Robert Manchel

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.

With thousands of Americans facing foreclosure and the uncertainties tied with it, it is unfortunate that others are attempting to capitalize on the losses of others by targeting desperate homeowners with foreclosure resolution scams.
According to the U.S. Federal Reserve Board, there are some safety precautions homeowners can take to avoid being scammed.
First, you should work with a counselor from an agency that is approved by the U.S. Department of Housing and Urban Development (HUD). You can visit the HUD website to search through their list of housing counseling agencies that are HUD approved. If you are contacted by foreclosure counselors, whether by phone, mail, or in person, be sure they are from a counseling agency that is HUD approved before doing business with them.
Second, be careful who you pay for any foreclosure-related services. Never pay anyone unless you know exactly what services you will be receiving. You should not be asked to pay hundreds of dollars, as most HUD approved housing counselors provide free services, and others provide low-cost counseling. You should be particularly cautious of anyone who collects fees before providing services, or who only accepts payment with wire transfers or cashier’s checks.
Third, be careful of “guarantees.” A reputable counselor should never guarantee they can stop the foreclosure process. While working with a counselor that is legitimate will definitely increase your chances of being able to keep your home, people who promise a sure thing are likely scammers. With any transactions, as well as with any promises, you should get everything in writing.
Fourth, you should always know what you are signing, and make sure you are the one who is signing important paperwork. A legitimate counselor should never pressure you into signing paperwork you haven’t carefully read through or that you don’t understand. You should never sign any blank forms or let someone else complete the forms for you. It is also a good idea to consult with a bankruptcy attorney before signing anything that will transfer the title of your home to someone else.
Lastly, if what is being promised to you sounds too good to be true, it probably is. If you think you are the target or victim of a foreclosure scam, get help. You should report any suspicious schemes to local and state consumer protection agencies, which you can find on the Consumer Action website. It may also be a wise decision to talk with a bankruptcy lawyer to learn about your legal rights and options.
To learn more about the foreclosure process in New Jersey, contact the New Jersey mortgage foreclosure attorneys at The Law Offices of Robert Manchel by calling 866-503-5655.

Recently, a New Jersey court ordered that a lender does not need to show physical possession of a note on underlying debt in order to foreclose on a mortgage that has been securitized, reports Reuters. This ruling departs from previous U.S. court rulings.
The ruling stems from a case that was decided on January 7, involving Bank of America Corp. and a New Jersey resident. The bank sought to foreclose on a home in Bogota, NJ., in connection with a Bank of America $292,000 note and mortgage, that was misplaced prior to the assignment to the bank. The New Jersey Superior Court Judge ruled that the bank was permitted to enforce the home owner’s note obligation and was entitled to summary judgment. Previously, the U.S. courts would not as easily permit banks to enforce their interests without showing they possessed the physical note.
The ruling stated that the conclusion was reached because of the combination of several factors, including the fact that over four years had passed since the note was lost and that it was lost immediately after execution in 2006. However, the ruling stated that the bank would be required to intervene and be held liable from any future law suit from a separate mortgage company against the homeowners regarding the loan. In this case, the New Jersey home owner did not argue that they executed a note and mortgage to Washington Mutual Bank, the assignor, and then defaulted on the loan in 2008. Instead, the owner challenged the claim of Bank of America that it had the right to foreclose.
If you are a New Jersey resident and have questions about mortgage foreclosure, contact Robert Manchel, who is a highly experienced and skilled New Jersey mortgage foreclosure attorney. He has advised many home owners facing foreclosure and is well-versed in New Jersey laws regarding foreclosure. He has also helped those struggling with bankruptcy in New Jersey. Call Mr. Manchel at 866-503-5655 today to learn how he can help.

Many of the biggest lenders in the United States are checking twice to make sure that their home-lending procedures have not broken a law that is designed to protect active service military personnel from foreclosure, The Wall Street Journal reports.
The review was prompted after J.P. Morgan Chase & Co. announced that an internal review discovered it had wrongfully foreclosed on 14 homes of active service military families. It was also found that they overcharged over 4,000 families on their mortgages. Now, the bank is refunding over $2 million to these families. The bank alleges some of the refunds were only for minor fees, and resolved quickly 13 of the 14 foreclosures. However, many people view the mistake as proof that the foreclosure system is troubled.
Under the Servicemembers Civil Relief Act (SCRA), loans for active duty service members cannot exceed a 6 percent annualized interest rate. The law also stops all foreclosure proceedings up until nine months after a service member comes back from active duty. Active duty is defined as full-time service, which includes training and tours. Anyone who knowingly breaks the law, faces fines and prison time. The 2003 SCRA law alleviates the burdens on active service military personnel who are serving the country during war, so that these individuals do not worry about the loss of a home while serving the country.
Major mortgage lenders in the U.S. report they haven’t yet uncovered problems like J.P. Morgan Chase. Also, many lenders have stated they are making sure they are in compliance with the law. Mortgage companies are also taking steps to ensure that military members are notified of possible future foreclosure issues, to prevent any future problems.
There are many complex laws surrounding foreclosure in the U.S. and in New Jersey. Home owners, at times, may feel like there is no place to turn during their time of crisis. If you are a New Jersey resident in the military that is facing foreclosure, contact The Law Offices of Robert Manchel. We can answer any questions you have and can advise you on your legal rights as a New Jersey home owner. Call 866-503-5655 today.