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
Ira J. Metrick Attorney at Law LLC Blogs
Latest from Ira J. Metrick Attorney at Law LLC
What Happens if You Default on a Second Mortgage?
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
Will a Loan Modification Stop Foreclosure in New Jersey?
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
Can a Mortgage Company Refuse My Payment?
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
How Do Mortgage Surplus Funds Work in NJ?
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
What is the NJ Fair Foreclosure Act?
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
Zombie Foreclosures Are On The Rise
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
How to Claim Surplus Funds in NJ
New Jersey Surplus Funds
In New Jersey, Surplus Funds are the excess money left after a Sheriff’s Sale. If no other creditors come forward to claim the funds, they belong to the property owner(s).
In New Jersey, there is a
Important Update for New Jersey Homeowners: New Sheriff Sale Notice Requirements
Important Update for New Jersey Homeowners: New Sheriff Sale Notice Requirements
As of January 12, 2024, New Jersey has changed the requirements for notice of the Sheriff Sale. The envelope must state that it contains notice of the Sheriff Sale.
Am I Entitled to Tax Sale Foreclosure Surplus Funds?
What are Tax Sale Foreclosure Surplus Funds?
If your lender has obtained a Final Judgment in a Mortgage Foreclosure or a Tax Sale Foreclosure, they may attempt to sell your home at a Sheriff Sale. The money paid by the