bscn8008-14dr3cczkt0449kwThe Ripple Effect of Bad Credit: How it Impacts More Than Just Your Finances2024-03-15T16:38:40Z2024-03-15T16:38:40Z<div style="transition: none 0s ease 0s; display: block;" data-rss-type="text">
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Having bad credit can impact many aspects of your life beyond just your financial situation. Your credit score significantly impacts your financial life, from securing a job to buying a home. Read on to explore how bad credit can make it harder to get a job or buy a home and what steps you can take to improve your credit. You will learn whether hiring an attorney for credit repair is necessary and how to keep your credit strong in the future. The sooner you protect your financial future with credit repair, the better you'll be able to protect your assets.
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What is Bad Credit?
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Bad credit can happen when debts exceed income or take up a high percentage of your total credit, also called high credit utilization. You can have bad credit from unpaid or ample medical bills, credit cards that are over their limit or maxed out, or high-interest loans. Even if you pay your debts off, you may need to spend some time rebuilding your score to overcome bad credit. It's wise to consider credit repair when your score is very low, and you want to expand your financial options.
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What's the Impact of Bad Credit?
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Bad credit can have far-reaching consequences, impacting more than just your ability to secure loans or credit cards. Bad credit can cause higher interest rates, higher insurance premiums, and difficulty securing certain services. Bad credit can even create problems for job seekers. Many employers perform credit checks on potential candidates as part of their screening process.
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A poor credit score can potentially raise red flags for employers, who could view bad credit as a reflection of your reliability, responsibility, and trustworthiness. This could hinder your chances of landing a job, especially in roles that involve handling money or sensitive information. Good personal finance skills are imperative if you want to work in banking, finance, or any field where handling and working with money is essential. If your personal finances are a mess, focus on improving your credit score. Once you understand why your credit is poor, you can take measures to improve this score over time.
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What About Buying a Home with Bad Credit?
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Another milestone that can be affected by bad credit is your ability to purchase property or finance a home loan. Lenders utilize your credit score to assess your creditworthiness and financial stability when applying for a mortgage. A bad credit score can eventually lead to higher interest rates, larger down payments, or even being denied a mortgage altogether.
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A low credit score often indicates debt that exceeds your income, suggesting that you may be unable to reliably afford your monthly payments. A high debt-to-income ratio may make it challenging to achieve the dream of homeownership or, at the very least, impact “how much” home you can buy or the type of loan you can get. By improving your credit, you can increase your chances of being approved for a mortgage. Making on-time payments, reducing debt, and disputing errors or inaccuracies on your credit report are all steps you can take today to improve bad credit.
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Should You Explore Credit Repair?
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If you are struggling with low, fair, or downright bad credit, you may wonder whether hiring an attorney for credit repair is necessary. While there are reputable credit repair companies that can assist you in improving your credit, it is crucial to be cautious of scams. Signs that you may need legal assistance for credit repair include inaccurate information on your credit report, identity theft, or being harassed by debt collectors. If banks or creditors threaten you with repossession of a vehicle or home, an attorney can help you better understand credit repair laws and advocate on your behalf to ensure fair treatment.
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Can You Protect Your Credit for the Future?
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To keep your credit strong in the future, you must practice good financial habits now. This includes on-time and in-full payments, maintaining low credit card balances, and resisting the urge to open new accounts unnecessarily. Regular monitoring of your credit report for errors and fraudulent activity can also help protect your credit score. By being proactive and responsible with your financial decisions, you can maintain a healthy credit profile and avoid the pitfalls of bad credit.
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A low credit score can significantly impact various aspects of your life, including your ability to get a job or buy a home. By understanding how bad credit can affect you and taking meaningful steps to improve your credit, you can overcome money challenges and work towards a brighter financial future. Whether you choose to hire an attorney for credit repair or take matters into your own hands, it is crucial to be proactive in managing your credit. By practicing good financial habits and staying vigilant about your credit score, you can keep your credit strong and secure a promising future. Call Veitengruber Law to discuss your legal or financial issues today.
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</div>Having bad credit isn't just bad for your finances, it affects you in other ways as well. Hiring legal assistance for credit repair is key.Can I File for NJ Bankruptcy if I'm not a US Citizen?2024-03-01T14:53:34Z2024-03-01T14:53:34Z<div style="transition: none 0s ease 0s; display: block;" data-rss-type="text">
Non-citizens or those in the process of becoming citizens can absolutely file for bankruptcy in the United States. The US bankruptcy code requires those who file to have residence, business property, or own some US property. Established status as a US citizen or a permanent resident is not a prerequisite for a successful NJ bankruptcy filing. There is generally a lot of confusion over immigrant rights, and when you combine that with the complexities surrounding bankruptcy law, many folks are intimidated by the process. But Veitengruber Law can help! Here, we will lay out what your rights are as a non-citizen when it comes to seeking debt relief in New Jersey and across the US.
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Can non-citizens file for bankruptcy in the US?
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While you do not have to be a citizen or a permanent resident to file for bankruptcy in the US, you will need to present a social security number or an individual taxpayer identification number in order to file. These items are meant to confirm your identity. As long as you have one of those identifiers, you will be able to file for bankruptcy in the US regardless of citizenship status.
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If you do not have a Social Security Number (SSN) or an individual taxpayer identification number (ITIN), you will need to acquire one or the other. The IRS can issue ITINs for people who are not eligible for a Social Security Number. An ITIN can be issued regardless of immigration status.
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Can filing for bankruptcy prevent citizenship approval?
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There are no legal precedents in either immigration law or bankruptcy law that would automatically disqualify an individual from citizenship because of a bankruptcy filing. However, that doesn't mean that aspects of your financial and personal life that are brought to the attention of the court during bankruptcy won’t influence your citizenship application. During the bankruptcy process, the court will take into account the "good moral character" of the filer. This test is meant to determine if the filer accrued their debts with the prior intention to file for bankruptcy, which, if proven, can disqualify you from bankruptcy.
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Of course, what constitutes "good moral character" is subject to the interpretation of the specific court in which you are filing. If you racked up thousands of dollars in debt for a destination wedding you couldn't afford only to file for bankruptcy immediately—this may be a red flag to the court. Similarly, using bankruptcy law to avoid paying alimony or child support despite having the income to cover these expenses could result in the court dismissing your bankruptcy case.
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Since your application for citizenship will also consider your moral character, the information uncovered in bankruptcy court information could be used to reject your citizenship application. However, those filing for bankruptcy
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It may be beneficial to discuss your intention to file bankruptcy with an experienced immigration attorney in your local area. Bankruptcy is a matter of public record, meaning anyone can access it. An immigration attorney will be able to help you determine if filing for bankruptcy is a smart move in your specific situation.
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How could bankruptcy affect my citizenship case?
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The only time bankruptcy would impact your citizenship case is if, through the bankruptcy process, it is found that a crime was committed. For instance, if you provide false financial statements, are found to lie under oath, or omit key information or assets from your application, your bankruptcy petition may be denied. This could lead to criminal prosecution. You could even be removed from the US and barred re-entry. This is why it is essential to be completely honest on all bankruptcy documentation.
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Will my bankruptcy case increase my risk of deportation?
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Bankruptcy judges, court workers, and attorneys are unconcerned with your immigration status. None of these individuals are required to report to immigration services if they suspect you are undocumented. Again, the only way a bankruptcy filing may impact your status is if you are not truthful with the bankruptcy court. This includes any attempt to defraud the court, perjury concerning your status, or the use of illegally acquired identifying information.
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Otherwise, filing for bankruptcy is no more likely to lead to your deportation than a speeding ticket.
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How will bankruptcy affect my employment?
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As with all bankruptcies, yours will be reported to credit reporting agencies and will have an effect on your credit score. Regardless of your citizenship status, your credit score will take a hit. Depending on your credit score before filing, your score can decrease a lot or a little, but it will decrease. Bankruptcy w
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As long as your bankruptcy remains on your credit report, it may limit your future financing opportunities as well as prohibit some employment offers. However, continuing to hold on to unmanageable debt could have a similar negative effect on your credit score and credit report. Even if filing for bankruptcy initially prohibits you from some financial or employment opportunities, it will open the door to a fresh path moving forward.
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Should I file for bankruptcy if I am sponsoring someone trying to get a visa or citizenship?
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If you are sponsoring a spouse or significant other's visa, filing could impact their application, although not always. The federal employee who reviews immigration cases will consider your financial situation when they are examining your significant other's case. If they believe that you have a precarious financial situation, this can impact how they view the application. However, a previous or current bankruptcy case is not an automatic reason for a visa to be rejected. Discussing your options with a bankruptcy attorney and an immigration attorney will help you determine if filing for bankruptcy is right for you.
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Can I file for bankruptcy if I do not read or speak English?
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Yes! You are not obligated to read or speak English with any fluency to file for bankruptcy in the US. An experienced bankruptcy lawyer and their legal team will work with you to complete paperwork, provide documentation, and ensure you understand the process.
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Bankruptcy is a legally viable debt relief option for non-US citizens. As long as you can provide proper documentation, your citizenship status will not impact your bankruptcy case. Similarly, your bankruptcy case will not prevent you from keeping or obtaining citizenship, a visa, or a green card. If you are considering bankruptcy as a non-citizen, please reach out to
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</div>Can I File for Bankruptcy If I Am Unemployed?2024-02-27T02:06:23Z2024-02-27T02:06:23Z<div style="transition: none 0s ease 0s; display: block;" data-rss-type="text">
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In today's gig economy, self-employment, freelancing, and contract work are increasingly common ways of generating income. If you are self-employed and experiencing unmanageable debt, you may be unsure of your debt relief options. Whether you are self-employed as a gig worker, sole proprietor, or independent contractor, you will qualify for personal bankruptcy with either Chapter 7 or Chapter 13—even if your debts are associated with your business. If you operate under a separate business entity like a corporation or an LLC, you will also have the choice to place your business into bankruptcy. Here, we will go over your options for bankruptcy while being self-employed.
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What is considered "Business Income"?
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Even if you do not consider yourself a business owner, some of your income may still qualify as business income under bankruptcy law. There are three categories of income:
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This money is earned by working as someone's employee and includes wages, tips, bonuses, and commissions. If you receive a regular paycheck, taxes are withheld on your payment, and you receive a yearly W-2 for your taxes, you are likely classified as an employee with employment income.
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This is any money that you earn through working. If you do gig work, freelance, or receive a 1099 tax form, you are likely considered an independent contractor. All money gained from this work is considered business income.
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This includes all other sources of income that are not generated through work, such as Social Security, alimony or child support, pension or retirement income, disability income, lottery or gambling winnings, etc.
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During bankruptcy, you must disclose all income you've earned from any of the above sources, even if it is not your primary income source.
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What is your business structure?
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If you have business income, you must disclose how your business is structured. This can help determine which kind of bankruptcy you can file. For instance, if your business income is earned under a corporation, LLC, LLP, PA, or PC, it is deemed a distinct legal entity from you as an individual. These business entities can file their own bankruptcy, separate from the individual tied to the business.
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If your business is not structured as an entity, you are considered a sole proprietor.
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How does business structure affect bankruptcy?
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Because sole proprietors are legally considered personally responsible for any debts incurred under the business's name, they will file bankruptcy as individuals. This means that the bankruptcy case must include all business assets and debts as well as all personal assets and debts. A sole proprietorship cannot file business bankruptcy. If you are a sole proprietor with little business assets or debts, your side hustle is not likely to have much of an impact on your bankruptcy. However, if your side business does have a lot of assets and debts, it can make things complicated when determining exemptions. An experienced bankruptcy attorney can advise on your exemption options.
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If your business is officially registered as a separate legal entity, then you can file a business bankruptcy. This kind of bankruptcy will only consider the assets and debts associated with the business entity, not your personal assets or debts. Conversely, you can file personal bankruptcy without your business being included.
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Regardless of your self-employed status, you have bankruptcy options available. However, determining how to file for bankruptcy when you are self-employed can be complex. Veitengruber Law can help you find the best path forward for you and your business.
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</div>Making Divorce and Bankruptcy a Win Win Situation2024-02-27T01:54:55Z2024-02-27T01:54:55Z<div style="transition: none 0s ease 0s; display: block;" data-rss-type="text">
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Many divorcees cite financial problems as the pivotal issue that leads to divorce. Similarly, many who file for bankruptcy point to their divorce as the major financial setback that led to their bankruptcy. With these two legal issues frequently going hand in hand, it is common to see folks who file for divorce also file for bankruptcy. However, how you file for bankruptcy amidst your divorce can significantly impact your overall financial well-being. Filing for bankruptcy with your spouse before divorce may benefit some while waiting to file alone after divorce will work out better for others. Your unique position will determine what kind of bankruptcy is best for you and if it is better to file alone or with your soon-to-be ex-spouse.
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Below, we will explore some of your options.
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File a joint Chapter 7 bankruptcy before divorce.
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Filing bankruptcy with your spouse before divorce will save you and your former spouse money on attorney and court fees. Because you are liable for debts incurred during the marriage—even if you did not incur the debt yourself—taking care of your debt issues before exiting the marriage can make sense. Chapter 7 bankruptcy will let you discharge some or all of your marital debt, giving you a clean financial slate before you exit the marriage. It can also make dividing assets (and debts) more straightforward during the divorce. It is also possible that you will be able to protect more property using bankruptcy exemptions when you file Chapter 7 together.
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However, filing Chapter 7 before divorce can be difficult if you cannot work well with your spouse. Bankruptcy requires a lot of paperwork, patience, and teamwork. If a joint bankruptcy would lead to more stress than it is worth, you may want to consider filing after your divorce. Filing for bankruptcy will also permit you to enter the automatic stay period, which stalls all court proceedings. The automatic stay is excellent if you want to stall a foreclosure or wage garnishment, but it is not so great if you are in the middle of a divorce. This is another reason you should file for bankruptcy before or after divorce, but not during.
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File an individual Chapter 7 bankruptcy after divorce.
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If you and your spouse are not on decent enough terms to file Chapter 7 jointly, it is possible to file after divorce. Especially if you are escaping a difficult situation with your spouse, getting the marriage behind you as quickly as possible is likely in your best interest. Because bankruptcy can stall other court proceedings, you will want to ensure your divorce is finalized before filing Chapter 7 as an individual.
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It may also be in your favor to file Chapter 7 individually after the divorce if you can only file Chapter 7 with your individual income as a separate household. Your spouse's income could disqualify you from eligibility for Chapter 7, and divorcing them can reduce your household income enough to ensure your eligibility. Filing as an individual will also allow you to use more bankruptcy exemptions to protect your personal property instead of jointly owned marital property.
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However, waiting until after the divorce to file bankruptcy individually can become complicated when you consider debts you and your ex-spouse are jointly responsible for. If one spouse files bankruptcy post-divorce, the spouse who does not file can still be liable for the joint debt even if the debts are discharged during the bankruptcy. This can create a very complicated legal situation and lead to more time in court with your ex-spouse.
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File a joint Chapter 13 bankruptcy before divorce.
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Chapter 13 bankruptcy cases are generally more complex, time-consuming, and expensive than Chapter 7 bankruptcy cases. The biggest thing to note about filing a joint Chapter 13 bankruptcy case is that it takes 3-5 years for a Chapter 13 bankruptcy case to be completed. This is due to the payment plan you and your spouse will set up to repay your debts. Filing for divorce while in the middle of a court-ordered Chapter 13 repayment plan can be a convoluted legal headache. So, if you are on the brink of divorce, filing Chapter 13 jointly with your spouse may not be the best plan.
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That being said, if you and your spouse are amenable and can work together for 3-5 years on a Chapter 13 repayment plan, there are some significant benefits to filing Chapter 13 with your spouse. Bankruptcy can help you tackle some or all of your marital debt. Chapter 13 could also allow you both to walk away from jointly-owned property that neither of you want.
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Option #4:
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File an individual Chapter 13 bankruptcy before divorce.
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Filing Chapter 13 bankruptcy alone before or during divorce is not impossible, but it can unnecessarily complicate an already stressful time. Not only will it stall your divorce proceedings, but you will also have to include your spouse's income and expenses in your bankruptcy paperwork. This can set you up for an unrealistic repayment plan that does not accommodate your circumstances after separation. You also cannot sell any assets or incur further debts during Chapter 13 bankruptcy, which can be difficult, if not impossible, while you are going through a divorce.
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Option #5:
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File an individual Chapter 13 bankruptcy after your divorce.
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Filing for Chapter 13 bankruptcy after your divorce is finalized will make the most sense in most situations. This way, you will not need to work with your ex as you make decisions about your financial future. You also will not have to include their income or expenses in your bankruptcy paperwork, giving the court a more accurate picture of your financial situation. Chapter 13 will also enable you to eliminate any legal responsibility for shared debts or debts incurred due to the divorce.
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If you are considering bankruptcy and are either going through a divorce or plan to divorce,
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Veitengruber Law
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can help. We understand NJ bankruptcy laws and can help you make the best decisions to give yourself a fresh start.
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</div>Can a NJ Chapter 7 Bankruptcy Help if I'm Drowning in Debt?2024-02-03T22:26:39Z2024-02-03T22:26:39Z<div style="transition: none 0s ease 0s; display: block;" data-rss-type="text">
If you are struggling with major debt, Chapter 7 bankruptcy is one of the most effective yet formidable financial tools available to US citizens. Many who have experienced financial hardship or unmanageable debt have benefited from bankruptcy. The most common form of bankruptcy for individual consumers is Chapter 7 bankruptcy. It is sometimes referred to as "liquidation" bankruptcy because it can involve liquidating or selling off your assets in order to pay off creditors. However, most folks do not lose any property through Chapter 7. If you are considering an NJ Chapter 7 bankruptcy, Veitengruber Law can help. Here are some benefits and drawbacks of Chapter 7 bankruptcy. We hope these facts can help you determine if this is the right choice for you.
