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Foreclosure Attorney New Jersey

Question: Is New Jersey a allow deficiency judgement lawsuits?

I was told by an attorney that New jersey is a walk away state in regards to foreclosures but I read online otherwise. So I need to know if a deficiency lawsuit can be brought if proceeds of foreclosure sales is less than amount owed on loan.

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Answer: New Jersey does allow deficiency judgments. A recent study of state foreclosure laws by the Federal Reserve Bank of Richmond classifies states as "Recourse" (meaning deficiency judgments are readily available) or "Non-Recourse" (meaning deficiency judgments are unavailable or difficult to obtain. The study classifies New Jersey as a "Recourse" state and describes New Jersey law on this subject: "New Jersey: Lenders foreclose through a judicial process. State law permits deficiency judgments but the borrower must be given credit for the fair market value of the property and must be brought within three months of the foreclosure sale. The pursuit of a deficiency judgment extends the redemption period from 10 days to 6 months. We classify New Jersey as a RECOURSE state. The relevant statutes are in the New Jersey Permanent Statutes Title 2A, section 50." You can download this study for free at http:///www.richmondfed.org/publications/economic_research/working_papers/index.cfm.

NJ Foreclosure Attorney

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Foreclosure Attorney Nj

Net branch is a term that did not really become popular until 2002-2003 during the refi boom. The legal definition of a net branch differs from state to state and is Illegal in some states. The term was once only used to refer to a mortagage branch that is operating off a larger companies license. It has recently be used to describe a branch location for a loan modification company. The branching of loan modification company under the corporate name is Illegal in most states.

Unless the branch locations are licensed debt adjusters or attorneys at law chances are the are operating outside of the law. If you wish to get a piece of the loan modification business you must establish a marketing company. You can legally collect a marketing fee for a referal based service. That service could be a marketing arrangment with Loan modification company. Im based in New Jersey, and in the past month I witnessed people Im ashamed to call competitors  scrambling for jobs because the attorney general is serious about company abuses of distressed homeowners. Recently, companies like Hope Now and New Hope Now are falling under indictment. The scope of their damage is unconscionable. The two companies aforemention were both based in Cherry Hill NJ. These companies were knowingly setting up "branch locations" and doing nothing to try and help modify a distressed home owner facing foreclosure. I do not condone the abuses we have seen in the loan modification business. The abuses stretch far beyond the companies complaints we know about.

If you are looking for a legal ethical means of helping homeowners stay tuned.

About the Author:

Shawn Peck is Vice President of Credit Solutions Inc. A loan modification company based in Cherry Hill NJ. We are opening branches in New Jersey and Pennsylvania. If you would like to be a branch manager for Credit Solutions email: [email protected]
Please visit www.learnloanmodsnow.com

Source - Net Branching Loan Modification Company

Foreclosure: New Jersey Bankruptcy Attorney

Foreclosure Help New Jersey

Question: The Real Housewives of New Jersey - Teresa's new house is in foreclosure?

Is it true?

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Answer: She just got the house, how is it in foreclosure already?

I have not heard anything about this.

Davis Foreclosure Assistance - NJ News Interview