Dubiln Packard

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Why Are Loan Modifications Frustrating?

Home loan modification frustratingIs Your Lender Constantly Giving You The Runaround…Why Are Loan Modifications Frustrating?

There are a million and one reasons why getting a loan modification can be the most frustrating endeavor ever. We hear it constantly, “I keep sending my documents into the bank over and over again and they tell me they lost them, ask for the same document over and over, and then ask for additional documents. Then, I get denied and they won’t tell me why.”

The unfortunate truth of the matter is the loan specialists you work with idon’thave any authority and you hardly ever speak to the same person twice, leading to confusion and misunderstanding.  There are a lot of different processes going on in the background when you send your documents in to the bank, it can be frustrating to understand why your application keeps getting denied, or why the process is taking so long.

Common Complaints About Getting A Loan Modification

  1. Your bank won’t stop pestering you for the same documents repeatedly
  2. You keep faxing the bank the same documents
  3. You reach a different agent every time
  4. The agents all tell you conflicting information
  5. You’re spending hours on hold, to get nowhere
  6. Your lender isn’t responding to you
  7. Your application was denied, even though you qualify
  8. The bank lost your documents
  9. Your bank keeps transferring you between different departments every time you call

End The Struggle – Get Your Loan Modification

There are basic things you must know in order to have a good shot at getting your home loan modification application approved. To discover how to get a loan modification, read our post: How To Get A Loan Modification.

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Why Is Loan Modification The Best Tool?

home loan modification best toolWhat Makes Loan Modification The Best Tool?

Why is Loan modification The Best Tool? It is one of the essential tools for saving your home from foreclosure, and is the best option – if you qualify.  It will give you the best outcome above all other options– chapter 13 and chapter 7 bankruptcy being the other options. A loan modification allows you to begin a repayment plan, without the baggage that bankruptcies can carry.

Loan Modification As Your Go-To Choice

Loan modification allows you to roll all of your missed payments into future payments; your loan is re-amortized. The adjusted loan is based upon your missed payments and principal balance combined, and usually has a lower interest rate with a term of 30 to 40 years, which results in a lower monthly payment.

I’ve Decided I Want To Apply For A Loan Modification, What Should I Do Next?

If you want to apply for a loan modification to save your home from foreclosure, you should first find out if you qualify for one. There are certain criteria you must meet, regarding your income and expenses, to qualify for the loan modification. To find out if you qualify, read our post: Do I Qualify For A Home Loan Modification?

From there, if you think you qualify for a loan modification, read our post: How To Get A Loan Modification.

 

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When Do I Have To Move After A Sheriff Sale in New Jersey?

eviction notice after sheriff saleIf your home has been sold or is about to be sold, you must move – but read on.

You will have to move after a Sheriff Sale.  When the time finally comes after you have tried everything you could try to save your home and your home is sold at a Sheriff Sale in New Jersey, the home is no longer yours and its time to think about moving. The ownership interest in the home is actually transferred by the Sheriff to the new buyer and you are required to move out of your home right away. But, there are still a couple of last minute strategies you might want to consider to stay in your home a little longer.

You Have 10 More Days.

There is a slight delay, though, after the sale.  In New Jersey, there is something known as a 10-day right of redemption for the home owner.  This gives the homeowner the right to pay-off the loan and prevent the home from being sold if it can be done within the 10 days after the sale.  In some cases, a home owner might be able to borrow money from a friend or family member or get a hard-money loan. Therefore, the law provides for 10 days after the sale to do “redeem” your home.  If not, as is usually the case, then, and only then, does the Sheriff transfer the property to the new owner.

For most people, then, that means you have an additional 10 days after the sale before you have to move.

What If You Can’t Move Right Away?

Even after the 10-day period, some people just can’t move after a Sheriff sale, at least not right away. Maybe you don’t have the money.  Maybe you have nowhere to go.  Maybe you or a family member is sick or disabled making it harder to move.  There are many reasons. If that’s you, what should you do?  Here are a couple of options:

Cash For Keys – Often the new owner will send a representative to your home to talk to about moving.  An experienced foreclosure sale buyer knows that it may be hard for you to move and that it could be costly and time consuming to evict you.  Therefore, a smart owner will offer you the necessary cash you need to move in exchange for you moving out right away or within a short period of time. Its common for a representative of the new owner to offer you $5000 if you move out in 30 days or $3000 if you move out in 60 days (see below to see why this is smart for them and how you can gain leverage to get money to move).

Make them Evict You – There is a 90-day period before eviction following a sheriff sale.  Approximately 60 days after the sheriff sale, you will receive a final notice with a date set for eviction.  If you can’t move before that date, you can go to the sheriff’s office and ask for a hearing where you can tell your story to the judge and ask for more time.  You may get a couple of weeks or a couple of months.  If you still can’t move on the extended eviction date, you can go before the judge again and ask for even more time. There are many extenuating circumstances that judges will consider in such cases: particularly for elderly home owners or for home owners with children.    Now you know why its smart for the new owner to offer you cash for keys!

Having your home sold at a Sheriff sale is tough on even the strongest family but, as you can see from the information above, there are some last-minute things you an do to get more time before you move after a Sheriff sale.  Even after the sale to stay in your home just a little longer.

 

 

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How Much Notice You Will Receive Before A Sheriff Sale In New Jersey

sheriff sale notice new jerseyAre You Worried About How Much Notice You Will Receive Before A Sheriff Sale In New Jersey?

If your home is in foreclosure and you’re getting close to the end of the process, you may be worried about being served with a notice of a Sheriff Sale.  Many people wonder: how much notice will be given prior to the sale?

Notice in the Newspaper.

The Sheriff in New Jersey is required to provide notice by advertising the sale in the designated newspaper for four (4) consecutive weeks.   Each Sheriff office has designated a specific newspaper in which notices are advertised.  Check on the website for the Sheriff office in your county.

Notice At The Property.

Although not required to do so, the Sheriff often posts a notice at the property 30 days prior to the sale and also provides written notice to the occupant whether that is you as the owner or if you are a tenant in the property.

Online Sheriff Sale Listings.

Each Sheriff office maintains a website where the current list of sales is posted in a searchable database.  This is a good resource to get up-to-date information but not all offices update the site right away so some of the information may be somewhat out of date.  You can also call the Sheriff office or go to each Sheriff website for a listing of all upcoming sales.

Friendly Service.

I have found in all cases that the personnel in the Sheriff offices are extremely friendly and helpful and a call or visit to their offices is always helpful.

If your home is in foreclosure and you are worried about a Sheriff sale and how to stop it and save your home, we can help. Start by downloading one of our free consumer guides.

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What Is A Sheriff Sale

sheriff saleIf Your Home Is Scheduled For A Sheriff Sale, You Need Answers.

Let’s start with understanding what is a sheriff sale.  Once a lender or lien holder has a judgment in a foreclosure case against the home owner, it can then order your home to be sold at a public sale conducted by the Sheriff in your County and sold to the highest bidder.  the proceeds of the sale are used to pay-off the lender and, if the bid price is high enough, all other liens on the property and, in the rare event any money is left over, that surplus cash is paid to the home owner.  The sale is conducted by the Sheriff’s office in the County in which the home is located usually on the same day each week.  Interested parties appear at the sale and place live bids.

We have the answers you need.  Keep reading or request a copy of our free consumer guide.