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Hit instant pause on collections attempts and foreclosure proceedings.
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One of the most significant benefits of bankruptcy, including Chapter 7, is that it stops the clock on other legal proceedings like collections or foreclosure. The moment your case is filed, collections efforts must cease. Collections agencies and creditors must pause all collections actions. This will pause phone calls, letters, and wage garnishments. Similarly, you will enter the automatic stay period on foreclosure, repossession, or eviction. These legal processes cannot proceed until the bankruptcy case has been resolved or dismissed. Often, this allows enough time to come up with a more agreeable path out of these situations if they are not resolved via bankruptcy.
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Your income can exceed the eligibility requirements.
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Those eligible for Chapter 7 must pass the means test. The means test determines if your household makes more or less than the NJ state average. If your household makes less than the average, you qualify for Chapter 7 bankruptcy. If your household makes more than the average, you must examine your expenses to determine if you have "disposable" income. This is income above your total expenses. If you are determined to have too much disposable income, you will not be eligible for discharge under Chapter 7 bankruptcy. In that case, you could be eligible for Chapter 13 bankruptcy instead.
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Bankruptcy discharge is permanent debt relief.
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Chapter 7 bankruptcy is the total discharge of all eligible debts. Credit cards, personal loans, medical bills and other debts will be eliminated. You will no longer be obligated to pay these debts, instantly freeing up your income to go towards other expenses. You also cannot be contacted by collections for these debts in the future.
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Con #2:
</b>
<span style="font-weight: 400;">
<span style="">
Not all debts can be discharged under Chapter 7 bankruptcy.
</span>
</span>
</font>
</span>
</div>
<div>
Some types of debts cannot be discharged through Chapter 7 bankruptcy. Alimony, child support, tax debts, and most student loans are often exempt from being discharged during bankruptcy. In some circumstances, bankruptcy courts will allow student loans to be discharged if you prove that paying back student loan debts would cause undue hardship. If your debt issues center around any of these kinds of debts, Chapter 7 bankruptcy will likely be unable to help.
</div>
<div>
<br/>
</div>
<div>
<span style="font-family: Georgia;">
<font style="color: rgb(0, 21, 94);">
<b>
Benefit #3:
</b>
<span style="font-weight: 400;">
<span style="">
You are likely to keep most—if not all—of your property.
</span>
</span>
</font>
</span>
</div>
<div>
The myth that you will lose your house, your car, and other valuable property through bankruptcy is one of the top concerns listed by those afraid to file for bankruptcy. But even under Chapter 7 bankruptcy, 95% of those who file will keep all of their belongings. Federal and state property exemptions allow Chapter 7 filers to exempt specific property from entering into the bankruptcy estate. In New Jersey, filers can choose federal or state exemptions based on which set of exemptions will benefit them the most, but you cannot mix and match exemptions from both.
</div>
<div>
<br/>
</div>
<div>
Federal and state exemptions include protections for your personal property, including your home, car, qualifying personal items, and investments or savings up to a certain amount. However, if you choose to protect your home or car, you still owe money on these items. You will resume regular payments on this property after the bankruptcy case. However, you often do not need to sacrifice these possessions to get your debt discharged.
</div>
<div>
<br/>
</div>
<div>
<span style="font-family: Georgia;">
<font style="color: rgb(0, 21, 94);">
<b>
Con #4:
</b>
<span style="font-weight: 400;">
<span style="">
You can lose nonexempt property.
</span>
</span>
</font>
</span>
</div>
<div>
There will be property not covered under bankruptcy exemptions. The bankruptcy trustee can utilize high-dollar items to be sold to pay down debts. This is typically not the case with most Chapter 7 bankruptcy filings, as most people who qualify for Chapter 7 do not have the disposable income to purchase such items. Some nonexempt property can include secondary properties like vacation homes, secondary vehicles, valuable collections, savings and investments not covered under exemptions, and even expensive musical, sporting, or other equipment unrelated to the individual's profession. The ultimate purpose of Chapter 7 bankruptcy is to give creditors some return on their investments while giving the filer a fresh financial slate—not to leave them utterly destitute with no possessions.
</div>
<div>
Sometimes, it is not in the individual's financial best interest to exempt these possessions even if they qualify. In that case, these things can be liquidated to pay down debts.
</div>
<div>
<br/>
</div>
<div>
<span style="font-family: Georgia;">
<font style="color: rgb(0, 21, 94);">
<b>
Benefit #5:
</b>
<span style="font-weight: 400;">
<span style="">
Quick processing for reasonable fees.
</span>
</span>
</font>
</span>
</div>
<div>
The process from initial filing to discharge can take between four and six months on average. This quick processing means you get rid of your debts and begin working towards rebuilding your credit as soon as possible. You must pay a case filing fee of $245, a $75 administrative fee, and a $15 trustee surcharge. You must also pay attorney fees if you work with a NJ bankruptcy attorney. However, working with an attorney makes it more likely that your filing will proceed quickly and smoothly, giving you a better chance of discharge.
</div>
<div>
<br/>
</div>
<div>
<span style="font-family: Georgia;">
<font style="color: rgb(0, 21, 94);">
<b>
Con #5:
</b>
<span style="font-weight: 400;">
<span style="">
Your credit report will take a temporary hit.
</span>
</span>
</font>
</span>
</div>
<div>
Your credit will take a dip after getting a Chapter 7 bankruptcy discharge. If you were able to maintain your monthly payments and keep your credit score relatively high before filing for bankruptcy, you would likely notice a much bigger dip than those who were already losing points on their score due to late payments and default. You may also notice your interest rates rise in the initial years after bankruptcy. But while a Chapter 7 bankruptcy will stay on your credit report for up to ten years, filing for bankruptcy is often better for your credit score in the long run than languishing under years of unmanageable debt.
</div>
<div>
<br/>
</div>
<div>
As soon as your debt is discharged, you can begin working to improve your credit score immediately. A secured credit card is a great way to do this. Bankruptcy filers who focus on rebuilding their credit are often able to get a loan or even a mortgage within a few years of discharge.
</div>
<div>
<br/>
</div>
<div>
Veitengruber Law is an experienced New Jersey bankruptcy law firm. We can work with you to determine if Chapter 7 bankruptcy is the correct choice for you. Do not spend another day stressed out over your financial future. Call us today for your free consultation.
</div>
<div>
<br/>
</div>
</div>
</div>What To Know About Chapter 7 Bankruptcy2024-01-31T21:12:52Z2024-01-31T21:12:52Z<div style="transition: none 0s ease 0s; display: block;" data-rss-type="text">
<p>
<span style="display: initial;">
Declaring bankruptcy is a difficult decision, but sometimes it is the best option to get out of a difficult financial situation. If you are considering bankruptcy as an option, Chapter 7 may be the most suitable. Chapter 7 bankruptcy is also known as liquidation bankruptcy, and under it, most or all of the debtor's assets are sold to pay off their debts. Afterward, the remaining qualifying debts are discharged.
</span>
</p>
<p>
<span style="display: unset;">
<br/>
</span>
</p>
<p>
<span style="display: initial;">
If you want to know more about this type of bankruptcy and its advantages, then this post is for you. Learn more about Chapter 7 bankruptcy and its benefits.
</span>
</p>
<p>
<span style="display: unset;">
<br/>
</span>
</p>
<h2>
<span style="display: initial;">
1. Qualifications for Chapter 7 Bankruptcy
</span>
</h2>
<p>
<span style="display: unset;">
<br/>
</span>
</p>
<p>
<span style="display: initial;">
Before filing for Chapter 7 bankruptcy, you must meet specific criteria to ensure that your petition is approved. To qualify, you must pass the means test, which is a calculation of your income and expenses to determine whether you can repay your debts. Your income must be lower than the median income for your state or pass a series of calculations that consider the number of people in your household.
</span>
</p>
<p>
<span style="display: unset;">
<br/>
</span>
</p>
<h2>
<span style="display: initial;">
2. Advantages of Chapter 7 Bankruptcy
</span>
</h2>
<p>
<span style="display: unset;">
<br/>
</span>
</p>
<p>
<span style="display: initial;">
One of the biggest benefits of Chapter 7 is that certain types of debt are completely discharged, including credit card debt, medical bills, and personal loans. Even if you still owe some of the debt after liquidation, such as secured debt or loans that are exempt, you will have a clean slate to start rebuilding your finances.
</span>
</p>
<p>
<span style="display: unset;">
<br/>
</span>
</p>
<p>
<span style="display: initial;">
Additionally, filing for bankruptcy grants an automatic stay, which halts all collections and legal actions taken against you by creditors. This gives you time to work out a payment plan or come up with the funds to discharge the debts without continued undue pressure.
</span>
</p>
<p>
<span style="display: unset;">
<br/>
</span>
</p>
<h2>
<span style="display: initial;">
3. Property Exemptions of Chapter 7 Bankruptcy
</span>
</h2>
<p>
<span style="display: unset;">
<br/>
</span>
</p>
<p>
<span style="display: initial;">
Another advantage of Chapter 7 bankruptcy is property exemptions. In most states, you can protect necessary property, such as your home, car, and personal possessions, which are exempt from being sold to pay off your debts. This means you could come out of the liquidation with most or all of your required property still intact.
</span>
</p>
<p>
<span style="display: unset;">
<br/>
</span>
</p>
<h2>
<span style="display: initial;">
4. Credit Impact of Chapter 7 Bankruptcy
</span>
</h2>
<p>
<span style="display: unset;">
<br/>
</span>
</p>
<p>
<span style="display: initial;">
Chapter 7 bankruptcy will remain on your credit report for several years, which will temporarily hurt your credit score. Thus, for a while, it may be more difficult to get loans or credit after filing for bankruptcy. However, in the long run, bankruptcy can help you rebuild your credit and achieve better financial success.
</span>
</p>
<p>
<span style="display: unset;">
<br/>
</span>
</p>
<h2>
<span style="display: initial;">
5. Filing of Chapter 7 Bankruptcy
</span>
</h2>
<p>
<span style="display: unset;">
<br/>
</span>
</p>
<p>
<span style="display: initial;">
To file for Chapter 7 bankruptcy, you will need to complete a petition and a series of schedules that outline your assets, debts, income, and expenses. You will also need to pay a filing fee, attend credit counseling, and attend a meeting of creditors.
</span>
</p>
<p>
<span style="display: unset;">
<br/>
</span>
</p>
<p>
<span style="display: initial;">
While you can file for Chapter 7 bankruptcy on your own, hire a bankruptcy attorney to help you through the process. They can answer your questions and help ensure that you are correctly filing the right forms.
</span>
</p>
<p>
<span style="display: unset;">
<br/>
</span>
</p>
<p>
<span style="display: initial;">
Declaring bankruptcy is not an easy decision, but if Chapter 7 is right for you, it can be a great way to start anew after a difficult financial situation. If you are considering filing for Chapter 7, make sure you meet the necessary qualifications and take advantage of its many benefits.
</span>
</p>
<p>
<span style="display: unset;">
<br/>
</span>
</p>
<p>
<a href="https://www.veitengruberlaw.com/contact-bankruptcy-attorneys" target="_blank" style="display: initial; font-weight: bold;">
Contact our office
</a>
<span style="display: initial;">
to discuss all of your options with a qualified bankruptcy attorney. Meanwhile, do not be discouraged by your current financial state. By taking the right steps, it can improve dramatically. Also, after a bankruptcy, prioritize post-bankruptcy work, such as rebuilding credit, learning to budget, and reworking your personal finance plans. We look forward to assisting you.
</span>
</p>
</div>Declaring bankruptcy is a difficult decision, but sometimes it is the best option. Learn more about Chapter 7 bankruptcy and its benefits.We are a Full-Service Debt Relief Law Firm in Monmouth County NJ2024-01-30T04:54:49Z2024-01-30T04:54:49Z<div data-rss-type="text">
<p>
<span style="font-weight: normal; display: initial;">
Living with debt has become an unfortunate trend for US consumers in recent years. Household consumer debt rose to $17.06 trillion in the first half of 2023. And with consistent spikes in the cost of living, inflation, income loss, and other financial difficulties, that debt is only expected to increase. Most of this reported debt comes from credit cards, mortgages, student loans, personal loans, and medical debts. So, if you are struggling with significant debt, you're not alone—even if it feels like it. Veitengruber Law is a full-service debt relief law firm in Monmouth County, NJ. We can work with you to tackle unmanageable debt. We offer proven solutions for even the most complex financial cases.
</span>
</p>
<p>
<span style="display: initial;">
Here are just some ways Veitengruber Law helps our clients get on top of debt:
</span>
</p>
<p>
<br/>
</p>
<p>
<span style="display: initial;">
1.
</span>
<span style="display: initial; font-weight: bold;">
Bankruptcy
</span>
</p>
<p>
<span style="display: initial;">
Bankruptcy is not always the best solution for those struggling with major debt—but you shouldn't write it off either. Many folks fear the consequences of bankruptcy and worry about the stigma attached to it. This stigma can prevent people who can genuinely benefit from bankruptcy from filing—delaying help and landing them in deeper debt. Veitengruber Law is here to demystify and destigmatize the bankruptcy process. Bankruptcy can be a powerful financial tool that can get you out of debt faster than other debt relief methods.
</span>
</p>
<p>
<span style="display: initial;">
</span>
</p>
<p>
<span style="display: initial;">
We utilize a holistic approach to debt relief, which includes an analysis of how bankruptcy can help your specific case. We offer a customized approach to bankruptcy because we know every case is different. If you are a prime candidate for Chapter 7 or Chapter 13 bankruptcy, we can work with you to file correctly and on time. We also work with clients to rebuild a more solid financial foundation after bankruptcy.
</span>
</p>
<p>
<br/>
</p>
<p>
<span style="display: initial;">
<span style="display: initial;">
2.
</span>
</span>
<span style="display: initial; font-weight: bold;">
<span style="display: initial; font-weight: bold;">
Foreclosure Defense
</span>
</span>
<span style="display: initial; font-weight: normal;">
(loan mods, bankruptcy)
</span>
</p>
<p>
<span style="display: initial;">
Becoming a homeowner is one of the most high-stakes financial decisions you are likely to ever make. There are many financial setbacks that can threaten your investment in your home and lead to foreclosure. If you are concerned about the possibility of foreclosure or even if you have received a notice of foreclosure, Veitengruber Law can help. We are experienced in utilizing a number of legal strategies to defend against foreclosure.
</span>
</p>
<p>
<span style="display: initial;">
Chapter 13 bankruptcy is a great way to make up mortgage arrears and save your home. We can work with the court to negotiate your debt and develop a payment plan that fits your financial circumstances. Mortgage modification is another great way to avoid foreclosure. We have an outstanding track record of negotiating with lenders to lower monthly payments. Veitengruber Law also provides short sale guidance and real estate closing services if you are unable to save your home.
</span>
</p>
<p>
<span style="display: initial;">
Whether your goal is to save your home or simply get out of your mortgage with as little debt as possible, we can work with you to discover the best path forward.
</span>
</p>
<p>
<span style="display: initial;">
<span style="display: initial;">
3.
</span>
</span>
<span style="display: initial; font-weight: bold;">
Debt Negotiation
</span>
</p>
<p>
<span style="display: initial;">
Bankruptcy is not the only solution for unmanageable debt. There are actually some circumstances where bankruptcy is not the best option. Because we look at debt relief holistically, we explore all options before coming up with a solution. We offer comprehensive debt relief counseling and representation. We can create an individualized plan to get your household or business back on a realistic budget.
</span>
</p>
<p>
<span style="display: initial;">
We understand how creditors operate. We use our insider knowledge to develop appropriate solutions that benefit you and your financial health. Our debt negotiation solutions include the following:
</span>
</p>
<ul>
<li>
<span style="display: initial;">
Debt settlement
</span>
</li>
<li>
<span style="display: initial;">
Negotiating with creditors or utility companies to establish a realistic payment plan
</span>
</li>
<li>
<span style="display: initial;">
Negotiating a loan modification to reduce your monthly payments
</span>
</li>
<li>
<span style="display: initial;">
Working with creditors to come to better terms on burdensome bills
</span>
</li>
</ul>
<p>
<span style="display: initial;">
We can help you find financial stability.
</span>
</p>
<p>
<span style="display: initial; font-weight: bold;">
4. Credit Repair
</span>
</p>
<p>
<span style="display: initial;">
After struggling with major debt for a long time, it is common for individuals to have low credit scores. Bankruptcy, debt settlement, and other debt relief solutions can also adversely impact your credit score and result in negative marks on your credit report. Low credit can make it challenging to get approved for loans, mortgages, credit cards, rental housing, and other essential financial things. But even the worst credit scores can be improved. Once your debt is taken care of, Veitengruber Law can offer credit repair solutions to improve your score and ensure you get to enjoy the full benefits of your new financial freedom.
</span>
</p>
<p>
<span style="display: initial;">
We believe that bankruptcy and other debt relief solutions should not be considered the end of the line but the start of a brighter financial future. We follow through on this belief by offering personalized credit repair services. We provide detailed counseling on improving your credit. We can even provide representation to help you remove damaging errors or inaccurate information from your credit report. As your credit improves, so will your chances of securing loans, additional credit, and better terms on your lines of credit.
</span>
</p>
<p>
<span style="display: initial;">
You do not have to deal with the stress and anxiety of unmanageable debt alone. Veitengruber Law can help you devise a solution that works for your specific situation. Please do not struggle alone. Call us today for your free consultation.
