Robert Manchel

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.