SURPLUS FUNDS FOR FAMILY MEMBERS AND HEIRS A common issue in surplus funds cases arises when the property owner dies, and their heirs wish to claim the funds. If there is more than $20,000 available in Surplus Funds, the court normally requires heirs to go through probate and appoint an Executor or Administrator of the […] The post How Do Heirs Claim Surplus Funds in NJ? appeared first on Ira J. Metrick, Esq ..read more

Zombie Mortgage Loan foreclosures are on the rise in New Jersey. If you’ve recently discovered a long-forgotten second mortgage or Home Equity Line of Credit coming back to haunt you, it’s important to understand your rights. At the Law Office of Ira J. Metrick, Esq., we offer aggressive representation to save your home from foreclosure […] The post How to Escape From Zombie Mortgages appeared first on Ira J. Metrick, Esq ..read more

Starting December 2024, Fannie Mae and Freddie Mac will roll out significant updates to their Flex Modification programs, aimed at making mortgage modifications more accessible for borrowers facing financial hardships. According to the FHFA, these changes will allow people to stay in their homes by reducing mortgage payments through lower interest rates (if eligible), extending […] The post New Updates to Flex Modification Programs appeared first on Ira J. Metrick, Esq ..read more

When a property is foreclosed in New Jersey and sold at auction, any funds left after paying off the mortgage and other liens may be owed to the former homeowner. These are known as “surplus funds,” and they represent an opportunity for previous owners to recover some of their property’s value. However, claiming these funds […] The post How To Find Out If You’re Owed Surplus Funds in New Jersey appeared first on Ira J. Metrick, Esq ..read more

What Happens If You Default on a Second Mortgage, or Defaulted Years Ago Without Knowing? Even if you’re current on your first mortgage, falling behind on a second mortgage can still result in foreclosure. In many cases, people had a Second Mortgage that disappeared between 2008-2012, and they are now being foreclosed and the lenders […] The post What Happens if You Default on a Second Mortgage? appeared first on Ira J. Metrick, Esq ..read more

At the Law Firm of Ira J. Metrick, we offer aggressive loan modification representation. If you receive a foreclosure notice and want to keep your home but can’t catch up on payments, consider hiring an attorney experienced with foreclosure defense and loan modifications right away; they can pursue a loan modification with your lender, potentially […] The post Will a Loan Modification Stop Foreclosure in New Jersey? appeared first on Ira J. Metrick, Esq ..read more

If your mortgage company refuses payment, it’s important to seek legal advice to understand your options and protect your home. At the Law Office of Ira J. Metrick, Esq., we can help you take legal action or explore loan modifications to avoid foreclosure. Can a Mortgage Company Refuse My Payment? Yes, a mortgage company can […] The post Can a Mortgage Company Refuse My Payment? appeared first on Ira J. Metrick, Esq ..read more

In New Jersey, if a foreclosed property sells at a sheriff’s sale for more than the debt owed on it, the extra money is called mortgage foreclosure surplus funds or “Surplus Equity.” Here is how Mortgage Surplus Funds work in NJ. How Are Surplus Funds Calculated? Surplus funds, or foreclosure overages, are created if the property sells at Sheriff Sale for more than the amount due to the Lender. Who Gets Foreclosure Surplus Funds? Any person or entity named in the foreclosure complaint and holding a judgment, lien, or other interest in the property (such as an heir) can apply for the funds. Onc ..read more

On January 12th, 2024, New Jersey’s Fair Foreclosure Act was amended to include a new foreclosure protection for homeowners. Specifically, the introduction of the Community Wealth Preservation Program gives families facing foreclosure the first chance to buy back their homes at sheriff’s sales. What is the NJ Fair Foreclosure Act? The New Jersey Fair Foreclosure Act (FFA) is a set of laws designed to ensure fairness and due process for homeowners facing foreclosure. Key provisions of the FFA include: Notice Requirements: Lenders must send a notice of intent to foreclose 30 days before the for ..read more

Homeowners have been falling victim to “zombie second mortgages,” which are loans that disappeared several years ago only to discover they’re back from the dead seeking all the interest and fees that accrued while the loan had been dormant. As discussed in a recent article by NPR, cases of zombie foreclosures are rising across the county due to the increase in home values. The debt collectors demand huge fees and costs and will take people’s homes if they are not paid. The NPR investigation revealed the widespread nature of this practice. We have already successfully fought against zombie mort ..read more