<br/>
</span>
</p>
</div>Do You Need a Monmouth Co Bankruptcy Attorney2024-01-24T14:19:13Z2024-01-24T14:19:13Z<div data-rss-type="text">
<p>
<span style="display: initial; font-weight: normal;">
If you are looking for a bankruptcy attorney in Monmouth County, NJ, look no further—Veitengruber Law has you covered! We are a full-service bankruptcy attorney with over a decade of experience working with clients to file bankruptcy in New Jersey. Part of the work we do with clients is to help them determine the best solution to their debt problems. For some, solutions outside of bankruptcy may be enough to solve their issues. But for many clients, bankruptcy is the right choice to get out of significant debt. When considering bankruptcy, here are some things we look at with our clients:
</span>
</p>
<p>
<br/>
</p>
<p>
<span style="display: initial; font-weight: normal;">
1. Do you only pay the minimum payment on your credit cards?
</span>
</p>
<p>
<br/>
</p>
<p>
<span style="display: initial; font-weight: normal;">
If you consistently only pay the minimum on your credit card, you carry around high-interest debt on your open balance. This can cause your balance to increase quickly. Eventually, your interest can increase faster than your ability to pay down the balance. If you struggle to pay down your debts with just minimum payments, it may be time to consider filing for bankruptcy.
</span>
</p>
<p>
<br/>
</p>
<p>
<span style="display: initial; font-weight: normal;">
2. Do you get calls from bill collectors?
</span>
</p>
<p>
<br/>
</p>
<p>
<span style="display: initial; font-weight: normal;">
Getting calls from collections can be stressful and annoying. But it is also a sign that your debt situation has exceeded your control, and it is time to consider debt management alternatives—like bankruptcy.
</span>
</p>
<p>
<br/>
</p>
<p>
<span style="display: initial; font-weight: normal;">
3. Do you frequently use credit cards to pay for basic necessities?
</span>
</p>
<p>
<br/>
</p>
<p>
<span style="display: initial; font-weight: normal;">
If you use credit cards to pay for the basics—like groceries, utilities, or rent/mortgage—you also pay high interest on those goods. You should always try to pay for these items with cash or your checking account. If you cannot, bankruptcy may help you reduce your debts so you can afford to pay for these basic needs without major interest.
</span>
</p>
<p>
<br/>
</p>
<p>
<span style="display: initial; font-weight: normal;">
4. Are you considering selling possessions to pay down debt?
</span>
</p>
<p>
<br/>
</p>
<p>
<span style="display: initial; font-weight: normal;">
Downsizing, getting rid of a car, or selling off other valuable possessions is one way to pay down some of your debt. These actions may be difficult, but they could help you avoid a bankruptcy filing. If you have already sold off possessions and downsized and are still struggling with debt payments, it could be time to file for bankruptcy.
</span>
</p>
<p>
<br/>
</p>
<p>
<span style="display: initial; font-weight: normal;">
5. Do you owe more than you pay?
</span>
</p>
<p>
<br/>
</p>
<p>
<span style="display: initial; font-weight: normal;">
A healthy budget will have all your expenses covered by your income, WITH some extra left over for emergencies and savings. If your monthly payments begin to exceed your monthly income, you can quickly lose control of your debt. The more debt you carry monthly, the more difficult it is to eliminate that debt.
</span>
</p>
<p>
<br/>
</p>
<p>
<span style="display: initial; font-weight: normal;">
6. Will bankruptcy resolve your debts?
</span>
</p>
<p>
<br/>
</p>
<p>
<span style="display: initial; font-weight: normal;">
Some debts cannot be considered during bankruptcy proceedings. Back taxes, student loans, debt from alimony or child support, and some other debts cannot be discharged through bankruptcy. If these are the most concerning debts for you, looking into bankruptcy alternatives will be a better solution. Speaking with these creditors directly to develop a different payment plan or lower your balance can help you resolve these debts without bankruptcy.
</span>
</p>
<p>
<br/>
</p>
<p>
<span style="display: initial; font-weight: normal;">
If you answered "yes" to any of the above questions, bankruptcy might be your best path forward. There are many debt relief strategies available, and bankruptcy is just one of them. Veitengruber Law can help you determine if bankruptcy is right for you.
</span>
<span style="display: initial;">
<br/>
</span>
</p>
</div>NJ Mortgages FHA vs VA loan2024-01-03T05:33:58Z2024-01-03T05:33:58Z<div data-rss-type="text">
<p>
<span style="display: initial;">
Deciding which kind of loan to use to finance your home purchase is one of the many complex decisions you must make as a homebuyer. Every kind of home loan has specific benefits and drawbacks that will uniquely impact your situation. Two kinds of government-backed loans to consider are FHA loans and VA loans. If you qualify for both loans, you may be confused about which would best serve you. Here, we look at the specifics of each loan to help you determine which is best for you.
</span>
</p>
</div>
<div data-rss-type="text">
<p>
<span style="font-weight: bold; display: initial;">
Who backs the loans?
</span>
</p>
<p>
<span style="display: initial;">
<br/>
</span>
</p>
<p>
<span style="display: initial;">
FHA and VA loans are government-backed, making them generally more affordable than conventional loans for first-time homebuyers, low-income buyers, or those with a rocky credit history. The Federal Housing Administration backs FHA loans. While the government does not directly provide the loan to the borrower, the FHA agrees to insure the loan and pay off the balance if you default. This agreement makes these loans less risky for banks and mortgage lenders, allowing them to offer loans with better rates and less strict credit requirements. Government-backed loans are intended to help those who would not otherwise be approved get financing to purchase a home.
</span>
</p>
<p>
<span style="display: initial;">
<br/>
</span>
</p>
<p>
<span style="display: initial;">
The US Department of Veterans Affairs supports VA loans. VA loans are available as a benefit for those who have served the country through military service.
</span>
</p>
<p>
<span style="display: initial;">
<br/>
</span>
</p>
<p>
<span style="font-weight: bold; display: initial;">
Who is eligible for FHA and VA loans?
</span>
</p>
<p>
<span style="display: initial;">
<br/>
</span>
</p>
<p>
<span style="display: initial;">
VA loans are only for those who have served in the US, like active servicemembers, National Guard and reservists, veterans, and some qualifying spouses. VA applicants will need to meet all of the VA loan qualifications as well as their lender's credit and financial requirements.
</span>
</p>
<p>
<span style="display: initial;">
<br/>
</span>
</p>
<p>
<span style="display: initial;">
FHA loans are available to the general public, but you must meet specific requirements. Typically, lenders establish an income cap. Borrowers should also be prepared to meet specific financial and credit requirements established by their lender.
</span>
</p>
<p>
<span style="display: initial;">
<br/>
</span>
</p>
<p>
<span style="font-weight: bold; display: initial;">
What are the big differences between FHA and VA loans?
</span>
</p>
<p>
<span style="display: initial;">
<br/>
</span>
</p>
<p>
<span style="display: initial;">
Here are some of the most significant differences between each loan:
</span>
</p>
<p>
<span style="display: initial;">
<br/>
</span>
</p>
<ol>
<li>
<span style="display: initial;">
Mortgage Insurance
</span>
</li>
</ol>
<p>
<span style="display: initial;">
<br/>
</span>
</p>
<p>
<span style="display: initial;">
VA loans will not require the borrower to get mortgage insurance, while FHA loans do. Mortgage Insurance can either be paid upfront at closing or over the life of the loan, meaning your closing costs will be higher or your monthly mortgage payments will be higher.
</span>
</p>
<p>
<span style="display: initial;">
<br/>
</span>
</p>
<p>
<span style="display: initial;">
2. Closing Cost Fee
</span>
</p>
<p>
<span style="display: initial;">
<br/>
</span>
</p>
<p>
<span style="display: initial;">
VA loans will require a VA funding fee. This fee is collected at closing and helps pay for the VA loan program. Some applicants will qualify for an exemption from this fee, including those with a service-related disability, Purple Heart recipients, and some eligible spouses. The fee can be added to the loan if the borrower can't pay it upfront.
</span>
</p>
<p>
<span style="display: initial;">
<br/>
</span>
</p>
<p>
<span style="display: initial;">
FHA loans do not have any specific fees to be paid at closing.
</span>
</p>
<p>
<span style="display: initial;">
<br/>
</span>
</p>
<p>
<span style="display: initial;">
3. Down Payments
</span>
</p>
<p>
<span style="display: initial;">
<br/>
</span>
</p>
<p>
<span style="display: initial;">
FHA loans require a base down payment of at least 3.5%. VA loans don't require a down payment.
</span>
</p>
<p>
<span style="display: initial;">
<br/>
</span>
</p>
<p>
<span style="display: initial;">
4. Credit Score
</span>
</p>
<p>
<span style="display: initial;">
<br/>
</span>
</p>
<p>
<span style="display: initial;">
FHA loans require a minimum credit score of 580 to qualify for a loan, but applicants with the funds to pay 10% or more as a down payment may be able to get approved with lower scores. VA loans do not typically have a minimum credit score requirement, although different lenders may have their own requirements.
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5. Interest Rates
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FHA and VA loans tend to have lower interest rates than other loans. While your rate will largely depend on your specific financial situation, VA loans tend to have lower interest rates than FHA loans.
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FHA and VA loans have incredible benefits, but only one kind of loan will be best for your situation. In most cases, a VA loan will be the better option, but this isn't the case 100% of the time. It is essential to shop around and compare terms before you sign a mortgage loan agreement.
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If you are working towards purchasing a home in 2024, Veitengruber Law can help. We are an experienced real estate law firm with a keen knowledge of NJ real estate law.
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</div>2024 NJ Mortgage Types2024-01-03T05:28:40Z2024-01-03T05:28:40Z<div data-rss-type="text">
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Homebuyers have been on a wild rollercoaster ride over the last four years with major historical shifts in the market. Rising inflation, increased interest rates, skyrocketing home prices—all of these fluctuations have made it difficult to plan for financing a home purchase. But folks looking to purchase a home in New Jersey in 2024 have many options. If one method of financing does not work for your circumstances, it may be time to try another method. Here are seven different kinds of mortgages to consider in 2024:
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1. Conventional Mortgage
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A conventional mortgage loan is when a homebuyer finances the purchase of a property through a private lender like banks and credit unions or mortgage companies. These loans are not offered by or secured by a government entity, but Frannie Mae or Freddie Mac can sometimes guarantee these loans. Interest rates for conventional loans are, on average, higher than government-backed mortgage loans. However, with a good credit score, an applicant can still lock in a lower-than-average rate with a conventional mortgage.
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Those with a fair or better credit score, acceptable debt-to-income (DTI) ratio, and the money for at least a 20% downpayment will be more likely to get approval for a conventional mortgage. If you cannot provide 20% as a downpayment, the mortgage company can still approve your loan but may require you to acquire private mortgage insurance until you have accumulated at least 20% equity in the property.
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2. Fixed-Rate Mortgage (FRM)
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Fixed-rate mortgages (FRM) are the most common loan option available to homebuyers today. Available in a 15-year or 30-year term, an FRM has a static interest rate that will not change over the life of the loan unless you refinance or modify your terms. FRMs are commonly sought after because of the stability they provide. No matter what is going on economically, those with an FRM can rest assured their interest rate will not fluctuate. Stable rates mean predictable payments that make it easy to plan for. It is also easier to compare FRM loans since the payments are easy to determine and will not change.
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The most significant disadvantage of a FRM loan is that you cannot take advantage of falling interest rates if they occur. If you get your loan while interest rates are high, your interest rate will remain fixed even if the average interest rates begin to drop. However, the stability FRMs offer makes this loan option an excellent choice for those who intend to stay in their home for a long time.
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3. Adjustable-Rate Mortgage (ARM)
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Adjustable-rate mortgages (ARM) are the opposite of FRMs. With an ARM, your interest rate will fluctuate based on the rise and fall of average interest rates. This fluctuation can make it difficult to predict your mortgage payments in the future. Most ARM loan terms will establish a predetermined time at which your interest rate will be re-evaluated and changed if necessary, typically once a year. You will always get advanced notice that your rate is changing.
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The terms of the ARM loan will indicate what caps are on your interest rate changes, whether yearly, over the life of the loan, or the total in dollars you will be expected to pay back. ARMs often come with a low introductory interest rate, meaning more affordable payments initially. For this reason, ARMs are often an excellent choice for homebuyers who intend to stay in a home for a short time or refinance before the introductory rate period has ended. It is generally easier to get an ARM than an FRM with a lower credit score or higher DTI ratio.
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4. Interest-Only Mortgage
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This is a type of loan in which the borrower only pays the interest—the actual cost of borrowing the money—during the first few years of the loan. After the interest-only period, the borrower must refinance, pay off the loan, or make monthly principal and interest payments. These payments will be much higher than if you had been paying the principal and the interest from the start of the loan. You also will not grow any equity in your home during the first few years of payments.
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To qualify for this loan will require higher down payments, excellent credit scores, and low DTI ratios. Most lenders will only approve this kind of loan for an applicant with a high monthly cash flow, a rising income, and proof of considerable cash savings. Interest-only mortgages are ideal for property investors or those who do not intend to own the property long-term.
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5. Jumbo Mortgage
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A jumbo mortgage loan is called for when financing for a property exceeds the limits set by the Federal Housing Finance Agency (FHFA). The FHFA limit in New Jersey varies by county. A jumbo loan is a common choice for those purchasing a home of half a million dollars or more. The downpayment for a jumbo loan has fallen to 10-15% in recent years, but the requirements to qualify for a jumbo loan are stringent. Jumbo loan interest rates used to be higher than conventional mortgages, but the gap has closed in recent years. Now, you can get a jumbo loan for less than the average rate.
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You will need to prove you have cash on hand to cover payments for the first year of the mortgage and prove you meet specific income requirements by providing W-2s going back two years. You will also need an exceptional credit score, 700 or above, with a very low DTI ratio. Those who make $250,000 to $500,000 a year are the likely candidates for a jumbo loan. But just because you qualify for a loan of this size does not necessarily mean you should take it. There is a lot of risk associated with jumbo loans because they cannot be guaranteed by the government and due to the high value of the loan.
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6. Balloon Mortgage
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This loan begins with a period of no or low payments. Balloon mortgages will be structured differently depending on the terms of your specific loan, with some requiring no payments until the final due date and others requiring some monthly payments before the final due date. The benefits of a balloon mortgage are low payments for borrowers who do not plan to stay in a home for a long time or who plan to refinance shortly.
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However, there are significant drawbacks to a balloon mortgage. If you are not making payments, or even if you are making interest-only payments, you will not be building equity in your home. It can also be complicated to change the terms of a balloon mortgage or refinance it later. If you cannot get the funds to pay off the lump sum payment at the end, you are financially at risk.
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Many who opt for a balloon mortgage plan on selling the home to accumulate the cash needed to pay off the lump sum. But if you cannot sell your property or sell for a high enough price to cover the loan, you could default on your loan.
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7. Government-Insured Mortgage
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These loans are just what they sound like: loans that the government insures. The US government does not directly provide the loan, but they agree to insure the loan. This allows borrowers who otherwise would not be able to secure a loan the opportunity to finance the purchase of a property. Because the government has agreed to cover the loan if the borrower defaults, mortgage companies are likelier to approve a candidate that is otherwise not ideal. Government-insured mortgages tend to offer lower down payments, lower interest rates, and less stringent financial requirements.
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There are, however, particular requirements that must be met to qualify for a government-insured mortgage. For example, one of the most common government loans, an FHA loan, is typically reserved for first-time homeowners with low credit scores or a difficult/limited credit history.
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Veitengruber Law is a full-service real estate law firm with years of experience navigating NJ real estate and contract law. We can help NJ homeowner hopefuls reach their real estate goals in 2024.
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</p>
</div>How does a NJ Chap 13 bankruptcy work2023-11-28T21:25:08Z2023-11-28T21:25:08Z<div data-rss-type="text">
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If you are considering filing for bankruptcy, you will likely compare the differences available to you between Chapter 7 and Chapter 13 bankruptcy. Each has its benefits and drawbacks. It is possible to qualify for Chapter 7 and not for Chapter 13 and vice versa. Determining which chapter of bankruptcy is right for you will depend on your specific circumstances. Veitegruber Law can help you determine if Chapter 13 bankruptcy is the correct choice for you. Today, we’ll jump into the topic here on the blog to help you get started thinking about your options.
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Individuals in New Jersey are eligible to file for Chapter 13 bankruptcy only if they can prove they have the income to repay all or a significant portion of their debts over a three-to-five-year period. Chapter 13 functions a bit like a debt consolidation plan. The court determines how much debt you owe and how much income you can realistically spend on debt per month. The court will then establish a repayment plan through which you will make one monthly payment. The bankruptcy trustee assigned to your case then disperses your monthly payment to your various creditors.
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Will all of my creditors be paid equally?
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Some of your creditors may only be repaid a small portion of the total debt owed through this repayment plan. Typically, secured debt is repaid before unsecured debt. So, your mortgage company will be compensated before credit cards or medical debts. Regardless of how much debt you can pay off through the repayment plan, any remaining debt will be discharged at the end of the three or five years. During the repayment process, creditors cannot start or continue any attempts to collect overdue debts.
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Why choose Chapter 13 bankruptcy over Chapter 7 bankruptcy?
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In Chapter 7 bankruptcy, the court can discharge all your debts in a few months instead of at the end of a repayment period. However, Chapter 7 is not suitable for everyone. In order to qualify for Chapter 7, you need to satisfy specific income requirements. If you earn more than the income maximum, you will (likely) not be eligible for Chapter 7. There are exceptions, but they are few and far between. If you have significant equity in your home, you may not want to lose that equity through the asset liquidation process of Chapter 7. Similarly, if you want to protect other property like a vehicle or other real estate, Chapter 7 may not be right for you.
