Mortgage Foreclosure Resolution

The fear of foreclosure continues to affect the peace of mind of individuals all across the country. While the unethical business practices of mortgage companies and lending institutions are examined by government agencies, there are groups that are seeking to assist individuals avoid foreclosure and save their homes. According to a Los Angeles Times article, one such group, the Neighborhood Assistance Corporation of America (NACA), held a refinancing event at the Los Angeles Convention Center that began September 30.
Reportedly, the five-day event was aimed at individuals who are at risk of losing their homes to foreclosure. The NACA, a national mortgage company, offered assistance to individuals by restructuring their current mortgages in order to make monthly payments more manageable. This was the second year of the company’s “Save The Dream Tour”, which travels the country in hopes of helping individuals save their homes. Typically, the NACA is able to lower interest rates to 2 or 3 percent. In 2009, the NACA saw an average of 30,000 people at each of its 12 events across the country.
While lower interests rates will certainly prevent many people from losing their homes, there are still some circumstances under which decreased monthly payments may not be enough. Filing for bankruptcy is a viable option for many individuals who have accumulated debt and simply cannot afford to pay their debt on their own. Whether one chooses to file for Chapter 7 bankruptcy protection or Chapter 13, filing for New Jersey bankruptcy can be a complicated process that requires the assistance of an experienced bankruptcy attorney.
The skilled New Jersey bankruptcy attorneys at the Law Offices of Robert Manchel assist individuals in New Jersey who are thinking of filing for bankruptcy, including those who are at risk of losing their homes. In some cases, bankruptcy may help an individual save his or her home. For more information about what bankruptcy can do for you, please call an experienced New Jersey bankruptcy lawyer today at 866-503-5655.

All across the country, reports of foreclosure rates on the rise are finding their way into local television reports, periodicals, and newspapers. Lately, homeowners who are in danger of banks and lending institutes foreclosing on their property, are being afforded the opportunity to short sell their homes for less than what they owe on their mortgages. According to a NY Times article, current government funded incentives have nearly quadrupled the number of short sales made across the country, in comparison to figures from 2008.
Reportedly however, fraudulent activity regarding short sale practice is becoming more prevalent. In some cases, lenders sell homes to “straw buyers,” or those individuals who are actually affiliated with the lender, for less money. Thereafter, the lender turns around and sells the home for a higher, more market-friendly price. This is done unbeknownst to the original homeowner who authorized the short sale, in the first place.
In other cases, homeowners may purposefully default on their home loans and short sell their house to a friend, who would pay less than the amount due on the loan. Thereafter, the homeowner would continue to live in the house and pay the monthly mortgage payment, which is less than the previous monthly payment. At that point, the homeowner’s friend, who purchased the home, may transfer ownership to the original homeowner via the quitclaim deed process. Nationwide, the state of New Jersey ranks eighth in terms of the number of fraudulent short sales, with 3.3.% of all those sales being deemed suspicious. Furthermore, the article warns against real estate agents who claim to be foreclosure specialists.
If you are thinking of short selling your home, or selling real estate in New Jersey, your best defense against fraudulent activity involves retaining the services of an experienced bankruptcy protection lawyer. At the Law Offices of Robert Manchel, our skilled New Jersey foreclosure resolution attorneys will see to it that you are not taken advantage of during an already difficult time. For more information about your rights and options, please call 866-503-5655 today.

While the U.S. Department of Housing and Urban Development is doing what it can to offer assistance to those in danger of losing their homes to foreclosure in New Jersey, there are still far too many people losing their houses each day because they are unable to make their mortgage payments. According to an nj.com news article, HUD’s neighborhood stabilization program is now allowing some low to moderate income individuals to purchase homes rather than lose them, all in hope that such action will help revitalize the housing market. To date, a total of $122 million in aid has been provided by the federal government to assist individuals with their housing needs.
Currently, the stimulus program is in its third phase, with $2 million being funneled to the community of Newark alone. To date, a total of 47 houses have been purchased throughout Newark using HUD funding. More specifically, these homes were purchased by the nonprofit organization HANDS Inc., which did repair work on the houses prior to selling them at discounted prices to program qualifying families. According to one fortunate resident who has benefitted from the program, “The prices of the homes are low enough where people — working people — could buy them.”
While government assistance is certainly key to helping the economy recover, many individuals may still require even more help in getting their finances back on track. In some cases, the best option available to an individual may be filing for bankruptcy protection under New Jersey law. However, the details surrounding the filing process can be complicated, so it is highly recommended that individuals thinking of filing for bankruptcy in New Jersey consult an experienced bankruptcy attorney as soon as possible. In some cases, individuals facing foreclosure may even be able to remain in and save their house via filing for bankruptcy.
At the Law Offices of Robert Manchel, our New Jersey foreclosure attorneys can assist you with all matters pertaining to your house’s foreclosure. For more information about foreclosure and bankruptcy protection in the New Jersey area, please contact our offices today at 866-503-5655.

