Notice of Intent to Foreclose - NJ

[lolodl]

Hello all,

Like many posts, I am completely overwhelmed and not sure where to turn. I received a notice of intent to foreclose on 6/22/12 from Chase.

I have tried MANY times to modify the loan, Chase has told me I am the perfect candidate but still nothing. Just keep filling out the same paperwork to no avail.

My loan is a 5yr ARM (currently 6.825%) signed in May of 2007, oddly enough the 5yrs is up this month and my new rate will be 3.75%, not sure if that still applies given the deliquency.

Short Summary is ive been with the same employer for 17 years, in sales and have taken a pay cut am now making 50% less now than I was when I got the loan and can not afford the loan payments. Over the last 2 years, I pay what I can, when I can.
Balance on the Loan is 347,000
Arrears Owed (according to chase) 80,000. I say according to chase since the arrears include property insurance, which I pay on my own. Chase has acknoweledged this but can't update the escrow analysis until the account is brought current. If only I can hit the lottery.

I want to stay in my home but the home remodification process doesnt seem to be going anywhere.

I consulted with 2 attorneys, 1 recommends filing chapter 13 and make the payments (I believe I could afford if modified or the rate DOES become 3.75%). The other attorney recommends filing chapter 7 and surrender the house.
I am terrified of each scenario and am curious if anyone has had a similar experience.
- If I file Chapter 7 and surrender, how long will it take before I have to move out?
- Id prefer to file Chapter 13 and pay my mortgage based on a home remodification but there doesnt seem to be anyone at Chase that will work with me, the paperwork and the process.

Any information is greatly appreciated.

[acesfull]

Hi Lolodl- Welcome to LS.

I will try to help you make some sense of your situation and give you some ideas to pursue.

How underwater is your home? If you feel that your payments would be affordable at a 3.75% interest rate, then you must continue to get a mod. Go to the Chase section here on loansafe, and see if any contact names are available for modifications, there are many great posters here on LS and I am sure you will get some good contact names and address and emails to help further you along on a modification in the Chase section.

One thing to keep in mind. Bank can proceed with the foreclosure action even while your mortgage is under review for a mod.
However no judge will render a summary judgment against a homeowner that is in the modification process. The court will order both parties to mediate on the matter. Also keep in mind that the foreclosure process in NJ takes about 20-24 months and could take longer if a homeowner attempts some delays. Let me also add that a bankruptcy should be your last resort.

1- Seek a modification, any type that will assist you in continuing to stay in the home. If need be after you obtain some contact info from this board, send that contact person a business proposal and show exactly what you can afford.

2- Use the local court system in your county before seeking a bankruptcy. What this means is fight the foreclosure in Superior Court and make CHase prove standing, and quit possibly have the court force mediation, this may save your home and get you a court ordered modification.

3- Last resort. Seek a BK attorney and decide what type BK will best serve your situation and your families situation best.
Chapter 7 or a Chaper 13

Please go on over to the Chase section and do some reading, they should have some good contact names for you to contact.

Please keep us posted and best of luck on getting your modification.

Best regards

Nj-20 Months
Acesfull/HWP

[lolodl]

Hi Nj-20 Months,

Thanks for the reply & information! My home is underwater, the tax appraiser recently appraised the house for 237k. Which i think is low.

The house is affordable @ 3.75% based on the 347,000 principal balance. With that said, if I need to pay back the 80k in arrears over 5 years that will be impossible. Ive read where some either get a principal reduction in the mortgage or negotiate on the total arrears payment in full.

I am, as I type filling out the home modification paperwork again...I saw on the Chase section, someone named Charlie that seems very helpful. But im not sure how to contact him.

Thank you again for your reply,

[Cat Damiano]

Hi lolodl,


Welcome to the forum and thank you for joining........


The person on the forum that is helping members is Michael from the Loan Mod Help Center. You can either call him, or email him to go over your scenario, he can be reached here;

Email: loansafe@loanmodhelpcenter.com
855.678.6690 toll free
619.202.0044 local pacific time zone


Or you can post the required figures into the following thread where he also is helping answer members questions;

Find out Now If you even QUALIFY for a Loan Workout Solution. Post Your Situation

[NJHomeowner]

Hello lolodl,

I am working with Michael @LMHC and am in NJ also. All i can say is that if you have any chance at getting a Mod.... Michael @ loanModHelpCenter.com will know how to get you there. He is a World of Modification Help!! He totally understands the Modification system and how the Banks want to see the numbers in play. An email to Michael may make all the difference in the world at this point. We tried twice on our own and were not even close to qualifying for a Mod. We have recently placed our situation in Michael's hands and for the first time in a long time we feel very hopeful of our chances.

Good Luck keep us posted!!!