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You also cannot discharge any debt owed to the IRS. So, if your debts include payments to the IRS, you will need to settle this debt under a Chapter 13 repayment plan.
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In New Jersey, you file a petition for Chapter 13 bankruptcy with the federal judicial district in which you reside. With your petition, you must submit a plan explaining how you intend to repay your debts. You must include the following details:
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How much you plan to pay the trustee every month
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Details of any property to be surrendered
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The length of the repayment plan (three or five years)
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Whether you plan to "cure" debt with your mortgage provider
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If you plan to restructure any loans through the bankruptcy process
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How much any unsecured creditors will receive from the payments
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After filing the petition, you will be appointed a trustee to oversee your case. This trustee will organize a meeting with you and your creditors to review the proposed repayment plan. During this meeting, the trustee will attempt to determine if the proposed plan is fair to the debtor and the creditors. The trustee will also verify that all financial information is accurate, and you are presenting an honest perspective of your situation. If no creditors object to the plan, it will be filed with the court. Once confirmed by the court, debtors will have 30 days to make payments to the trustee, who will disburse the payments to the creditors based on the approved plan.
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Over the life of the plan, as long as you (the debtor) makes on-time and in-full payments, you will be entitled to discharge any remaining debts. Alimony, child support, taxes, student loans, and some debts related to criminal convictions cannot be included in the bankruptcy estate and will never be eligible for discharge.
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Determining whether Chapter 13 bankruptcy is right for you can be confusing and overwhelming. Veitengruber Law has years of experience helping NJ residents file for Chapter 13 bankruptcy. We can help you determine if this is the right choice for you. Give us a call for a free phone consultation today.
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</div>Where is a Bankruptcy filed2023-11-28T21:22:34Z2023-11-28T21:22:34Z<div data-rss-type="text">
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The process of filing for bankruptcy can seem daunting. At Veitengruber Law, we find that second only to the unnecessary taboo surrounding bankruptcy, confusion over the complicated process of filing for bankruptcy is a top deterrent. Because we know bankruptcy is a valuable tool for getting individuals out of unmanageable debt and on better financial footing, Veitengruber Law strives to demystify the laws and procedures surrounding bankruptcy. One of the most frequent questions we get about bankruptcy is, "Where will my bankruptcy case be filed?" Here, we will look at the answer to this question.
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Bankruptcy cases are covered under the Federal Bankruptcy Code, which means they must be heard and processed by Federal Courts. While bankruptcy courts fall under federal jurisdiction, the venue at which your bankruptcy needs to be filed will vary by state. The Bankruptcy Code dictates that any bankruptcy case must be filed in the district in which the filer resides. For individuals, this would be your primary residence. For businesses, this is your principal place of business. This location must be your primary location for the 180 days preceding a bankruptcy filing. While there are some provisions in the Bankruptcy Code for exceptional circumstances where a bankruptcy case may be filed outside of the primary residence or place of business, the above is typically the case for most individuals and businesses.
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In New Jersey, all bankruptcy cases are processed by the U.S. Bankruptcy Court for the District of New Jersey. The New Jersey Bankruptcy Courts have three locations at federal courthouses in Newark, Trenton, and Camden. These courts preside over vicinages that divide the state into three areas:
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The Newark vicinage: Bergen, part of Burlington (excluding the townships of Cinnaminson, Delran, Edgewater Park, Evesham, Maple Shade, Marlton, Moorestown, Mount Laurel, Palmyra, Riverside, and Riverton) Essex, Hudson, Morris, Passaic, Sussex, and Union counties
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The Trenton vicinage: Hunterdon, Mercer, Middlesex, Monmouth, Ocean, Somerset, and Warren counties
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The Camden vicinage: Atlantic, part of Burlington (including the townships of Cinnaminson, Delran, Edgewater Park, Evesham, Maple Shade, Marlton, Moorestown, Mount Laurel, Palmyra, Riverside, and Riverton), Camden, Cape May, Cumberland, Gloucester, and Salem counties
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Local NJ bankruptcy rules and regulations guide the assignment of cases to courts in specific vicinages. A debtor can file for NJ bankruptcy with any court, but upon review by the court, the case can be transferred to a different bankruptcy court in New Jersey. if it is determined that the case belongs to another court's jurisdiction. Again, this is generally considered to be the county or town where the debtor has their principal residence or primary place of business.
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It may not always be clear which vicinage your residence or business falls under. For example, suppose you are filing for bankruptcy jointly with a spouse who currently does not share your primary residence. In that case, it may be challenging to determine where to file. Other individuals may live in a different vicinage than their business, which can complicate the filing location. It is helpful to work with a trustworthy attorney with experience in NJ bankruptcy for any case, specifically if there is a question of where the case should be filed.
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Veitengruber Law is an experienced New Jersey bankruptcy legal team. We understand how overwhelming it can be when you make the decision to file for bankruptcy. We can help you determine the best place to file your bankruptcy petition and help you navigate the legal process.
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</div>Renting After Bankruptcy2023-11-28T21:15:46Z2023-11-28T21:15:46Z<div data-rss-type="text">
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Filing for bankruptcy is definitely a big decision, and one that should never be made carelessly. With that being said, Veitengruber Law wants to remove some of the stigma surrounding bankruptcy. Some folks can get so engrossed in the consequences of bankruptcy that they ignore its many benefits. Yes—filing for bankruptcy will remain on your credit report for up to ten years. It can be challenging to finance a home or get approved to rent a home during this time. But that does not mean it is impossible. Today we’re exploring your options for renting in New Jersey after bankruptcy.
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Some landlords and property managers may indeed be wary about renting to someone with a history of bankruptcy on their credit report. However, they would be equally, if not more, concerned about renting to someone with significant debt and judgments against them. The entire purpose of bankruptcy is to offer individuals a fresh financial start.
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Most property owners can be persuaded to rent to those who previously filed for bankruptcy as long as the applicant can prove that they
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no longer have debt
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. You can do some other things to strengthen your application when you try to rent after bankruptcy.
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1. Be Honest on Your Application
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Being proactive about disclosing your bankruptcy shows a potential future landlord that you have nothing to hide. Provide the details you feel comfortable disclosing upfront about the circumstances behind your bankruptcy. Prepare documents to support your claims so that the property manager can verify the accuracy of your account.
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2. Offer a Larger Security Deposit
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Offering to pay a larger than requested security deposit can show a potential landlord that you have the financial security to rent. Not only will this show the landlord how serious you are about the rental, but also that you have the financial position to make on-time monthly rent payments. A landlord who is reassured of your financial standing may be more likely to rent to you.
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3. Find a Co-Signer
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Working with a co-signer with a more robust financial history can improve your chances of getting approved for a rental. Because someone else guarantees that they will pay your monthly rent if you do not, a landlord may be more likely to rent to you. A good co-signer is a trusted family member or close friend who has a strong credit score.
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4. Work on Your Credit Score
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You should try everything you can to repair your credit score from the moment your bankruptcy goes through. Yes, bankruptcy will impact your credit report and score for ten years. However, that doesn't mean that there’s nothing you can do to improve the score in the meantime. Making timely payments every month, keeping your credit card balances low, and keeping an eye on your credit report can help you improve your credit score over time. Even with a history of bankruptcy, a landlord is more likely to accept your application if your credit score is decent.
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Filing for bankruptcy can sometimes impact your ability to rent—but it doesn't mean it is impossible to rent after bankruptcy. Transparency and financial diligence after your bankruptcy petition can go a long way to helping you secure housing in the renter’s market. Veitengruber Law can help you with your bankruptcy and work on repairing your credit afterward, which can make it easier to get approved for a rental (or even home purchase) in the future.
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</div>How Can a NJ Foreclosure Attorney Help You2023-11-14T02:31:54Z2023-11-14T02:31:54Z<div data-rss-type="text">
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One in every 2,585 New Jersey homes are foreclosed on every year. These numbers mean that NJ homeowners are more likely to face foreclosure or the threat of foreclosure than homeowners in neighboring states. If you are an NJ homeowner concerned about foreclosure, working with an NJ foreclosure defense attorney can help. Foreclosure defense attorneys are knowledgeable of NJ foreclosure law and the options available to NJ homeowners as they navigate a foreclosure. Yes—it is possible to go through foreclosure without an attorney. But an NJ foreclosure defense attorney can be an incredible resource if you want to protect your homeowner rights, save your home, or find the best possible solution for you. Here are just a few things a foreclosure defense attorney can do for you:
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1. Assistance with a Loan Modification
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Acquiring a loan modification ensures you can keep ownership of your home while avoiding foreclosure. By working with your lender to change the terms of your loan, your monthly payments may become more manageable. You can acquire a lower monthly payment by extending the life of your loan, decreasing the rate, or even decreasing the loan's original amount. While there are no costs to modify your loan, getting a loan modification application approved can be challenging. An experienced foreclosure defense attorney will offer expert negotiation tactics and a deep understanding of the law regarding loan modifications. Your attorney's experience working with lenders can also give you an edge as you negotiate the terms of your loan.
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2. Notice of Appearance (NOA)
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One thing that is always true about foreclosure is the immensity of paperwork and correspondence that needs to be properly organized and responded to. By filing a notice of appearance with the court, your attorney will become the person who receives and responds to any letters, forms, applications, or other correspondence from your lender or the court. The NOA lets your attorney handle your legal matters during a foreclosure case. This will help ensure that all correspondence is dealt with professionally and promptly while decreasing stress throughout the proceedings.
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3. Filing a Contesting Answer
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Your attorney can help you dispute your lender's right to foreclose your property. An attorney will be able to review your case to determine any legal missteps on the part of your lender. For example, if your lender misses a step in the foreclosure notification process, this could buy you more time to avoid foreclosure.
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4. Filing for Bankruptcy
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When you file for bankruptcy in NJ, you enter the automatic stay period in which lenders or other creditors cannot bring forth any legal actions against you or attempt to collect on your debts. This powerful tool can be used to stop foreclosure in its tracks. Bankruptcy is not a solution for every case, but it can be an excellent solution for many facing foreclosure. Filing for bankruptcy does not automatically mean you must lose your home. Many who file for bankruptcy keep their home and either get rid of their debts or enter into a more manageable repayment plan through the courts.
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5. Short Sale
</span>
</p>
</div>
<div data-rss-type="text">
<p>
<span style="display: unset;">
If you decide to leave your home, you may find yourself facing a short sale. A short sale is when you sell your home for less than what you owe your lender for the home. Some lenders may agree to a short sale in order to avoid costly and time-consuming foreclosure proceedings. An experienced real estate or foreclosure attorney can help you negotiate mutually agreeable terms of a short sale with your lender so they are more likely to accept the sale. An attorney can also help you and your lender agree on terms for the balance you owe the lender.
</span>
</p>
</div>
<div data-rss-type="text">
<p>
<span style="display: unset;">
These complex negotiations can go smoother and more successfully with the adept guidance of an experienced attorney. Whether you are looking for an attorney to help you avoid foreclosure or to help throughout foreclosure proceedings, Veitengruber Law can help. We are a full-service foreclosure defense and bankruptcy attorney with years of experience in NJ foreclosure law. We understand how stressful it can be to face the loss of your home. We offer compassionate and professional legal solutions to help you work towards the best outcome for your situation.
</span>
</p>
</div>Foreclosure in Retirement2023-11-14T02:10:52Z2023-11-14T02:10:52Z<div data-rss-type="text">
<p>
<span style="display: initial;">
Most Americans envision their golden years as a time of peace, relaxation, and comfort. Life after retirement is not always so stable, though, as many Americans are finding out. According to Census data for 2020, 2 in 5 baby boomers are entering retirement with no retirement savings. Only 58% of Americans aged 55-64 have a retirement account. Many believe that Social Security will be enough to sustain them throughout retirement, but this is rarely the case. The average Social Security check is about $1,800 a month, while the average household expenditure for 65+ households is more than
</span>
<a href="https://www.blackrock.com/us/individual/education/retirement/building-a-retirement-budget#:~:text=According%20to%20the%20U.S.%20Bureau,(approximately%20%244%2C345%20a%20month).&text=How%20are%20you%20going%20to%20pay%20for%20these%20expenses%3F" target="_blank" style="display: initial; font-weight: bold;">
$4000 a month
</a>
<span style="display: initial;">
. Simply put, most boomers reaching retirement age do not have the savings to sustain a comfortable lifestyle through retirement.
<br/>
</span>
</p>
</div>
<div data-rss-type="text">
<p>
<span style="display: unset;">
To add to this problem, more boomers are carrying mortgage debt into their retirement years. Those aged 55-75 are
</span>
<a href="https://www.fanniemae.com/sites/g/files/koqyhd191/files/migrated-files/resources/file/research/datanotes/pdf/housing-insights-100517.pdf" target="_blank" style="display: unset; font-weight: bold;">
now less likely
</a>
<span style="display: unset;">
than previous generations to own their home at retirement. During the housing bubble collapse of 2008, many retirees were forced to leverage the equity they had in their home as a bank to make ends meet through some challenging financial years. Many boomers reverse-mortgage their homes, taking out loans for much more than the actual value of their home to increase their cash-in-hand and cover basic necessities. Most of these folks believed they would just work a little longer and postpone retirement for a few years to account for a bigger mortgage.
</span>
</p>
</div>
<div data-rss-type="text">
<p>
<span style="display: unset;">
But, of course, life happens. Illness, disability, layoffs, and any number of setbacks can force workers into retirement before they are financially ready. Many elderly folks in these situations now find themselves over their head in debt on their home, unable to keep up with high monthly payments on a limited income. The lenders for these reverse mortgage loans now expect their money back. These lenders are also reluctant to negotiate payment terms with elderly borrowers, like extending the term of the loan, out of fear that the borrower may pass away before the completion of their payments.
</span>
</p>
</div>
<div data-rss-type="text">
<p>
<span style="display: unset;">
So what does this mean? For many folks in their golden years, this means foreclosure.
</span>
</p>
</div>
<div data-rss-type="text">
<p>
<span style="display: unset;">
The good news is you have options when facing foreclosure in your golden years. Veitengruber Law has worked with many retirees to help them keep their homes and finally find peace in their golden years. Here are a few ways we can help you save your home while on a fixed income in retirement.
</span>
</p>
</div>
<div data-rss-type="text">
<p>
<span style="display: unset;">
1. Loan Modification
</span>
</p>
</div>
<div data-rss-type="text">
<p>
<span style="display: unset;">
Just because lenders are less likely to negotiate with elderly borrowers doesn't mean it is impossible. Refusing to work with older borrowers simply because they are older is against the law, as well as a profoundly irresponsible business practice. Veitengruber Law can help you negotiate with lenders so they are aware of the law and take your rights seriously. We have experience working with discriminatory lenders and can help you secure a loan modification with more manageable monthly payments. Even if you have not had success getting approved for a loan modification on your own, we can help you submit an application that is more likely to get the results you need.
</span>
</p>
</div>
<div data-rss-type="text">
<p>
<span style="display: unset;">
2. Assistance Programs
</span>
</p>
</div>
<div data-rss-type="text">
<p>
<span style="display: unset;">
While some lenders may be reluctant to work with older borrowers, that doesn't mean all of them will be. At the first sign of trouble paying your mortgage, you should reach out to your lender to see if you qualify for any assistance programs they may have. Some mortgage lenders have special programs for elderly or retired borrowers facing financial difficulties. These programs can vary from lender to lender, so reach out to your lender for specifics and to determine how to apply.
</span>
</p>
</div>
<div data-rss-type="text">
<p>
<span style="display: unset;">
3. Short Sale
</span>
</p>
</div>
<div data-rss-type="text">
<p>
<span style="display: unset;">
If you have exhausted all your other options, a short sale may be the best choice to get you through the rest of your retirement. The Home Affordable Foreclosure Alternatives (HAFA) program is a federal program intended to help those who can not afford their monthly mortgage payments move on from their home without facing major financial consequences. This program allows you to sell your property for less than the balance on your mortgage without paying back the remaining debt to your lender. Many who use the HAFA program are also provided a relocation assistance stipend of at least $3,000 to aid in finding new housing. Even outside the HAFA program, Veitengruber Law can help you work out a short sale agreement with your lender.
</span>
</p>
</div>
<div data-rss-type="text">
<p>
<span style="display: unset;">
Your senior years should be spent enjoying the life you have built for yourself and your family. If you are facing foreclosure during retirement, Veitengruber Law can help. We have helped many retirees keep their homes and escape unmanageable debt. Reach out to us today for a free consultation!
</span>
</p>
</div>How to Save Your Home from NJ Foreclosure2023-11-01T08:18:15Z2023-11-01T08:18:15Z<div data-rss-type="text">
<p>
<span style="display: initial;">
New Jersey has one of the highest rates of foreclosure in the country. If you are a New Jersey homeowner having trouble paying your monthly mortgage payments, you are not alone. The anxiety and dread missed mortgage payments can cause may make you feel like there are no solutions to your problem and that losing your home is inevitable. But that isn't true. Even after you receive a notice of foreclosure, there are a few ways you can save your home. Here are some solutions you may want to explore:
</span>
</p>
<p>
<span style="display: initial;">
<br/>
</span>
</p>
<p>
<span style="display: initial; font-weight: bold;">
1. Cure the Debt
</span>
</p>
<p>
<span style="display: initial;">
One way to stop a foreclosure in NJ is to cure the default on your mortgage. A default happens when you are over 30 days late on your monthly mortgage payments. NJ law states that a lender can only notify you of default or send a notice of intent to foreclose once you are more than 120 days delinquent on your account.
