Mortgage
A Look at Mortgage Options in Today’s Market
October 23, 2008 Posted by New Jersey Real Estate
Edison, NJ - October 24, 2008 - (RealEstateRama) — Navigating through the often complex process of obtaining a home mortgage can seem to be one of the most daunting parts of buying a home, especially in these challenging economic times. However, New Jersey residents are now proactively evaluating the effect of economic changes, weighing their […]
Attorney General Sues Foreclosure Rescue Operations for Fraud and Racketeering
October 20, 2008 Posted by New Jersey Real Estate
TRENTON, NJ - October 20, 2008 - (RealEstateRama) — Attorney General Anne Milgram today announced the filing of lawsuits charging a total of 37 mortgage loan providers, mortgage industry employees, lawyers and other defendants with consumer fraud and civil racketeering for using predatory “foreclosure rescue” schemes to persuade desperate homeowners to sign over their homes.
The […]
Monmouth County Man Pleads Guilty to First-Degree Money Laundering in $2.9 Million Mortgage and Investment Scams
October 17, 2008 Posted by New Jersey Real Estate
TRENTON, NJ - October 17, 2008 - (RealEstateRama) — Attorney General Anne Milgram announced that a Monmouth County man pleaded guilty today to first-degree money laundering in connection with a series of mortgage and investment scams through which he and his girlfriend stole approximately $2.9 million from victims.
NJAR® Statement on Legislative Reaction to Economic Crisis
October 11, 2008 Posted by New Jersey Real Estate
Edison, NJ - October 11, 2008 - (RealEstateRama) — New Jersey Association of REALTORS® (NJAR®) Executive Vice President Jarrod Grasso issued the following statement in reaction to ongoing efforts by the New Jersey Legislature to address the state’s adverse economic climate:
Woman Pleads Guilty to Money Laundering for Assisting Boyfriend in $3 Million Mortgage and Investment Scams
June 27, 2008 Posted by New Jersey Real Estate
TRENTON - Attorney General Anne Milgram and Acting Criminal Justice Director Deborah Gramiccioni announced that a Monmouth County woman pleaded guilty to money laundering today in connection with a series of mortgage and investment scams allegedly orchestrated by her boyfriend through which they stole more than $3 million from victims.
Attorney General Announces Mortgage Fraud Lawsuits
June 18, 2008 Posted by New Jersey Real Estate
TRENTON — Attorney General Anne Milgram filed mortgage fraud lawsuits against 36 defendants charging consumer fraud and civil racketeering by various mortgage brokers, real estate entities and others throughout New Jersey.
The unrelated complaints accuse defendants of inducing consumers to buy property on the basis of false promises and misrepresentations, and of taking out mortgage loans […]
President visits debt-counseling agency in Freehold to tout mortgage hotline today
March 28, 2008 Posted by New Jersey Real Estate
NEWARK, NJ – Today, President Bush will be at a debt-counseling in Freehold, New Jersey agency to tout the mortgage hotline established recently in the midst of the foreclosure crisis. U.S. Senator Robert Menendez (D-NJ), a member of the Senate Banking Committee who sounded alarm bells on the housing crisis more than a year ago […]
HMFA Closes on Record 2,000 Mortgages
December 31, 2007 Posted by New Jersey Real Estate
Total is Highest Amount in Agency’s History
TRENTON, N.J. - December 31, 2007 - The New Jersey Housing and Mortgage Finance Agency (HMFA), a Department of Community Affairs (DCA)’ affiliate, has closed on a record 2,000 mortgages in 2007. The 2000th loan went to a Millville, New Jersey resident who received an HMFA First Time Home Buyer […]
Interest Rate Assessed for January 1 through December 31, 2008
December 6, 2007 Posted by New Jersey Real Estate
TRENTON, NJ - December 5, 2007 - The assessed interest rate for the period January 1 - December 31, 2008, is 10.50%.
The rate is calculated as follows: Prime Rate (7.50%) + 3% = 10.50%, compounded annually.
I’m having a problem with the current mortgage company that is servicing my loan
November 18, 2007 Posted by New Jersey Real Estate
What can I do?
First, it should be noted that there is currently no regulation of the mortgage loan servicing industry in the State of New Jersey. These matters normally have to be worked out between the consumer and the servicing company. If this cannot be accomplished, either party has civil recourse as the matter would […]
New Jersey league joins mortgage-crisis alliance
November 10, 2007 Posted by New Jersey Real Estate
TRENTON, N.J., Nov. 5 –The New Jersey Credit Union League has joined a public-private alliance designed to both educate and assist the state’s homeowners.
Borrowers Predicting Mortgage Rates Based on the Fed’s Rate Adjustments May be in for Unpleasant Surprises
November 8, 2007 Posted by New Jersey Real Estate
Misconceptions about mortgage rates’ driving forces can cost borrowers huge sums
HOLMDEL, N.J., Nov. 8 /PRNewswire/ — Each time the Federal Reserve (the Fed) cuts interest rates, borrowers converge upon their mortgage representatives expecting lower interest rates. Unfortunately, they find that mortgage rates often rise after the Fed cuts rates, and those who have held off […]
Reverse Mortgage for NJ Seniors
November 6, 2007 Posted by New Jersey Real Estate
The HMFA offers HECM reverse mortgage loans. A HECM loan is an FHA-insured reverse mortgage allowing seniors (62 and over) to access the equity in their home without a monthly repayment schedule for as long as they live in the home. The program assists older homeowners to access money by using the equity in their […]
House Committee’s Tax Legislation Includes Holt’s Property Tax Relief Provision
November 1, 2007 Posted by New Jersey Real Estate
Provision Would Benefit Property Owners in New Jersey Who Do Not Itemize on Federal Returns
Washington, D.C., November 1, 2007 – Today, Rep. Rush Holt (NJ-12) announced that the “Temporary Tax Relief Act of 2007”, a tax relief bill passed in the House Committee on Ways and Means this morning, includes a provision based on his legislation […]
State Agencies, Financial Institutions Announce Partnership, Refinance Program to Address Mortgage Crisis
October 31, 2007 Posted by New Jersey Real Estate
Foreclosure prevention is goal for New Jersey HOPE alliance
TRENTON, NJ - October 31, 2007 - The Commissioners of the New Jersey Departments of Banking and Insurance (DOBI) and the Department of Community Affairs (DCA) today stood with Senator Ron Rice and representatives of financial services institutions and their trade associations to announce a public-private alliance designed to […]