[lolodl]

Hello lolodl,

I am working with Michael @LMHC and am in NJ also. All i can say is that if you have any chance at getting a Mod.... Michael @ loanModHelpCenter.com will know how to get you there. He is a World of Modification Help!! He totally understands the Modification system and how the Banks want to see the numbers in play. An email to Michael may make all the difference in the world at this point. We tried twice on our own and were not even close to qualifying for a Mod. We have recently placed our situation in Michael's hands and for the first time in a long time we feel very hopeful of our chances.

Good Luck keep us posted!!!

Hi, thanks for the reply. I just emailed Michael and hope to hear back from him soon. Best of luck to you as well!

[lolodl]

Hi Nj-20 Months,

Thanks for the reply & information! My home is underwater, the tax appraiser recently appraised the house for 237k. Which i think is low.

The house is affordable @ 3.75% based on the 347,000 principal balance. With that said, if I need to pay back the 80k in arrears over 5 years that will be impossible. Ive read where some either get a principal reduction in the mortgage or negotiate on the total arrears payment in full.

I am, as I type filling out the home modification paperwork again...I saw on the Chase section, someone named Charlie that seems very helpful. But im not sure how to contact him.

Thank you again for your reply

[lolodl]

Hi, another question regarding the notice of intent to foreclosue. I received the letter from Chase on June 22 2012 with either 30 or 35 days to respond, what/how do I need to respond?

[Preparingfordefault]

Jumping in with a quick question-

I received 2 NOI's in the past few months (identical docs different dates- first said 30 days to respond, the second said 40 days to respond) but I thought I would receive an NOD (separate and different doc) before being served and 'officially' being in foreclosure.

I have heard different stories from BofA, one rep says I am not in forclosure yet but entering, another says I am 'in foreclosure' but no sale date set. Either way I'm being reviewed for the DOJ Settlement and they shouldn't begin a foreclosure or move forward with one.

I'm in NJ and my understanding is my case would sit in line to go before the court for a LONG time before any date is set and last I heard NJ was over 900 days for foreclosures so whats all this talk about sale dates??? Am I right? I feel like I'm potentially missing an important piece of the puzzle?

If that's the case why would a NJ attorney be sending someone to my home before receiving the NOD OR are the NOI and NOD the same thing? I am so confused!

[NJHomeowner]

Jumping in with a quick question-

I received 2 NOI's in the past few months (identical docs different dates- first said 30 days to respond, the second said 40 days to respond) but I thought I would receive an NOD (separate and different doc) before being served and 'officially' being in foreclosure.

I have heard different stories from BofA, one rep says I am not in forclosure yet but entering, another says I am 'in foreclosure' but no sale date set. Either way I'm being reviewed for the DOJ Settlement and they shouldn't begin a foreclosure or move forward with one.

I'm in NJ and my understanding is my case would sit in line to go before the court for a LONG time before any date is set and last I heard NJ was over 900 days for foreclosures so whats all this talk about sale dates??? Am I right? I feel like I'm potentially missing an important piece of the puzzle?

If that's the case why would a NJ attorney be sending someone to my home before receiving the NOD OR are the NOI and NOD the same thing? I am so confused!

I am about where you are. I got a NOI in late May and am presently in the middle of a HAMP Mod application. I have never received an NOD maybe here in NJ you don't. Just found out that a Foreclosure Complaint was filed against us @ The Office of Foreclosure in Trenton at the beginning of August. What made me get a bad feeling is that all of a sudden I started receiving Attorney advertisements in the mail about foreclosure defense so I did a search and sure enough a Foreclosure Complaint was filed with the State. I have not been served yet but I am sure i will be soon. When I do I will answer it (as I will have 35 days to do so) and contest each and every issue in the complaint. That will slow things down and and send the case to discovery. I too am trying to figure out timeline as I have every intention of trying to save my Home!! And want to know how much time I have. Good Luck to you and your family!

You might want to do a search of the NJ court system and see if a complaint has been filed against you and your home. You would also most likely start receiving Attorney advertisements if one has been filed.

[njmoneypit]

Do you have a link to the 'New Jersey court system' where we could track what's going on? Seems every time I do a web search, I wind up overwhelmed, confused, at dead links, and hiding under a blanket...

[NJHomeowner]

Do you have a link to the 'New Jersey court system' where we could track what's going on? Seems every time I do a web search, I wind up overwhelmed, confused, at dead links, and hiding under a blanket...

ACMS Public Access

It is temporarily down for maintenance but should be back up soon!!

Also keep an eye on your county clerks search.