</span>
</p>
<p>
<span style="display: initial;">
<br/>
</span>
</p>
<p>
<span style="display: initial;">
Once this notice of default or intent to foreclose has been delivered, you will have 30 days to cure the default before final judgment. However, before your lender can apply for final judgment, they must send you a letter 14 days in advance notifying you of their intention to file a final judgment. If you respond within this time that you intend to cure the default, you will be granted an additional 45 days to do so. You could also provide valid legal defenses against the foreclosure suit at any time during this process.
</span>
</p>
<p>
<span style="display: initial;">
<br/>
</span>
</p>
<p>
<span style="display: initial;">
After the final judgment has been issued, your home will go up for sheriff's sale. But even then, homeowners have the right to delay the sale for 28 days two different times. You can cure the debt at any time throughout the above process. By utilizing the full timeframe afforded to NJ homeowners during foreclosure, it may be possible to secure the funds to save your home. An attorney can work with you to ensure you do not miss deadlines while maximizing the time you need to secure your funds.
</span>
</p>
<p>
<span style="display: initial;">
<br/>
</span>
</p>
<p>
<span style="display: initial; font-weight: bold;">
2. Loan Modification
</span>
</p>
<p>
<span style="display: initial;">
Loan modification is a great way to stop foreclosure and keep your home. Once you submit an application for a loan modification, your lender cannot proceed with foreclosure because it is prohibited by law. You cannot lose your home while the lender is considering other options for your loan. You do, however, need to make sure that you submit all of the required paperwork and documentation for the loan modification application. Any missing information could be reason enough for them to reject your application and continue with foreclosure. Lenders are also not required to review multiple applications.
</span>
</p>
<p>
<span style="display: initial;">
<br/>
</span>
</p>
<p>
<span style="display: initial;">
Working with an experienced foreclosure attorney can ensure that you complete the paperwork correctly the first time and that your lender properly reviews your application.
</span>
</p>
<p>
<span style="display: initial;">
<br/>
</span>
</p>
<p>
<span style="display: initial; font-weight: bold;">
3. Forbearance
</span>
</p>
<p>
<span style="display: initial;">
Many lenders offer options for forbearance in light of financial difficulties. This is a good option for those who are experiencing temporary income loss resulting in some missed mortgage payments. A forbearance plan would allow you to make reduced monthly payments or pause payments for a set timeframe. You agree to a repayment plan, and your lender agrees not to foreclose on your mortgage as long as you make continued payments. You will not owe less money in the long run, but a forbearance plan may give you the financial break you need to get back on your feet and avoid foreclosure in the meantime.
</span>
</p>
<p>
<span style="display: initial;">
<br/>
</span>
</p>
<p>
<span style="display: initial; font-weight: bold;">
4. Bankruptcy
</span>
</p>
<p>
<span style="display: initial;">
The automatic stay period during bankruptcy is also a legal tactic that can stall foreclosure proceedings. When you file for bankruptcy, you enter the automatic stay period, during which creditors and lenders cannot bring any other legal actions against you or your property. The automatic stay will also stop any debt collection efforts. Filing for Chapter 13 bankruptcy in NJ will allow you to pay back your debts on a repayment plan so you can keep your home. But even those who file under Chapter 7 are not guaranteed to lose their homes. Your income level, assets, and debts will determine which bankruptcy filing option is the best for you.
</span>
</p>
<p>
<span style="display: initial;">
<br/>
</span>
</p>
<p>
<span style="display: initial;">
Once you receive a notice of foreclosure, you have 35 days to respond. If you want to keep your home, you must be proactive about developing a plan before the end of those 35 days. Working with an experienced NJ foreclosure attorney can help you protect your rights as a homeowner and find best-case solutions for a difficult situation. Veitengruber Law is an experienced NJ foreclosure law firm. We offer free consultations to help you understand your options. You do not have to face NJ foreclosure alone; we are here to help!
<br/>
</span>
</p>
</div>Overcoming Challenges as a New Jersey Renter in 20232023-09-22T19:46:10Z2023-09-22T19:46:10Z<div data-rss-type="text">
<p>
<span style="display: initial;">
In August, rent prices across the US fell for the first time in months. But this stroke of good luck does not indicate a larger trend. In New Jersey, experts predict rent prices will continue to increase throughout the end of the year and into 2024. Real estate experts expect rent growth to slow but do not believe prices will return to pre-pandemic levels for quite some time. Here, we will take a look at why rent prices continue to rise, as well as what NJ renters can expect in the coming months.
</span>
</p>
</div>
<div data-rss-type="text">
<h2>
<span style="display: unset;">
Above Average Rent Price Increases in 2023 and 2024
</span>
</h2>
</div>
<div data-rss-type="text">
<p>
<span style="display: unset;">
So far this year, we have seen above-average rent increases, and most experts agree that this trend will carry into the first quarter of 2024. There are a few reasons why rent prices are still increasing:
<br/>
<br/>
</span>
<span style="display: unset; font-weight: bold;">
1. Strong Demand
</span>
</p>
<p>
<span style="display: unset;">
Many would-be homeowners are currently disqualified from the housing market because of high mortgage expenses and high-interest rates. Renters who are ready to purchase a home are running into difficulty securing financing or saving up the money needed for a realistic downpayment. Unable to qualify for financing, these would-be buyers are compelled to remain in the rental market. This increased pool of renters creates high demand.
</span>
</p>
<p>
<br/>
</p>
<p>
<span style="display: unset; font-weight: bold;">
2. Housing Shortage
</span>
</p>
<p>
<span style="display: unset;">
Another cause of high demand is an ongoing housing shortage. One estimate indicates the US is more than 3 million homes short of current demand. Would-be homebuyers are again forced to remain in the rental market because finding a home to purchase is too difficult in the current market. The housing shortage problem can be traced back to the 2008 housing bubble collapse, but building material delays and shipping issues during the pandemic still plague the homebuilding industry. Materials that once took a week to receive can now take months.
<br/>
<br/>
Due to the high rental demand, prices will continue to increase. How much prices increase will depend significantly on the housing market in your part of the Garden State. If housing prices stagnate or begin to decrease, rental prices could also drop. But if housing prices increase in your area, you can expect a similar increase in rental prices. Similarly, if the federal government cuts down on interest rate increases, more would-be homebuyers may be able to catch up to income and savings requirements to qualify for a mortgage. If more people enter the housing market and leave the rental market, the rental demand will decrease.
<br/>
</span>
</p>
</div>
<div data-rss-type="text">
<h2>
<span style="display: unset;">
How Can NJ Renters Manage Price Increases?
</span>
</h2>
</div>
<div data-rss-type="text">
<p>
<span style="display: unset;">
If you are a New Jersey renter, you may wonder how to manage these rental price increases. Here is some advice if you are struggling to keep up with rising rents:
</span>
</p>
</div>
<div data-rss-type="text">
<ul>
<li>
<span style="display: initial; font-weight: bold;">
Consider Moving
</span>
<span style="display: initial;">
<br/>
Rentals in more populated areas are likely to be more expensive than those in the suburbs or rural areas. If you can no longer afford the rental prices in your town, consider a move to a more affordable area. Even going 15 or 20 minutes out of your current area could make a huge difference in your monthly rental payments.
<br/>
</span>
</li>
<li>
<span style="display: initial; font-weight: bold;">
Extend Your Lease
</span>
<span style="display: initial;">
<br/>
If your current lease is affordable, consider extending it. If your landlord is willing to work with you to extend your lease at your current terms, this could be a great way to stay in your area and avoid the rent increases in months to come.
<br/>
</span>
</li>
<li>
<span style="display: initial; font-weight: bold;">
Get a Roommate
</span>
<span style="display: initial;">
<br/>
Studio and one-bedroom apartments have outpaced the rent growth of two- and three-bedroom apartments. This means the choice to live alone is going to be a costly one. Sharing a multi-bedroom rental with roommates and splitting the costs can be a great way to save money while rental prices are so high.
</span>
</li>
</ul>
</div>
<div data-rss-type="text">
<h2>
<span style="display: unset;">
Will Rental Rates Get Better?
</span>
</h2>
</div>
<div data-rss-type="text">
<p>
<span style="display: unset;">
<span style="display: unset;">
As we move into 2024, housing experts predict a leveling out and
</span>
</span>
<span style="display: unset; font-weight: bold;">
potentially
</span>
<span style="display: unset;">
<span style="display: unset;">
a slight decrease in rent prices. More people are putting their homes on the market, decreasing housing supply issues. With more homes on the market, housing prices are expected to decrease. This will allow more potential homebuyers to qualify for financing, allowing them to enter the market.
</span>
</span>
</p>
<p>
<span style="display: initial;">
<br/>
</span>
</p>
<p>
<span style="display: unset;">
Simultaneously, more multi-family housing units are hitting the market this year. 2023 has seen the highest increase in multi-family units since the 1980s. This major increase in units will create an increase in rental vacancy rates. This will decrease rental rates and increase the opportunities for renters to live in newer housing.
</span>
</p>
<p>
<span style="display: initial;">
<br/>
</span>
</p>
<p>
<span style="display: unset;">
Veitengruber Law is a full-service real estate firm. Our team has experience working with those who want to own a home in New Jersey in the near future. We can help you transition from renting to owning by taking a close look at your credit score, savings, and other financial information. Consult with us today free of charge!
</span>
</p>
</div>NJ Short Sale: Is it Right for You?2023-09-19T19:52:10Z2023-09-19T19:52:10Z<div data-rss-type="text">
<p>
<span style="display: initial;">
<span style="display: initial;">
A
</span>
</span>
<a href="https://www.veitengruberlaw.com/blog/nj-short-sales-explained-514.aspx" style="display: initial; font-weight: bold;" target="_blank">
short sale
</a>
<span style="display: initial;">
<span style="display: initial;">
is when a homeowner sells a property at a price below what they still owe on the mortgage for the home. When your mortgage costs more than the value of your home, it can create a dire financial situation. Is a short sale right for you?
<br/>
<br/>
A short sale is when a homeowner sells a property at a price below what they still owe on the mortgage for the home. When your mortgage costs more than the value of your home, it can create a dire financial situation. Many homeowners in this situation have taken out second or third mortgages. They are unable to keep up with the new monthly payments. When a homeowner gets behind on the mortgage, their credit can be affected, along with other negative consequences. A short sale can allow you to move forward with less debt and no mortgage. Here, we will look at New Jersey's short sale process.
<br/>
</span>
</span>
</p>
</div>
<div data-rss-type="text">
<p>
<span style="display: initial; font-weight: bold;">
1. Do I qualify for a short sale in New Jersey?
</span>
</p>
<p>
<span style="display: initial;">
<br/>
</span>
</p>
<p>
<span style="display: initial;">
In New Jersey, you may qualify for a short sale if you currently owe more on your home than your home is worth AND you can no longer afford the payments. To determine if you owe more on your home than it is worth, you can work with a real estate agent to determine the value of your home. You can also compare your home with similar listings in the area to estimate how much you could get for your home on the real estate market. If the estimated sale price of your home is less than what you owe on the house, it could count as a short sale.
</span>
</p>
<p>
<span style="display: initial;">
<br/>
</span>
</p>
<p>
<span style="display: initial;">
Every situation that will qualify for a short sale is unique. Qualifying for a short sale is determined on a case-by-case basis by the individuals and organizations involved in the short sale. You may be eligible for a short sale if:
</span>
</p>
<p>
<span style="display: initial;">
<br/>
</span>
</p>
<ul>
<li>
<span style="display: initial;">
You need to sell your home or want to sell your home because of the financial burden.
</span>
</li>
<li>
<span style="display: initial;">
You owe more on your mortgage than the home is worth or is likely to sell for on the real estate market.
</span>
</li>
<li>
<span style="display: initial;">
You can prove that you are experiencing a financial hardship that makes it impossible to keep up with your mortgage payments. This hardship could be divorce, medical issues, unemployment or income loss, or the death of a spouse.
</span>
</li>
</ul>
<p>
<span style="display: initial;">
<br/>
</span>
</p>
<p>
<span style="display: initial;">
<span style="display: initial;">
Working with an experienced New Jersey real estate agent can help you determine if you are a good candidate for a short sale and if a short sale is
</span>
</span>
<span style="display: initial; font-weight: bold;">
your best option.
</span>
</p>
<p>
<span style="display: initial;">
<br/>
</span>
</p>
<p>
<span style="font-weight: bold; display: initial;">
2. What happens in a short sale?
</span>
</p>
<p>
<span style="display: initial;">
<br/>
</span>
</p>
<p>
<span style="display: initial;">
Step One: Find a Short Sale Specialist
</span>
</p>
<p>
<span style="display: initial;">
<br/>
</span>
</p>
<p>
<span style="display: initial;">
To pursue a short sale, you should find an NJ short sale specialist or a real estate agent experienced with NJ short sales. These professionals will not only treat your case with compassion and understanding, but they will also have expert insights into the short sale process. They can help you evaluate your financial situation, negotiate with your lender, and compile necessary documentation.
</span>
</p>
<p>
<span style="display: initial;">
<br/>
</span>
</p>
<p>
<span style="display: initial;">
Step Two: Gather Paperwork
</span>
</p>
<p>
<span style="display: initial;">
<br/>
</span>
</p>
<p>
<span style="display: initial;">
<span style="display: initial;">
While your short sale team preparing your property for a short sale application, they will ask you to gather
</span>
</span>
<a href="https://www.veitengruberlaw.com/nj-short-sale-attorney/4-things-you-didnt-know-about-nj-short-sales-748.aspx" target="_blank" style="display: initial; font-weight: bold;">
some essential documents
</a>
<span style="display: initial;">
<span style="display: initial;">
to help you prove your short sale qualifications. The documents you need for a short sale application include:
</span>
</span>
</p>
<p>
<span style="display: initial;">
<br/>
</span>
</p>
<ul>
<li>
<span style="display: initial;">
A mortgage statement
</span>
</li>
<li>
<span style="display: initial;">
Two or three months of bank statements
</span>
</li>
<li>
<span style="display: initial;">
A month of pay stubs
</span>
</li>
<li>
<span style="display: initial;">
Two years of tax returns
</span>
</li>
</ul>
<p>
<br/>
</p>
<p>
<span style="display: initial;">
Step Three: Accept an Offer
</span>
</p>
<p>
<span style="display: initial;">
<br/>
</span>
</p>
<p>
<span style="display: initial;">
Getting an offer on a short sale home can take days, weeks, or even months. Depending on the property and the state of the local market, this variable can determine how long the short sale process takes. Your short sale specialist will help you determine what offers to accept.
</span>
</p>
<p>
<span style="display: initial;">
<br/>
</span>
</p>
<p>
<span style="display: initial;">
Step Four: Negotiating with the Bank
</span>
</p>
<p>
<span style="display: initial;">
<br/>
</span>
</p>
<p>
<span style="display: initial;">
Your short sale professional will help you submit all the required paperwork to your lender to begin negotiating a short sale. Your lender or bank will send an appraiser to the house to assess the property and determine if the short sale offer is acceptable. If the bank determines the offer is fair, they will send the homeowner a short sale approval letter, including the amount they agree to settle for. The approval letter will also indicate if your remaining debt is forgiven or how much you still owe the lender.
</span>
</p>
<p>
<span style="display: initial;">
<br/>
</span>
</p>
<p>
<span style="display: initial; font-weight: bold;">
3. Can I sell my home "as is" in a short sale?
</span>
</p>
<p>
<span style="display: initial;">
<br/>
</span>
</p>
<p>
<span style="display: initial;">
Yes. In fact, most properties sold in a short sale are expected to be sold in as-is condition. The reality is that most people who sell with a short sale are experiencing financial trouble that prevents them from making any repairs or improvements before selling the home. There are also typically time constraints involved with a short sale that prevent any major renovations from occurring. If you know you cannot make repairs, listing the home "as-is" should convey to potential buyers that they will be responsible for repairs.
</span>
</p>
<p>
<span style="display: initial;">
<br/>
</span>
</p>
<p>
<span style="display: initial; font-weight: bold;">
4. What are the benefits of a short sale?
</span>
</p>
<p>
<span style="display: initial;">
<br/>
</span>
</p>
<p>
<span style="display: initial;">
The biggest benefit—and most common reason for a short sale—is to avoid foreclosure. A short sale can be a more appealing alternative to foreclosure. While your lender does not have to agree to a short sale, it is typically in their best interest. Foreclosure can be costly and time-consuming. In most circumstances, lenders understand that they can get more for their investment by agreeing to a short sale. An experienced short sale specialist will know how to present a short sale as a mutually agreeable alternative to foreclosure.
</span>
</p>
<p>
<span style="display: initial;">
<br/>
</span>
</p>
<p>
<span style="display: initial;">
<span style="display: initial;">
If you are considering a short sale for your home,
</span>
</span>
<a href="/" style="display: initial; font-weight: bold;">
Veitengruber Law
</a>
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can help. Our experienced team offers legal advice and guidance on the New Jersey short sale process.
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</div>Can I Still Back Out of My NJ Real Estate Contract?2023-09-07T20:02:44Z2023-09-07T20:02:44Z<div data-rss-type="text">
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For good reason, it is challenging to get out of a NJ real estate contract, but it's not impossible. Here, we will look at several legitimate reasons to end a legally binding real estate contract.
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Real estate transactions involve highly complex legal and financial maneuvering on behalf of the buyer and the seller. Because of this intricacy, almost all real estate transactions involve a real estate contract. The contract is a binding legal agreement signed by both parties indicating the specific terms of the transaction. A valid contract is required to ensure that both individuals are aware of their responsibilities and rights throughout the transaction.