The economy may be on the road to recovery, but the progress it’s making is too little for the average person to actually feel in their daily life. Credit card debt, variable mortgage rates, and the everyday costs of living are becoming more and more difficult for people to handle. Consequently, many homeowners are now unable to make their mortgage payments, resulting in those homes going into foreclosure.
According to a Los Angeles Times article, many investors and private equity funds are now cashing in on foreclosed properties, purchasing them at auction so that they can turn right around and sell them for a quick profit. Though home flippers are nothing new, the method of purchasing foreclosed homes (which often times still house the home owners) as an investment opportunity during a downtrodden economy is a practice that is catching on across the country. Professional investors, in particular, are venturing into the flip business, which was more recently occupied by amateur investors looking to make a profit after a few months of remodeling and staging.
Allowing one’s home to go into foreclosure is the absolute last option that a New Jersey homeowner would ever want. Fortunately, when a family’s home is in danger of entering into foreclosure, and mortgage companies are unwilling to help, there are options that can help save the family home. In order to take advantage of the best option available, a home owner facing foreclosure in New Jersey should always consult an experienced New Jersey foreclosure attorney who will ensure that everything that can be done to save the house will be done.
In New Jersey, filing for Chapter 13 bankruptcy protection may allow a home owner to continue living in their house after their mortgage has been reinstated. Although a Chapter 7 bankruptcy will not stop a foreclosure action, the filing will permit the elimination of debt and permit the homeowner an opportunity to negotiate a loan modification. In any event, the skilled New Jersey bankruptcy attorneys at the Law Offices of Robert Manchel will help you make the best decisions for your particular financial situation. If you’d like more information about your rights when filing for bankruptcy as well as the potential benefits of New Jersey credit counseling, please call 866-503-5655.

You hear about it on the news and read about it in the papers. Everyday across the country, more and more people are receiving notices of foreclosure in their mailboxes, and more and more people are finding themselves packing up their belongings and surrendering their homes to banks and mortgage companies. According to the New York radio station WNYC, the number of foreclosures was on the rise in July, but is down overall compared to 2009 figures. The online news article points out specifically that the number of foreclosures filed in New Jersey declined nearly 22% in July, while annual figures declined overall by 7%.
Reportedly, the number of homeowners in the U.S. who received some sort of foreclosure filing, either in the form of a default notice, home auction announcement, or bank repossession declaration, rose 4% from the time period of June to July. This translates to a little more than one out of every 400 households across the country. And while these numbers are 10% lower than similar figures recorded the year prior, the number of homes repossessed by banks unfortunately rose to almost record levels.
Homeowners who are in danger of losing their house to foreclosure have options to save their property. Loan modifications are one of the more common options utilized by individuals on the fringe of foreclosure, but this method doesn’t always work out for the best. For others, filing for chapter 13 bankruptcy protection can also save a family home, in addition to offering relief from other financial hardships. Unlike chapter 7 bankruptcy in New Jersey, chapter 13 bankruptcy allows an individual to stop the foreclosure process.
The details and differences surrounding chapter 7 and chapter 13 bankruptcy can be relatively complicated, but generally speaking, individuals who do not qualify for chapter 7 often file for chapter 13 bankruptcy protection. However, only chapter 13 will save a home from foreclosure. For more information about your options in filing for bankruptcy, please contact the New Jersey bankruptcy attorneys at the Law Offices of Robert Manchel. Call us today at 866-503-5655.

According to an NBCChicago.com report, banks and lending institutions throughout the country are resorting to new methods of collecting mortgage payments that are past due, namely cutting their losses and handing over mortgage accounts to third parties. The lenders are now selling or transferring delinquent loans to debt collection agencies for amounts that are considerably less than the payoff. After the transfer, the lenders are wiping their hands clean of the whole thing.
While this approach may cut banks loose from customers who are unable to pay, it does not let those customers off the hook. Reportedly, these collection agencies, which are not governed by the same regulations as the lenders, are resorting to aggressive tactics as a means of collecting debts in full. Essentially, this trend represents banks and other financial institutions giving up on their customers, no longer wanting to work with them, and simply settling for minimal payment from debt collection agencies.
Despite many financial institutions declaring that they want to work with their customers to resolve mortgage arrears and reinstate their mortgages, there are a number of financial institutions that are resorting to tactics that result in defeating the homeowners ability to modify their loan or successfully resolve mortgage foreclosures. In some cases, filing for bankruptcy protection may end up being the best option for an individual or family, but all options should be carefully considered nevertheless.
To find out more about the process of filing bankruptcy, resolving tax liens, and resolving mortgage arrears or foreclosures under New Jersey state law, please contact experienced New Jersey mortgage foreclosure attorney Robert Manchel. Mr. Manchel will examine your specific situation, and will help you make the best decision possible for your financial future. For more information about how bankruptcy may be a beneficial option, please call the Law Offices of Robert Manchel today at 866-503-5655.