But foreclosure complaints and lawsuits will be found in the link above

[defaulted]

I am about where you are. I got a NOI in late May and am presently in the middle of a HAMP Mod application. I have never received an NOD maybe here in NJ you don't. Just found out that a Foreclosure Complaint was filed against us @ The Office of Foreclosure in Trenton at the beginning of August. What made me get a bad feeling is that all of a sudden I started receiving Attorney advertisements in the mail about foreclosure defense so I did a search and sure enough a Foreclosure Complaint was filed with the State. I have not been served yet but I am sure i will be soon. When I do I will answer it (as I will have 35 days to do so) and contest each and every issue in the complaint. That will slow things down and and send the case to discovery. I too am trying to figure out timeline as I have every intention of trying to save my Home!! And want to know how much time I have. Good Luck to you and your family!

You might want to do a search of the NJ court system and see if a complaint has been filed against you and your home. You would also most likely start receiving Attorney advertisements if one has been filed.

Hello NJHomeowner, who is your lender? How far behind are you on your mortgage payment. My NOI expired yesterday, so I'm trying to figure out when I should expect to receive the complain or if the bank (bofa) is serious about these treats they've been sending us. It'd be great if you could share me these info. I'm trying to create a reasonable timeline as well. thanks,

[NJHomeowner]

My lender is ASC/Wells Fargo.....and am 20 months behind if you include this month. It's hard to say when you can expect your complaint. I would think that all situations are different. I mean look how far behind I am....you would think it would not have taken this long. But I have been actively trying to get modified during most of that time. Again if you start receiving attorney advertisements in the mail chances are your FC has been filed in the Office of Foreclosure. You can also once a week do a search on the link above and see if it has been filed.

[defaulted]

My lender is ASC/Wells Fargo.....and am 20 months behind if you include this month. It's hard to say when you can expect your complaint. I would think that all situations are different. I mean look how far behind I am....you would think it would not have taken this long. But I have been actively trying to get modified during most of that time. Again if you start receiving attorney advertisements in the mail chances are your FC has been filed in the Office of Foreclosure. You can also once a week do a search on the link above and see if it has been filed.

NJHomeowner, thanks and good luck to you. If you have a specific thread that you created to share what's going on with your case, please provide me the link. This way I can follow you. thanks,

[NJHomeowner]

Here is my story thread: ASC mortgage seriously behind!! Now need all the advise I can get!! When I posted it I was quite wet behind the ears and rambled about a lot of non important information on the very first post!!

Do you have one?..... and I am assuming you are also in Jersey. Good luck to you!!

[njmoneypit]

ACMS Public Access

It is temporarily down for maintenance but should be back up soon!!

Also keep an eye on your county clerks search.

But foreclosure complaints and lawsuits will be found in the link above

Thanks for the link. Couldn't find me yet, but I did find tons of citations for a guy who was passing himself off as my deceased grandfather about 15 years ago. Total scam artist - he drove around McMansion sites and passed himself off as a landscaper. He had the same last name. They'd call my house looking for their trees. They got a lecture from me about trusting idiots in pickup trucks and a request to call their police department. I finally got the local police involved when the calls got threatening and he went away. Hopefully to jail. I miss those days when it wasn't me in trouble.

I've got a thread out there too. This site has really helped me feel like I'm not alone in this situation.

[Preparingfordefault]

NJ Homeowner- Thanks for the link- I have started the search many times but ended up having no clue where to find the info. for NJ foreclosures. So far no attorney advertisements showing up yet but there's always tomorrow. As mentioned in another thread I did have a guy from a NJ attorneys office show up at my door validating occupancy, asking questions about how many people live here, wanting to know if I'm working etc. and telling me that they ask for preparing the foreclosure paperwork so it's coming, just don't know how fast or slow they will move.

In regard to NOI vs NOD, from the little bit of research that I've done, it appears that all that is required is an NOI. My 40 days listed on the NOI expired a month ago.

I will do everything I can to keep the property if it makes sense at FMV. My DOJ app is under review - I'm hopeful but nervous at the same time. I would hate to spend money on an attorney which I'll be forced to do if I get served. I keep having to remind myself that foreclosures in NJ take 2-3 years which is a whole lot of time to find alternative solutions to stay in the house and for new programs to come out or worst case to save money in case I need to move. The stress and fear factor takes over at times and I need to slap myself into reality that I still have time no matter what.

[sheshy]

Hi NJ peeps I'm a year in now of not paying mortgage and taxes. JPMC is paying my taxes now. I have done 2 MODS and they tell me I meet the ratio and can afford. But my husband is still unemployed. We are basically buying time and hoping for him to back to work so we then can negotiate but just taking longer then we thought. Have been paying down credit cards for the last year and that's been a struggle and taking longer then I anticipated but I am making progress. I received papers from an Attorney obtained by the bank JPMC and was wondering timeline. I will have to do another MOD to buy more time. Also with my taxes shooting up $1000 in one shot last year and really made my mind up with this process the town actually came on Friday to an assessment of the property yea to that..maybe will see. But I'm basically worried of time line with the attorney papers of foreclosure. Really want to stay and hoping my husband gets back to work and he only has 3 weeks unemployment left and then nothing but my salary. Fingers crossed. Any help would be appreciated thanks!