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Most real estate contracts will include the following:
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Identification of involved parties
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A description of the property and its location
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The agreed-upon price of sale
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Essential terms, rights, and obligations of the parties in the contract
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Contingencies
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An up-to-date description of the condition of the property
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A list of fixtures, appliances, or furniture included in the sale of the property
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The amount for the earnest money deposit
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Itemized closing costs for the buyer and seller
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Estimated date of closing
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Terms of possession (when the keys will transfer)
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Signatures of each party
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Once a contract has been signed, it is legally binding, and both parties will be held to the terms of the agreement. Breaching this contract can have serious legal repercussions for the party in breach. Going against a contract is rarely in your best interest. On the other hand, it is challenging to get out of a contract. The law backs up these legally binding agreements. There are a few ways to get out of a real estate contract after it has been signed - but be sure you have an experienced New Jersey real estate attorney to help you.
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1. Attorney Review Period
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In New Jersey, once both parties sign the real estate contract, the clock starts on the three-day attorney review period. During this time, a real estate attorney can review the document and advise their client of potential problems or additions that could help protect their client throughout the transaction. Even if your real estate contract looks standard and correct, getting the second opinion of an experienced real estate attorney is still worth it.
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If the attorney advises some changes to be made to the contract, the changes must be accepted by both parties to move forward. If an attorney suggests that the agreement contains significant flaws, it is within the right of the client to cancel the contract before the end of the attorney review period. Once the attorney review period is over, the contract is solidified, and you lose the opportunity to back out of the contract through the attorney review period. If you've passed this time period and still need to back out, keep reading.
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2. Failure to Fulfill Obligations
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Most real estate contracts will include deadlines and commitments that have to be met by the buyer or seller throughout the real estate transaction process. These dates and conditions must be completed for the contract to remain valid. In most cases, a seller or buyer will not cancel a contract over a commitment that is a few days late. But if you are looking for a way out of a contract, this is one way to do so. For example, the contract states that the buyer must secure funding by a specified date. The date comes and goes with no proof of funding. The seller is then within their rights to end the contract. This can apply to any terms with deadlines in the contract.
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3. Unfulfilled Contingencies
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Contingencies are the more nuanced items in a real estate contract that are not standardly included but have been added because of their significance to one or both parties. These conditions must be agreed upon and met during the transaction for the sale to go through. Most real estate professionals will include the common contingencies in their boilerplate contract templates. Still, if the listed contingencies do not cover something that is important to you, you should insist on the inclusion of these terms before signing.
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Once a contract is signed and the contingencies listed are agreed upon, they are legally binding. So, for example, if the seller added the contingency that they needed to successfully purchase a new home in order for the sale of their old home to go through, this contingency would need to be met for the deal to continue. Any contingency that is not met can mean the dissolution of the contract.
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Another common contingency involves the home inspection. Home inspections are a critical aspect of purchasing a home. If a home inspection uncovers major issues with the property that were not previously disclosed, the buyer has the right to back out of the deal as long as there is a home inspection contingency in place.
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4. Scams
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Very rarely, you may need to back out of a real estate contract because you have discovered the transaction is actually a scam. Although rare, real estate scams can unfortunately occur. Working with experienced real estate professionals, like an experienced local agent or a trustworthy real estate attorney, can help prevent you from entering into binding contracts with scammers. But, if this happens, you have the right to break this contract without legal repercussions. If the seller or buyer entered into the agreement with nefarious intentions, you can withdraw from the contract legally. You will need to provide proof of the scam to protect yourself legally, but an attorney can help you with that. Even if the scammer tries to threaten legal repercussions for breaking the contract, as long as you have proof, they will not have the law on their side.
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While backing out of a real estate contract can be difficult, it is not uncommon. Many things can happen that would require the buyer, seller, or both to regret making a deal. Unexpected life events, a concerning home inspection, or even an emotional attachment to a property can all be valid sources of indecision when it comes to a real estate transaction. Veitengruber Law is a full-service New Jersey real estate firm with the experience and knowledge to help you protect your investment.
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</div>Buying a Home in NJ: Do I Need Title Insurance?2023-08-17T20:08:18Z2023-08-17T20:08:18Z<div data-rss-type="text">
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As the title is transferred in a NJ real estate transaction, the ownership rights for the property also transfer. Many title companies and mortgage servicers will encourage or even require property owners to get title insurance for this crucial document. But do you really need it?
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In real estate, a title is a document that gives the owner of a property the right to possess and use said property. Titles can come in many different forms depending on how the ownership of a property is divided. A title can indicate single ownership, tenants in common, joint tenants, life tenants, and other specific forms of property ownership. Each type of title will provide the individuals listed on the title with different ownership rights. As the title is transferred in a sale, the ownership rights for the property also transfer. Many title companies and mortgage servicers will encourage or even require property owners to get title insurance for this crucial document. But do you really need it?
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Here we will look at the purpose of a real estate title and the importance of title insurance.
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Who Has Ownership Rights for a Property?
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The individual or individuals listed on the title of a property have specific ownership rights indicated by the type of title. Titles can also indicate the designated use for a particular parcel of land. The rights of the owner(s) of the property will differ depending on the designated use of the land. Different owners can also have different property rights for the same property based on the use of their title. For example, one owner can have mineral rights while another has utility rights.
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Parties other than the owners listed on a title can have interest and rights to a property. A mortgage lender can have a financial interest in a property. Any construction companies, builders, or contractors who have done work on the property also have an interest and could file a lien on the property if they are not compensated for their work. The government can file a lien for unpaid taxes.
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Some properties can include easements, which grant specific use of a portion of the property to neighbors or others who do not have rights to the property. This is common in beach towns where access to the beach goes through an individual's property or where neighbors share a driveway.
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What Happens During a Title Search?
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Before officially transferring a title to a new owner, hiring a real estate professional to perform a title search is highly recommended. Searching title records can help you find any issues hindering your ownership rights, like judgments or liens. A title company or a real estate attorney can perform a title search to ensure the title for the property is clear. Many mortgage lenders require a title search before loan approval. A title search will provide a complete understanding of your ownership rights to the property and any limitations to those rights due to outstanding liens, judgments, or financial obligations.
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What is Title Insurance?
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When you get title insurance, the title insurance company will thoroughly investigate the title's history. Any issues they find before the title transfer will be the title company's responsibility to fix. The title company will insist that the seller of the property correct any defects with the title prior to closing. Issues can include:
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Improper vesting via wills, deeds, or trusts
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Mortgage, judgment, or tax liens
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Undisclosed easements
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Inaccurate notary acknowledgments
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Most of these issues can be resolved before the transfer of the title. If the problem cannot be resolved prior to closing, the title agency will then list the problem as an exemption on the title's insurance policy. At this point, the buyer has the right to back out of the contract.
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Do I Really Need Title Insurance?
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Many homeowners ask: If I perform a thorough title search and it comes up clean, do I still need title insurance?
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Veitengruber Law's answer is
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YES!
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While a thorough title search should reveal any issues with the title of a property, a search is not absolutely certain. Even the best title researchers can
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miss a judgment, lien, or other hindrance
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on the property. While the person performing the search may be the one to overlook the issue, you, as the new owner, will be the one responsible for correcting the problem. Obtaining title insurance is the only way to ensure that you will not be left holding the bill if you discover your property is encumbered by prior issues.
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Even if the title insurance company's search does not reveal any problems and one arises later, the issue will be covered under your title insurance policy for the property. In this instance, the title insurance provider will work through the problems with the property for you even if the issue is discovered after closing.
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Remember that your title insurance does not cover anything that happens to the title or the property after purchase and the transfer of the title to your ownership.
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So while paying for
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<a href="https://www.veitengruberlaw.com/new-jersey-real-estate-contract/the-importance-of-title-in-nj-real-estate-transactions-824.aspx" style="display: initial; font-weight: bold;" target="_blank">
title insurance
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seems redundant, it is the best way to legally and financially protect yourself from any problems related to your property prior to your ownership. Veitengruber Law recommends a thorough title search as well as good title insurance. We are an experienced real estate firm in New Jersey.
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<a href="https://www.veitengruberlaw.com/blog/do-i-need-a-real-estate-attorney-in-nj-510.aspx" style="display: initial; font-weight: bold;" target="_blank">
We can help you protect your investment
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now and for years to come.
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</p>
</div>Can I Refuse to Join an HOA in New Jersey?2023-08-10T20:37:17Z2023-08-10T20:37:17Z<div data-rss-type="text">
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If you are a prospective homeowner considering purchasing within a neighborhood governed by an HOA, you should know your legal rights under their governance.
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Homeowners Associations are more prevalent with every new housing development, and homeowners continue to chafe against HOA rules and regulations. If you are a prospective homeowner considering purchasing within a neighborhood
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<a href="https://www.veitengruberlaw.com/hoas/should-i-purchase-a-nj-home-if-it-has-a-homeowners-association-819.aspx" target="_blank" style="display: initial; font-weight: bold;">
governed by an HOA
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, you should know what your legal rights are under their governance.
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Can you say no to joining an HOA? Perhaps, but you also have other options that may well be worth pursuing. Whatever your situation, Veitengruber Law will exhaust every avenue to help you gain autonomy over your home.
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HOA Rules
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HOAs create their own charters that detail how homes within their boundaries should be maintained, how homeowners should behave, and whether or not additional construction (e.g. sheds and granny units) shall be permitted. While there are certainly homeowners who prefer the security and predictability of buying under an HOA, there are downsides to consider.
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Voluntary HOAs
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As the name suggests, there are HOAs that are structured to be voluntary. While you’ll be able to easily decline membership in the HOA, you will be relinquishing your claim to the membership benefits as well. Before you decide whether or not to join, we can assist you in analyzing the specifics of the HOA to determine whether or not their rules will be a good fit.
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Mandatory HOAs
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Mandatory HOAs are by far the most common type, under which membership is non-negotiable. If you are sure you will be unhappy as an HOA member, we recommend finding a home that is located elsewhere.
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New HOA Formation
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If you have purchased a home within a growing community and an HOA is forming in your neighborhood, you will almost invariably be permitted to opt out. This likewise applies if your home is currently governed by a voluntary HOA that converts into a mandatory structure in the future.
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However, you will hit a snag if you purchase a home that was originally under a voluntary HOA that has since converted into a mandatory HOA. You will be required to join the HOA to close on your desired property.
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HOA Powers in New Jersey
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In New Jersey, we do not have specific statutes that oversee and regulate their activity, but HOAs are bound to the rules contained in the New Jersey Planned Real Estate Development Full Disclosure Act (PREDFDA).
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While each HOA is potentially unique, they often contain Articles of Incorporation, Bylaws, Declaration of Covenants, Conditions and Restrictions, and further rules and regulations.
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However, HOAs are still subject to federal laws, including the ADA and the Fair Housing Act.
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In New Jersey, an HOA can:
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Collect assessments for common expenses
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Regulate common areas
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Dictate exterior paint colors, fencing, and parking arrangements
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Collect charges for late payments of assessments
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Levy reasonable fines
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Foreclose on a house for unpaid liens
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Can My HOA Impose Fines on Me?
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According to their charter, an HOA can fine any member for violating their rules. Fees will vary wildly from HOA to HOA and by severity of infraction, but $20 to $500 is within the expected range.
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How We Can Help
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<span style="display: initial;">
<span style="display: initial;">
As your attorneys, we at
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<a href="/" style="display: initial; font-weight: bold;">
Veitengruber Law
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<span style="display: initial;">
<span style="display: initial;">
will evaluate all HOA rules that apply to your current or prospective home. Additionally, we can help you file complaints against your HOA, petition to leave the HOA, or even work to have the HOA dissolved.
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<span style="font-weight: bold; display: initial;">
How to Dissolve an HOA
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Make no mistake: this is the nuclear option. It is a tremendous amount of work, but we will toil alongside you if you decide you’re up to the challenge.
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An HOA will likely include a detailed process that must be followed to dissolve the association within its governing documents. If your HOA does not, the board members will have to decide to propose disbanding the HOA to all members.
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In order to pass the resolution, you’ll have to gain support from more than two-thirds of voters. If you wish to throw your efforts into ensuring the motion passes, we recommend first joining the board, and then gradually speaking with homeowners to determine whether or not you can depend on them when it’s time for the vote.
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Because the dissolution of an HOA must be overseen by a NJ real estate attorney, the cost of retaining our services may be divided between all homeowners who wish to see the HOA disbanded.
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<span style="font-weight: bold; display: initial;">
The Detail-Oriented Approach
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As outlined above, the process of overturning an HOA is complicated, time-consuming, and costly. Before we recommend this avenue, consider whether there are specific rules of the HOA that you find untenable.
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If your neighbors aren’t happy with the way the management is operating the HOA, or your unhappiness does come down to specific rules, there may be an alternate approach that will work: change from within.
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Like disbandment, this method requires intensive effort, long months or years of work, and may not be successful. You will have to join the HOA, attend all board meetings, and continually advocate for the changes you desire.
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</p>
<p>
<span style="display: initial;">
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</span>
</p>
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If all else fails, become a board member. With enough time and political acumen, an HOA can be transformed from within.
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</p>
<p>
<span style="display: initial;">
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</span>
</p>
<p>
<span style="font-weight: bold; display: initial;">
The Takeaway
</span>
</p>
<p>
<span style="display: initial;">
Before you search for a new home, determine your stance on HOAs. If you do wish to analyze the rules, regulations, and covenants to which you would be agreeing, please engage our services. Failing to do so may ultimately lead you to regret your decision to purchase within HOA boundaries.
</span>
</p>
<p>
<span style="display: initial;">
<br/>
</span>
</p>
<p>
<span style="display: initial;">
<span style="display: initial;">
Whether you are considering joining an HOA, are already an unhappy member, or are searching for a new home, it is always wise to have a reliable real estate attorney by your side. After all, HOA complexities are only one of a great number of situations through which
</span>
</span>
<a href="/" style="display: initial; font-weight: bold;">
Veitengruber Law
</a>
<span style="display: initial;">
<span style="display: initial;">
can work on your behalf.
<br/>
</span>
</span>
</p>
</div>Can My Brother Force the Sale of Our Deceased Mother's Home?2023-07-30T20:42:02Z2023-07-30T20:42:02Z<div data-rss-type="text">
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<span style="display: initial;">
Parents often pass property to their children as part of their estate plan, not only to protect their investment but also to pass wealth down to the next generation. But many fail to include directives in their estate plan that indicate what should be done with the property. This can create a highly complex situation.
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</p>
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<div data-rss-type="text">
<p>
<span style="display: initial;">
When real estate is inherited, ownership typically passes to multiple people. Parents often pass property to their children as part of their estate plan, not only to protect their investment but also to pass wealth down to the next generation. But many fail to include directives in their estate plan that indicate what should be done with the property. This can create a highly complex situation, especially if the new owners cannot agree on the future of the property. If one owner wants to sell and one owner wants to keep the property, conflict can ensue. As an experienced real estate attorney, George Veitengruber, Esq, is uniquely positioned to offer advice on these difficult situations. Here are some tips for getting through co-owner property disputes.
</span>
</p>
<p>
<span style="display: initial;">
<br/>
</span>
</p>
<p>
<span style="display: initial;">
There are certainly ways that this situation can be solved outside of legal action. The owner or owners that want to keep the property as a primary residence or secondary property have the option to buy out the owners that do want to sell. By offering to pay the other owners their portion of the fair market value of the home in exchange for sole property rights, everyone wins. Another solution is for the co-owner residing on the property to pay rent to the non-resident co-owners at a fair market price. However, if the sibling or owner that wants to keep the home cannot afford the house, cannot qualify for a mortgage, or cannot buy out the other owners, turmoil can persist.
</span>
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<span style="display: initial;">
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<span style="display: initial;">
In
</span>
</span>
<a href="https://www.veitengruberlaw.com/forced-real-estate-sale/forcing-the-sale-of-real-estate-in-new-jersey-668.aspx" target="_blank" style="display: initial; font-weight: bold;">
New Jersey estate law
</a>
<span style="display: initial;">
, something called partition action can be used to resolve the dispute. When a co-owner of a shared property refuses to sell the property or provide compensation for the other co-owners interests, a partition action can be used to separate the interests of one co-owner from the other co-owners. A partition action cannot be used when the co-owners are spouses.
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<span style="display: initial;">
To initiate a partition action, the action must be filed in the Superior Court of New Jersey in the county where the disputed property is located. The Court will then review the action and determine the best course of action to satisfy the ownership interests of each co-owner. The Court does have the authority to physically divide the property and distribute the split ownership rights amongst the co-owners. A commissioner will oversee the division of the property to ensure that everyone gets as even a split as possible. Typically, this option only happens when the property in question is vacant land instead of a property with a structure.
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<span style="display: initial;">
When a property contains a structure, like a home, it is not realistic or possible to physically divide a property in this way. If physically dividing the property is not possible due to size, configuration, special features, or structures on the property, the Court does have the right to order that the property as a whole be sold. The proceeds of the property sale will then be split evenly between the co-owners. The Court will authorize the sale of a property if and only if it is determined that a division of the property cannot be made without infringing on the equal property rights of the other co-owners.
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<span style="display: initial;">
<span style="display: initial;">
If any of the co-owners paid to cover repairs, maintenance, taxes, insurance, or other ownership obligations, the Court will consider these costs when determining
</span>
</span>
<a href="https://www.veitengruberlaw.com/blog/joint-property-ownership-and-bankruptcy-in-new-jersey-663.aspx" target="_blank" style="display: initial; font-weight: bold;">
how to divide the proceeds
</a>
<span style="display: initial;">
<span style="display: initial;">
of the sale. The Court will adjust the credits to account for co-owners that have invested more into the property. Directives in an estate plan that account for different levels of ownership rights will also be considered when determining the fair distribution of proceeds from the sale of the property.
