable in most states.
Many scammers are tricking people into turning over the deeds to their homes. Do not sign over your deed unless you get advice from an independent party such as an attorney or a financial advisor. If something seems suspicious about the program you are considering entering into, contact the FTC or the OCC’s Customer Assistance Group.
Facing foreclosure in New Jersey can be extremely stressful and can leave people vulnerable to scams. If you are looking at a foreclosure or a foreclosure alternative, contact NJ mortgage foreclosure avoidance attorney Robert Manchel at 866-503-5655. Talking with a knowledgeable authority on foreclosures and bankruptcies can help many consumers learn about their options.

In today’s economic climate, the number of foreclosures has been steadily climbing over the last few years. It’s estimated that between 20 and 25 percent of American homes are “under water,” meaning the owner owes more on the home than it’s worth, which makes foreclosure an increasingly appealing option. However, as a result, there are many foreclosure scams popping up, according to the Office of the Comptroller of the Currency (OCC).
In order to find potential victims, scammers often look at public notices of foreclosures or purchase lists of distressed borrowers. Frequently, scammers offer homeowners help to protect their home against foreclosure, usually by offering a fake mortgage modification.
Some common types of scams that have appeared recently in the foreclosure industry include fake government modification programs. These scammers use certain words to make you think you are dealing with an official government program, when in actuality they have nothing to do with the government. Other scammers offer to promise to give you better financing in exchange for titling your home to them. If you fail to comply with the terms of the agreement, you lose your money and your home.
Another common scam is promising to rescue a homeowner from foreclosure by renegotiating payment plans or loan modifications with lenders. They encourage you to make your mortgage payment directly to them, but instead of passing it onto the lender, they keep the money. Still other scammers sell you bankruptcy services which will prevent a foreclosure in the short run, but will not save your house on its own. A new emerging scam is where con-artists tell you that you are not obligated to pay your mortgage by using secret laws that erase your debts, which is an illegitimate and inaccurate.
Are you having trouble making ends meet in this tough economic climate? Is paying your mortgage each month a struggle? If so, contact New Jersey attorney Robert Manchel at the Law Offices of Robert Manchel. Our lawyers will advise you on the legal ways to keep your house and help you ease your debt load. Call us today at 866-503-5655 to learn more.
Also, continue to check back with our blog for part two in this series about avoiding foreclosure scams.

With so many Americans going through the foreclosure process across America, no doubt many are wondering what they can do to help protect their home. The U.S. Federal Reserve Board offers a few tips to homeowners to help prevent foreclosure.
First, you shouldn’t ignore your mortgage problem if you’re having trouble paying it. Talk with your mortgage lender or the company collecting your mortgage payments as soon as you can. More options are available to you if you contact them sooner. Explain your situation to them and ask to work with them to find a payment solution that you can meet. If they won’t talk with you, talk with a housing counseling agency that is approved by the U.S. Department of Housing and Urban Development (HUD).
Second, before talking with your lender or a housing counselor, do your homework. Review your mortgage loan documents and your income and budget. Get information together on your expenses, including insurance, utilities, and other bills. A counselor will help you conclude what options are available to you based upon this information. They may also suggest ways you can work with your lender or possibly offer to negotiate with them for you.
Third, be aware of your options. Some options will only provide short-term help, while others offer long-term or even permanent solutions. It may be possible for you to work out a plan that is temporary to make up any payments you have missed, or you may be able to modify the terms of the loan. In some cases, the best choice could be to sell the house.
Fourth, be careful not to fall for a foreclosure resolution scam. Unfortunately, with the nation in foreclosure crisis, con artists have found a way to take advantage of people who are behind on their mortgage payments or are facing foreclosure by offering solutions that are actually scams. If you think you are being scammed, contact local and state consumer protection agencies, which are found on the Consumer Action website.
Lastly, when you decide on a plan, stick with it. By making payments on time, you can help protect your credit score. Prioritizing your bills and paying those that are crucial, such as your revised mortgage payment is also a good practice. You should also consider getting rid of other expenses, such as premium cable TV services.
Contact the New Jersey foreclosure lawyers at The Law Offices of Robert Manchel to learn more about how to stop the foreclosure process in New Jersey. Call 866-503-5655 today.