[acesfull]

Hi Sheshy

You mentioned getting a letter from an attorney. Was it a generic type letter? Or a letter from a collection agency attorney?

Have you been served with a foreclosure summons and complaint yet?

Please don't panic and get to stressed out, the foreclosure process in NJ is still taking well over 900 days.
Hang tight and I would suggest do not give any financial information to any attorney.
If you qualify for aanother mortgage mod, then work with the loss mitigation dept of JPMC only.
Please keep us posted.
Best regards

Nj-22 months
Acesfull/HWP

[sheshy]

Hello acesful, the attorney letter states Your mortgage loan has been referred to our firm for forclosure. You may have foreclosure prevention alternatives and you must act immediately with JPMC contact info. asking if I'm interested in keeping my home with attachment of assistance forms. Second letter from the same says please be advised that our firm has been retained for purpose of pursuing legal action. This firm collects debts and notify them within 30 days from date received letter with a written letter disputing. First time we received these. I have been receiving the Fed Ex computer generated the past year and one of the last one's said we will give you $3000 if you sell short sale. I did receive registered letter about 2 months ago saying that we would be going into foreclosure to make contact with the bank. Then another MOD package came that was due the end of August. I usually view my accounts on line and did take notice that I can not view the mortgage amount section anymore it says call 800 #. My equity they did the same with but about only 4 months after I stopped paying I could not view anymore. I guess I better send in another MOD. I do not think I received a summons as of yet but not sure. I have been getting so much stuff that you just start throwing them in a pile sadly. I will keep you posted! Thanks so much for your reply. Sheshy

[dreamsinger]

I too am in NJ and anxious to know what the timeline is like for foreclosures. A few people have told me "oh it takes a long time" but to alleviate my anxiety I need to find actual facts as opposed to what someone said they heard. Where can you actually find out how long it takes?

Acesfull... where do you get your info about 900 days?

[Cat Damiano]

I too am in NJ and anxious to know what the timeline is like for foreclosures. A few people have told me "oh it takes a long time" but to alleviate my anxiety I need to find actual facts as opposed to what someone said they heard. Where can you actually find out how long it takes?

Acesfull... where do you get your info about 900 days?

The information in regards to N.J. foreclosure timeline as well as the other states, is tracked by a data company called RealtyTrac, here is an article with the most recent timeline information;

Meanwhile, the time it takes to foreclose on a property in New Jersey declined by 3 percent, according to the RealtyTrac study. It takes about 2½ years to complete a foreclosure in New Jersey, the second longest foreclosure process in the country.

Foreclosures drop in New Jersey | NJ.com


It will also depend on the lender and the back log of the court systems, which you can contact to check the latest information as well here;

For General Questions and Status Requests, call (609) 421-6100 or e-mail: SCCOForeclosure.Mailbox@judiciary.state.nj.us

Foreclosure Overview

[lolodl]

Hi Everyone,

So an update - After receiving the Notice of Intent to Foreclose in July, I re-applied for a modification. I was sent a letter 2 weeks ago that I was denied HAMP because the payments were already at an affordable level. I have called/emailed just about everyone and am told its under review with the default accuracy group.

I got a letter from Chase on Friday stating that I've been approved for a Freddie Mac modification, and similar to HAMP I need to make 3 trial payments in order to recieve final loan modification.

My question is the amount of my trial payments are still too high. From my previous dealings a year ago, Ive learned past due taxes, etc are sometimes included in the trial payments, and if this is the case ok. However, if I borrow the money to make the trial payments and the monthly payment stays as high as the trial payment. Ill be back in the same situation I am in now, not being able to afford the payment.

Any advice? Is there anyway to get the details of 1) What's included in the Trial payment and 2) If all Trial payments are made on time, what the Final loan modification terms will show?

Thank you.

[Amstel]

I'm on 44 months and counting.

[wanda robo]

Hi Sheshy,

Im in NJ also with JPMC. If your county records are online, do some research. My Chase law firm with initials H & R, fabricated a Mortgage Assignment & sent it to JPMC to assign mortgage to themselves. Chase's paperwork is messed up in Jersey, chances are you could have a defense to the foreclosure if you have an assignment that was fabricated by the FC law firm & executed by Chase. Despite what you may hear, they are still executing "Shoddy Paperwork" in order to foreclose.
Good Luck!