</span>
</span>
</p>
<p>
<span style="display: initial;">
<br/>
</span>
</p>
<p>
<span style="display: initial;">
Veitengruber Law has worked with many families to settle co-owner disputes. We emphasize to our clients that while partition action is a legal recourse when no other solution can be found, it should never be the first course of action. Negotiating between co-owners to find a solution everyone is happy with is typically the best course of action. Especially with inherited property, sentiment, and heightened feelings can make it difficult for those involved to make practical decisions. An attorney like Veitengruber Law can assist with these negotiations to find an agreeable solution for everyone involved. And if a solution cannot be agreed upon, we can also assist clients in bringing about a partition action.
</span>
</p>
<p>
<span style="display: initial;">
<br/>
</span>
</p>
<p>
<span style="display: initial;">
<span style="display: initial;">
Real estate law and estate law each have vast complexities that make it difficult for the average person to navigate.
</span>
</span>
<a href="/" style="display: initial; font-weight: bold;">
Veitengruber Law
</a>
<span style="display: initial;">
<span style="display: initial;">
is experienced in both. We can help you traverse these difficult situations to find a solution that is acceptable to everyone involved.
<br/>
</span>
</span>
</p>
</div>Top Mistakes NJ Homebuyers Make: How to Avoid Buyer's Remorse2023-07-16T16:55:01Z2023-07-16T16:55:01Z<div data-rss-type="text">
<p>
<span style="display: initial;">
The best way to avoid buyer's remorse is to work closely with experienced real estate professionals. Here are five ways working with a real estate attorney can lessen your homebuying anxiety and help you make the best decision for your real estate goals.
<br/>
</span>
</p>
</div>
<div data-rss-type="text">
<p>
<span style="display: initial;">
Buying a home comes with a lot of anxiety. For most people, buying a home is the largest purchase they will make in a lifetime. Homebuying anxiety trips up many would-be homeowners in their real estate search. People worry about affordability, making a good investment, location, size, missing out on "the deal"—the list goes on. The best way to avoid buyer's remorse is to work closely with experienced real estate professionals. Here are five ways working with a real estate attorney can lessen your homebuying anxiety and help you make the best decision for your real estate goals.
</span>
</p>
<p>
<span style="display: initial;">
<br/>
</span>
</p>
<p>
<span style="display: initial; font-weight: bold;">
1. Understand Mortgage Types
</span>
</p>
<p>
<span style="display: initial;">
<br/>
</span>
</p>
<p>
<span style="display: initial;">
<span style="display: initial;">
Before you agree to any mortgage, it is vital to understand your options and what each means for you. There are several kinds of home and mortgage loans, each with different pros and cons. The first lender you talk to may offer something other than the type of loan you are looking for. This is why shopping around for a mortgage that works best for you is essential. A real estate professional can explain
</span>
</span>
<a href="https://www.veitengruberlaw.com/home-loans/applying-for-a-mortgage-23.aspx" target="_blank" style="display: initial; font-weight: bold;">
each type of mortgage
</a>
<span style="display: initial;">
, which would likely work best for your situation, and tips on negotiating with a lender to secure the best loan for you.
</span>
</p>
<p>
<span style="display: initial;">
<br/>
</span>
</p>
<p>
<span style="display: initial; font-weight: bold;">
2. Examine Closing Costs
</span>
</p>
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<span style="display: initial;">
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</p>
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<span style="display: initial;">
<span style="display: initial;">
As a homebuyer, you likely have a specific amount saved to cover the costs of purchasing a home. Closing costs, however, still tend to be a
</span>
</span>
<a href="https://www.veitengruberlaw.com/buying-a-home-in-nj/the-biggest-mistake-you-can-make-while-saving-to-buy-a-home-711.aspx" target="_blank" style="display: initial; font-weight: bold;">
big shock for many
</a>
<span style="display: initial;">
<span style="display: initial;">
</span>
</span>
<a href="https://www.veitengruberlaw.com/buying-a-home-in-nj/the-biggest-mistake-you-can-make-while-saving-to-buy-a-home-711.aspx" target="_blank" style="display: initial; font-weight: bold;">
homebuyers
</a>
<span style="display: initial;">
<span style="display: initial;">
who were prepared for the downpayment but not the fees and expenses that go along with closing. In New Jersey, closing costs tend to be between 3% and 6% of the home's purchase price. Especially for first-time buyers, this can add a hefty price tag to the upfront costs of purchasing a home. Homebuyers with funding issues do have options, though. An experienced NJ real estate attorney can help you negotiate closing cost responsibilities in the home sale contract. It is common for buyers to ask sellers to cover some of the closing costs to decrease the buyer's closing cost burden. Ultimately, sellers may be more willing to cover some
</span>
</span>
<a href="https://www.veitengruberlaw.com/closing-costs/real-estate-closing-costs-what-are-they-and-who-pays-197.aspx" style="display: initial; font-weight: bold;" target="_blank">
closing costs
</a>
<span style="display: initial;">
<span style="display: initial;">
to sell quickly or in exchange for other buyer concessions.
</span>
</span>
</p>
<p>
<span style="display: initial;">
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</p>
<p>
<span style="display: initial; font-weight: bold;">
3. Investigate the History of the Home
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</p>
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<span style="display: initial;">
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</p>
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<span style="display: initial;">
Before you purchase a home, it is very important to do your due diligence in researching the history of the house. Doing this can alert you to any physical or legal problems with the property. A capable real estate agent can help you discover how long a home has been for sale, how many times and how frequently the house has been on the market, and any previous failed sales that could signal issues with the home. A real estate attorney can help you dig through the records surrounding the property. This will tell you if there are any liens or encumbrances on the property that could tangle you in legal troubles later. An attorney has the research capabilities and legal insight to help you protect your investment before you even purchase the property.
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<p>
<span style="display: initial;">
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<span style="display: initial; font-weight: bold;">
4. Utilize the Attorney Review Period
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<span style="display: initial;">
New Jersey requires a three-day review period during which the respective attorneys of the buyer and seller are allowed to review the sales contract. The contract becomes binding at the end of the third day unless an attorney has raised a concern. This review period cannot be waived in New Jersey, and buyers and sellers can cancel the contract at any time during the review period. If any changes are made during the attorney review period, the review window is extended until all parties are in agreement. Having an attorney review the real estate contract can help protect your rights throughout the homebuying process and ensure that you can back out of the contract if the property is found to be lacking.
</span>
</p>
<p>
<span style="display: initial;">
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</span>
</p>
<p>
<span style="display: initial; font-weight: bold;">
5. Hire a Real Estate Attorney
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</p>
<p>
<span style="display: initial;">
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</span>
</p>
<p>
<span style="display: initial;">
Many people talk about the importance of working with a real estate agent when purchasing a home. But few discuss the critical importance of working with a real estate attorney. An experienced real estate attorney offers a multitude of beneficial services intended to protect you and your investment. Every real estate transaction includes navigating your state and town's many complex real estate laws. Form contracts and documents can hardly cover all the complex, town-specific laws surrounding real estate transactions, which is why hiring an attorney is so essential. Working with a trustworthy real estate attorney can help you protect your best interest and avoid buyer's remorse.
</span>
</p>
<p>
<span style="display: initial;">
<br/>
</span>
</p>
<p>
<a href="/" style="display: initial; font-weight: bold;">
Veitengruber Law
</a>
<span style="display: initial;">
<span style="display: initial;">
is an experienced real estate law firm with years of success helping NJ homebuyers achieve their real estate goals. If you are considering purchasing a home in the near future or need an attorney to review a real estate contract, get in touch with us today.
<br/>
</span>
</span>
</p>
</div>NJ Real Estate Market Outlook for Buyers, Sellers, and Investors2023-07-06T17:58:59Z2023-07-06T17:58:59Z<div data-rss-type="text">
<p>
<span style="display: initial;">
As an experienced real estate law firm in NJ, Veitengruber Law is looking toward the major trends in NJ real estate. Here are some of the predictions the experts are making for the NJ real estate market throughout the rest of 2023.
<br/>
</span>
</p>
</div>
<div data-rss-type="text">
<p>
<span style="display: initial;">
<span style="display: initial;">
First-time homebuyers, real estate veterans, and investors alike are all looking towards the future of the New Jersey real estate market. The market is experiencing a big shift right now. Whereas sellers had a tight grip on the market from mid-2020 until late last year, buyers are gaining more power in the current market. This shift can mean big things for anyone looking to make a real estate transaction in 2023. As an experienced
</span>
</span>
<a href="https://www.veitengruberlaw.com/nj-real-estate/what-a-nj-real-estate-attorney-can-do-for-you-10897.aspx" target="_blank" style="display: initial; font-weight: bold;">
real estate law firm in NJ
</a>
<span style="display: initial;">
, Veitengruber Law is looking toward the major trends in NJ real estate. Here are some of the predictions the experts are making for the NJ real estate market throughout the rest of 2023.
</span>
</p>
<p>
<span style="display: initial;">
<br/>
</span>
</p>
<p>
<span style="display: initial;">
1. New Listings Are Slow but Improving
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<span style="display: initial;">
Compared to the end of last year and the first quarter of 2023, more homes are being listed on the market. The NJ home listings increased by over 96% in the first half of 2023. As economic uncertainty troubles many families across the US, some homeowners will look to downsize or move for financial reasons. These sellers may also feel less intimidated by entering the market now that things have slowed down a bit from post-pandemic highs. More homes on the market means more options for discerning buyers and investors. The more options, the better chance of finding a great deal within your budget. As more homes enter the market, sellers may also need to make concessions to make their listings more attractive compared to the competition.
</span>
</p>
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2. Houses Stay on the Market Longer
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</p>
<p>
<span style="display: initial;">
The market has certainly slowed since last year. The average home in NJ stayed on the market for 41 days in the first half of 2023, 7 days longer than the average for 2022. Again, this is good news for buyers and investors. The longer a home remains on the market, the more likely a motivated seller will be willing to cut the price or accept concessions to secure the sale. Sellers may need to work with an experienced real estate agent to ensure they are pricing their property to sell. The high home prices of the last few years will begin to fall as homes remain on the market longer.
</span>
</p>
<p>
<span style="display: initial;">
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</p>
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<span style="display: initial;">
3. Mortgage Rates are Stabilizing
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</p>
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<span style="display: initial;">
Mortgage rates have continued to rise in 2023, but the increases have slowed significantly. The average mortgage rate in NJ in the first half of 2023 was 6.79%. The staggering increases from 2022 appear to be tapering off to more incremental changes this year. While we are not likely to see the low mortgage rates of 2020 return anytime soon, a slow increase generally contributes to the market's overall stability. This stability in mortgage rates may entice more buyers to enter the market. However, as these rates continue to increase, buyers must understand how these interest rates impact their bottom line and set the budget maximum for their home search accordingly.
</span>
</p>
<p>
<span style="display: initial;">
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</p>
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<span style="display: initial;">
4. Home Prices Expected to Drop
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<span style="display: initial;">
As the market continues to slow, experts expect a dramatic decrease in home prices, with some predicting a price drop of as much as 20%. This will allow many buyers and investors who were previously priced out of the market to enter the market for a new home or investment property. Sellers and homeowners can generally expect the value of their homes to depreciate a bit over the next year or so. Sellers will likely see less profit as the year goes on. Because of these decreasing home prices, it is crucial for sellers to work with an experienced real estate expert to ensure their home is priced to sell in the current market.
</span>
</p>
<p>
<span style="display: initial;">
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</p>
<p>
<span style="display: initial;">
5. Home Equity Borrowers Will Have Fewer Options
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<p>
<span style="display: initial;">
As home values skyrocketed in 2022, the equity homeowners had in their homes increased dramatically as well. The average American gained $60,000 in equity in 2022. As home prices decrease, so too will the value of property and homeowner equity along with it. This means that homeowners looking to borrow against their home equity will have fewer options available. It also means that homeowners looking to borrow should do so knowing that their home's value may soon decrease.
</span>
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<p>
<span style="display: initial;">
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</p>
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<span style="display: initial;">
6. Upside Down Mortgages
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<p>
<span style="display: initial;">
<span style="display: initial;">
One of the most significant risks for current homeowners is the possibility of going
</span>
</span>
<a href="https://www.veitengruberlaw.com/blog/selling-your-nj-home-when-youre-underwater-on-your-mortgage-581.aspx" target="_blank" style="display: initial; font-weight: bold;">
upside down on a mortgage
</a>
<span style="display: initial;">
. As home prices and values decrease, it becomes increasingly possible for homeowners to owe more on their mortgage than the home is worth. If a homeowner needed to sell the property during this time of low value, they likely would not be able to sell the house for as much as they owe, resulting in a short sale or even foreclosure. Homeowners who purchased a home recently or who have borrowed significantly from their home will be more at risk of this over the next year.
</span>
</p>
<p>
<span style="display: initial;">
<br/>
</span>
</p>
<p>
<span style="display: initial;">
<span style="display: initial;">
Real estate market conditions are ever-changing and evolving based on many shifting factors. Understanding the trends can help you make an informed decision about your real estate goals. Working with real estate experts like
</span>
</span>
<a href="/" style="display: initial; font-weight: bold;">
Veitengruber Law
</a>
<span style="display: initial;">
<span style="display: initial;">
can also ensure that your investment is protected.
<br/>
</span>
</span>
</p>
</div>Intro to NJ Real Estate Contingencies2023-06-29T18:05:46Z2023-06-29T18:05:46Z<div data-rss-type="text">
<p>
<span style="display: initial;">
Contingencies in a real estate contract are more specific items not covered by the general purchase contract. Here, we take a look at some contingencies buyers and sellers should consider as they review the purchase contract.
<br/>
</span>
</p>
</div>
<div data-rss-type="text">
<p>
<span style="display: initial;">
<span style="display: initial;">
In every real estate transaction, there is a purchase contract. This contract determines the terms of the transaction, including the responsibilities of all parties involved. This
</span>
</span>
<a href="https://www.veitengruberlaw.com/nj-real-estate-contract/top-nj-real-estate-contract-missteps-10877.aspx" target="_blank" style="display: initial; font-weight: bold;">
legal document
</a>
<span style="display: initial;">
<span style="display: initial;">
will fully dictate exactly what and how you purchase or sell a property, so this document must be detailed, accurate, and thorough. When you receive this document, you will want to go through it line by line to make sure you agree with everything in the document
</span>
</span>
<span style="display: initial; font-weight: bold;">
before you sign
</span>
<span style="display: initial;">
. One section of this document is called contingencies.
</span>
</p>
<p>
<span style="display: initial;">
<br/>
</span>
</p>
<p>
<span style="display: initial;">
Contingencies in a real estate contract are more specific items not covered by the general purchase contract. These are conditions that must be met for the sale to proceed. Buyers and sellers can submit contingencies. If an aspect of the sale is essential to your proceeding with the sale, it must be included in writing as a contingency in the purchase contract. Otherwise, it cannot be upheld in the deal.
</span>
</p>
<p>
<span style="display: initial;">
<br/>
</span>
</p>
<p>
<span style="display: initial;">
There are common contingencies that appear in many real estate contracts and also situation-specific contingencies for more nuanced circumstances. Here are some contingencies buyers and sellers should consider as they review the purchase contract:
</span>
</p>
<p>
<span style="display: initial;">
<br/>
</span>
</p>
<p>
<span style="display: initial; font-weight: bold;">
1. Financing Terms
</span>
</p>
<p>
<span style="display: initial;">
<br/>
</span>
</p>
<p>
<span style="display: initial;">
For buyers financing the purchase of a home, including a financing contingency is a great idea. This kind of contingency will protect the buyer if they cannot secure the financing they need to purchase the home. If a buyer needs a specific type of loan or interest rate in order to afford the property, these kinds of specifications need to be spelled out in the contract. A real estate attorney can advise you on financing terms to include in the agreement.
</span>
</p>
<p>
<span style="display: initial;">
<br/>
</span>
</p>
<p>
<span style="display: initial; font-weight: bold;">
2. Closing Costs Responsibilities
</span>
</p>
<p>
<span style="display: initial;">
<br/>
</span>
</p>
<p>
<span style="display: initial;">
Buyers and sellers are responsible for different closing costs depending on what kind of real estate transaction occurs. It is also possible for the buyer or seller to negotiate closing cost responsibilities based on their needs. For example, buyers can offer to pay a higher home price to the seller if the seller agrees to help cover some closing costs. Sellers can negotiate with buyers on home repairs by offering to cover additional closing costs. However it is agreed upon, the contract will need to specifically indicate who is responsible for escrow fees, title search fees, title insurance, notary fees, recording fees, transfer tax, and any other closing costs.
</span>
</p>
<p>
<span style="display: initial;">
<br/>
</span>
</p>
<p>
<span style="display: initial; font-weight: bold;">
3. Home Inspection
</span>
</p>
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<span style="display: initial;">
<br/>
</span>
</p>
<p>
<span style="display: initial;">
<span style="display: initial;">
Home inspections are an essential part of any real estate transaction. Unless the buyer plans to completely tear down the structure on the property, a home inspection contingency should be included in the contract. A home inspection will uncover any problems with the home, from chipping paint to major structural damage. A home inspection report will help you determine the cost of repairs now or in the near future. A home inspection contingency will allow the buyer to
</span>
</span>
<a href="https://veitengruberlaw.wordpress.com/2019/05/10/help-i-want-out-of-my-nj-real-estate-contract/" style="display: initial; font-weight: bold;" target="_blank">
back out of the deal
</a>
<span style="display: initial;">
<span style="display: initial;">
if the home inspection uncovers any significant damage or major issues that cannot be resolved prior to closing. The inspection clause should detail how negative inspection findings will be dealt with between buyer and seller.
