Mortgage Forbearance 101
A mortgage forbearance is when your mortgage servicer or your lender allows you to stop or reduce your mortgage payments for a limited period of time. Your mortgage servicer is the company to which you send your mortgage payments.
A mortgage forbearance provides temporary relief by letting you make reduced monthly payments or no payments. The forbearance lasts for about 3 months to one year depending upon the type of mortgage you have.
According to a recent Goldman Sacks survey, by the first week of August approximately 84% of businesses will have exhausted the loans that they have received from the government through the Paycheck Protection Program (“PPP”).
Early on in the COVID-19 pandemic the New Jersey courts placed a hold on the entry of final judgments of foreclosure. That meant that although foreclosures were allowed to be filed, the cases could proceed only up to the filing of a motion for a final foreclosure judgment. Those motions however were not being heard and the judgments were not being entered. Effective June 25, 2020, the hold on the entry of foreclosure judgments has been lifted.
Bruce Levitt of Levitt and Slafkes is proud to announce a victory in New Jersey
State Court in the case of BV001 REO Blocker, LLC v. HB (USA) Properties, LLC,
Docket No. F-002097-19 (Sup. Ct. N.J. April 17, 2020), where he successfully vacated a tax lien foreclosure judgment allowing a family to get back a home that was taken from them due to their failure to pay ongoing real estate taxes.
Many thousands of New Jersey household are already facing financial difficulties because of COVID-19. As a result, many renters will not be able to pay this month’s rent. There are also many renters that are already behind on their rent and may be facing a court date in landlord tenant court; or actual eviction from their apartment. This blog will provide some information on current government actions as well as some suggestions. It is important to note that none of these actions stop rent from being due.
Government Actions on Pending Actions and Evictions
Many thousands of New Jersey household are already facing financial difficulties because of COVID-19. As a result, many renters will not be able to pay this month’s rent. There are also many renters that are already behind on their rent and may be facing a court date in landlord tenant court; or actual eviction from their apartment. This blog will provide some information on current government actions as well as some suggestions. It is important to note that none of these actions stop rent from being due.
Government Actions on Pending Actions and Evictions
Since Governor Murphy put a stay in place Order in New Jersey, every county Sheriff in New Jersey has either cancelled or suspended scheduled foreclosure sales.
Since Governor Murphy put a stay in place Order in New Jersey, every county Sheriff in New Jersey has either cancelled or suspended scheduled foreclosure sales.