</span>
</span>
</p>
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4. Fixtures and Appliances
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All fixtures, appliances, furniture, or other home features that are or are not included in the sale and transfer of the property need to be listed in the purchase agreement. Verbally agreeing to what will stay or go in the property is insufficient. These understandings need to be spelled out in the contract. Sellers can often work with buyers to allow them to maintain specific fixtures or items in exchange for a higher sales price.
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5. Closing Date
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Buyers and sellers both have different needs when it comes to the closing date. Sellers may need time to find a new place to live. Buyers may need the funds from selling their old property to purchase the new property. Whatever the reasons, the closing date needs to be clearly stated in the contract. Standard closing time frames are 30, 45, or 60 days. But, if there are extenuating circumstances, these time frames can be lengthened as long as both parties agree. You can even include specific contingencies around when the buyer can move in or when the seller needs to be moved out.
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The above are common contingencies that are included in most purchase contracts. But as any real estate professional will tell you, contingencies can get very specific and out of the box. If you want the favorable opinion of a feng shui specialist before going through with a home purchase, you can add that to the purchase agreement. Remember that for the contract to be finalized, the other party must agree to your contingencies, and some out-of-the-box requests may result in a rejected contract. However, if something is important to you, discussing with a real estate attorney how to best include these terms in the agreement is a good idea.
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<span style="display: initial;">
In New Jersey, you are allowed a three-day attorney review period during which a real estate attorney can go over the purchase contract with you, and you can present any concerns or propose contingencies.
</span>
</span>
<a href="/" style="display: initial; font-weight: bold;">
Veitengruber Law
</a>
<span style="display: initial;">
<span style="display: initial;">
is an experienced NJ real estate law firm. We can help you understand what contingencies mean for you and how you can use them to maximize your investment.
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</span>
</span>
</p>
</div>What a NJ Real Estate Attorney Can Do For You2023-06-22T18:16:28Z2023-06-22T18:16:28Z<div data-rss-type="text">
<p>
<span style="display: initial;">
Real estate transactions include huge investments for all parties involved. There are significant benefits to working with a real estate attorney from early on in the process, whether you are a buyer or seller.
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</p>
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<p>
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<span style="display: initial;">
Whether you plan to purchase a home for the first time, buy a second home, sell a home, get a vacation property, or purchase an investment property—hiring a real estate attorney is the best way to protect your investment and your interests. Real estate transactions include huge investments for all parties involved. There are significant benefits to working with a real estate attorney from early on in the process, whether you are a buyer or seller. Here are some ways an experienced real estate attorney like
</span>
</span>
<a href="/" style="display: initial; font-weight: bold;">
Veitengruber Law
</a>
<span style="display: initial;">
<span style="display: initial;">
can help you better achieve your real estate goals.
</span>
</span>
</p>
<p>
<span style="display: initial;">
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</p>
<p>
<span style="display: initial; font-weight: bold;">
1. Negotiation
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</p>
<p>
<span style="display: initial;">
Attorneys are often considered professional negotiators and for good reason. While the average person does not spend much time in their daily lives negotiating terms, an attorney spends much of their career doing just that. This means that a real estate attorney will be far better positioned to negotiate a contract that is equitable or even in your favor. This can be useful, especially in today's real estate climate, where genuine property bargains are few and far between. Working towards terms that benefit you can mean the difference of hundreds and sometimes thousands of dollars over the course of your homeownership.
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</p>
<p>
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</p>
<p>
<span style="display: initial; font-weight: bold;">
2. Drafting, Reviewing, and Finalizing Contracts
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<p>
<span style="display: initial;">
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</p>
<p>
<span style="display: initial;">
<span style="display: initial;">
In any real estate transaction, there is a ton of paperwork. Purchasing or selling a home will require standard documents like sales contracts, appraisals, HOA documents, disclosures, home inspection reports, and other documents specific to your situation. While real estate agents, lenders, and other real estate professionals have a lot of experience with these transactions and the documents accompanying them, those professionals are not experts in
</span>
</span>
<a href="/real-estate-legal-questions" style="display: initial; font-weight: bold;">
real estate law
</a>
<span style="display: initial;">
<span style="display: initial;">
or contract law. Without a real estate attorney, most transactions proceed with a generalized, pre-written contract with places to fill in the blanks with information pertinent to that sale.
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</span>
</p>
<p>
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When you work with a real estate attorney, they can develop a deal-specific contract that ensures every aspect of the sale is included. This is the best way to ensure that all the tiny details of an agreement are legally binding. Instead of a contract filled with boilerplate clauses that may or may not pertain to the real estate transaction at hand, you can come to the negotiation table with a detailed, specific contract that benefits everyone. And if your transaction goes beyond the typical real estate transaction—like if it includes a trust or a sizeable legal entity—an experienced real estate attorney will be able to draft the kind of complex contract you need to ensure the transaction goes smoothly.
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</p>
<p>
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<span style="font-weight: bold; display: initial;">
3. Title and Liens Research
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</p>
<p>
<span style="display: initial;">
<span style="display: initial;">
A
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</span>
<a href="https://www.veitengruberlaw.com/blog/dealing-with-surprise-liens-on-a-nj-title-report-441.aspx" target="_blank" style="display: initial; font-weight: bold;">
lien and title search
</a>
<span style="display: initial;">
<span style="display: initial;">
must occur before closing in every real estate transaction. Searching for titles and liens protects all parties and ensures no one has a financial claim on the property. This is good for the seller, as they will receive confirmation that they can legally sell the property. It is also good for the buyer, who will want to know that the property is free and clear of any financial entanglements. A real estate attorney can perform the lien and title search for you. If they discover that there is an outstanding lien on the property, they will be able to help you resolve the problem and keep the deal moving forward. Title issues can also be resolved or negotiated with the help of a real estate attorney. And if an issue cannot be resolved or indicates a bad deal, a real estate attorney can also advise when it is time to walk away from a real estate deal. These services can save you crucial time, money, and stress.
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</span>
</p>
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<span style="display: initial; font-weight: bold;">
4. Proper Filings
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<p>
<span style="display: initial;">
Whenever a property changes owners, a new deed must be filed with the county in which the property resides. Often, a bank or mortgage lender will handle the process of filing the new deed. But a deed is an important, legally binding document. Even a tiny mistake can cause significant issues in the future. A real estate attorney is versed in the legal requirements of a deed and can ensure that the document submitted checks all the boxes. An attorney can often complete the filing process faster than your mortgage lender or bank.
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<p>
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<span style="display: initial; font-weight: bold;">
5. Reviewing Home Inspection Documents or Disclosures
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</p>
<p>
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<br/>
</span>
</p>
<p>
<span style="display: initial;">
Most real estate transactions occur between two honest parties where the buyer and the seller negotiate in good faith. It is rare that one party is trying to enter into a contract through deceit, but it does happen. Because of this, it is essential to do your due diligence when reviewing documents pertaining to the property. All property sales come with some mandatory disclosures and inspections. This does not mean, however, that a desperate seller couldn't use creative language and loopholes to avoid telling the truth about a property. An experienced real estate attorney can spot the red flags of a shady disclosure statement or insufficient home inspection. If an attorney can sense that there are issues hidden within the creative jargon, they will be able to help you articulate the concerns.
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</p>
<p>
<span style="display: initial;">
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6. Closing
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</span>
</p>
<p>
<span style="display: initial;">
<span style="display: initial;">
People often think of
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</span>
<a href="https://www.veitengruberlaw.com/new-jersey-real-estate-contract/when-time-is-of-the-essence-in-a-nj-real-estate-contract-548.aspx" style="display: initial; font-weight: bold;" target="_blank">
closing as the meeting at which you sign all the paperwork
</a>
<span style="display: initial;">
<span style="display: initial;">
and make the sale official. But closing is actually a multi-step process that can extend to before and after the in-person closing meeting. Closing includes filing the deed, resolving any last-minute disputes, and reviewing and signing a closing document. The closing document is an accounting of all the relevant financial transactions that pertain to the sale of the property, including earnest deposit, escrow, and final payment amount.
</span>
</span>
</p>
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<span style="display: initial;">
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</span>
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<p>
<span style="display: initial;">
Other real estate professionals can handle many of the above aspects of a real estate transaction, but not with the legal expertise of an experienced real estate attorney. Working with a real estate attorney like Veitengruber Law can give you the peace of mind that your big investment is fully legally protected.
<br/>
</span>
</p>
</div>What is a Second Mortgage?2023-06-08T18:22:39Z2023-06-08T18:22:39Z<div data-rss-type="text">
<p>
<span style="display: initial;">
As a homeowner, your home is likely your most significant asset. A second mortgage will enable you to leverage the value of your home and the equity you have grown to get cash. Let's take a look at the pros and cons of a second mortgage so you can determine if it is the right choice for you.
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</p>
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<div data-rss-type="text">
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<span style="display: initial;">
A second mortgage is a type of loan that enables homeowners to borrow against the value of their home. As a homeowner, your home is likely your most significant asset. A second mortgage will enable you to leverage the value of your home and the equity you have grown to get cash. If approved, your lender will loan you a percentage of the equity you have in the home. You can use this money to pay off high-interest debt, return to school, or renovate your home. But because taking out a second mortgage requires you to use your home as collateral against your loan, you must consider your options carefully. Here, we explore the pros and cons of a second mortgage so you can determine if it is the right choice for you.
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<p>
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<br/>
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How does a second mortgage work?
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A second mortgage allows you to take out a loan using your home as collateral. It is called a second mortgage because it is secondary to the purchase loan for your home. For example, if the worst-case scenario occurs and you lose your home in foreclosure, the funds raised by your lender in selling your home would first go towards paying off your first mortgage. Any remaining funds would be used towards your second mortgage. So while they are similar loans, your first mortgage gets precedent.
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A second mortgage will utilize your home equity to allow you to pursue your financial goals without selling your house. Equity is the estimated market value of your property minus the balance of your loan. For example, if your home is worth $220,000 and you still owe $140,000 on your loan, your equity is worth $80,000. Your equity increases as you pay off your loan or if the value of your home increases. Your equity decreases when it loses value on the market or if you borrow against your home.
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Second mortgages are sometimes called home equity lines of credit (HELOCs) or home equity loans. A HELOC is a pool of money you can choose to withdraw from if the need arises. You are not required to take the money, but it is there for you if you want it. Lenders will establish a maximum borrowing limit; you can borrow as many times as you want until you reach that limit. You can pay down the loan and borrow similarly to a credit card. A home equity loan is one deposit of money taken at one time. You will repay this loan gradually over time with interest.
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What are the pros of a second mortgage?
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High Loan Amount:
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<span style="display: initial;">
If you need to borrow a significant amount of money, a second mortgage can help you do so. Because the loan is secured by your home, which is probably worth a lot of money, you can access loans for higher dollar amounts than a personal loan or other unsecured loans. Some lenders will approve you to borrow up to 80% of your home's value.
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<span style="display: initial; font-weight: bold;">
Lower Interest Rates:
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Lenders tend to give more favorable terms to second mortgage loans, including lower interest rates. Securing the loan with your home lowers the risk for your lender, and they are, therefore, more inclined to give you a lower rate. This is one of the reasons people commonly use second mortgages to pay off high-interest debts.
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<span style="display: initial; font-weight: bold;">
Tax Benefits:
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<span style="display: initial;">
Using your second mortgage for home renovations can mean a tax deduction. Using the money from your second mortgage to build, purchase, or renovate your home can qualify you for a tax break.
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</span>
</li>
</ul>
<p>
<br/>
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<span style="display: initial; font-weight: bold;">
What are the cons of a second mortgage?
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<span style="display: initial; font-weight: bold;">
Foreclosure:
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One of the most significant risks of taking a second mortgage is the risk of foreclosure. When you use your home as collateral, you risk losing your home in foreclosure. If you stop making payments, your lender could pursue foreclosure. For example, using a second mortgage to consolidate credit card debts may seem like a good idea upfront because you can secure a lower interest rate for your debts. But if you cannot make the payments, you are risking more than bankruptcy or a hit to your credit score. You could end up losing your home.
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<span style="display: initial; font-weight: bold;">
Costs and Fees:
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<span style="display: initial;">
Second mortgages can be expensive. Even just to get approved, you must pay for credit checks, appraisals, origination fees, and even closing costs. If you are working with a different lender than your first mortgage, you will also need to pay an additional fee for the lender to be in a second lien position. All of these costs and fees can add up to thousands of dollars.
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<span style="display: initial; font-weight: bold;">
More Interest:
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<span style="display: initial;">
<span style="display: initial;">
Whenever you borrow money from a lender, you have to pay interest. And while second mortgage rates are typically lower than credit card rates or even personal loan rates, they're typically higher than your first mortgage rate. A second mortgage is more debt and more interest that you will have to repay.
</span>
</span>
</li>
</ul>
<p>
<br/>
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<p>
<span style="display: initial; font-weight: bold;">
Is a second mortgage right for me?
</span>
</p>
<p>
<span style="display: initial;">
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</span>
</p>
<p>
<span style="display: initial;">
Second mortgages can be a great financial opportunity to use your investment to pursue other goals you wouldn't otherwise be able to pursue. If you thoroughly assess your finances and determine that you can afford the extra payments towards a second mortgage, go for it. But putting your home on the line isn't worth it if you are borrowing money to pay off other debts with no clue how you will make up the difference.
</span>
</p>
<p>
<span style="display: initial;">
<br/>
</span>
</p>
<p>
<span style="display: initial;">
In addition to determining how to afford the second mortgage, you must consider what you intend to use the funds for. Using that money to improve your net worth or your home's value are worthwhile reasons to take out a second mortgage.
</span>
</p>
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<span style="display: initial;">
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</span>
</p>
<p>
<span style="display: initial;">
<span style="display: initial;">
If you are considering taking out a second mortgage or have already done so and are worried about your payments,
</span>
</span>
<a href="/" style="display: initial; font-weight: bold;">
Veitengruber Law
</a>
<span style="display: initial;">
<span style="display: initial;">
can help. We can help you get the most out of your home value.
<br/>
</span>
</span>
</p>
</div>NJ Foreclosure Rates Update and How Veitengruber Law Can Help2023-05-30T18:27:36Z2023-05-30T18:27:36Z<div data-rss-type="text">
<p>
<span style="display: initial;">
Several factors have led to the increased foreclosure rate across the country, and New Jersey is not immune to this trend. If you are a New Jersey homeowner, it is important to understand the factors leading to an increased rate of foreclosure in NJ as well as what steps to take if you find yourself facing foreclosure.
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</span>
</p>
</div>
<div data-rss-type="text">
<p>
<span style="display: initial;">
The foreclosure data for the first quarter of the year are in, and Americans are losing their homes in foreclosure at a faster rate in 2023. Several factors have led to the increased foreclosure rate across the country, and New Jersey is not immune to this trend. For years, NJ has ranked in the top five states with the highest rate of foreclosure. If you are an NJ homeowner, it is important to understand the factors leading to an increased rate of foreclosure in NJ as well as what steps to take if you find yourself facing foreclosure.
</span>
</p>
<p>
<span style="display: initial;">
<br/>
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</p>
<p>
<span style="display: initial; font-weight: bold;">
What is the rate of foreclosure in New Jersey?
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<span style="display: initial;">
During the first quarter of 2023, the US average of foreclosures was one in every 1,459 households. In New Jersey, the average was one in 824 households. NJ has the third highest foreclosure rate, behind only Illinois and Delaware. NJ's foreclosure rates are also impacted by the foreclosure rates of the major metropolitan areas around it. Much of NJ is strongly tied to either Philadelphia or New York City. In Q1 of 2023, NYC saw 4,674 properties enter foreclosure, and Philadelphia saw 1,985 properties enter foreclosure.
</span>
</p>
<p>
<span style="display: initial;">
<br/>
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<p>
<span style="display: initial; font-weight: bold;">
Why are foreclosure rates increasing?
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<br/>
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</p>
<p>
<span style="display: initial;">
Last year, real estate and finance experts predicted a return to pre-pandemic foreclosure rates and their predictions are coming true. During the COVID-19 pandemic, the federal and state governments put many protections in place to stop foreclosures from happening and keep homeowners in their homes. They did this to prevent an avalanche of foreclosures during a time when people were experiencing job and income loss, quarantine, and medical crises. During the pandemic, the rate of foreclosure plummeted. Since the foreclosure moratorium was lifted, banks and lenders can again pursue foreclosure.
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</p>
<p>
<span style="display: initial;">
As banks and lenders try to make up for lost time, other factors also contribute to the increase in foreclosures. Those include:
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<p>
<span style="display: initial;">
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</p>
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<span style="display: initial;">
Inflation: Across the US, consumers are struggling with inflation. 2023 has seen the worst inflation since 1981. Put simply, consumers are paying more for less. Homeowners are spending more on essential goods and services and increased interest rates. The effects of inflation can make it impossible fo homeowners to keep up with their mortgages, leading to foreclosure.
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<li>
<span style="display: initial;">
Unemployment: NJ ranks 15th in the country for unemployment. While the NJ unemployment rate has steadily dropped since early in the pandemic, this number does not paint a complete picture of the reality of NJ workers and homeowners. Because NJ has one of the highest costs of living in the US, even those employed can struggle to keep up with the financial demands of homeownership in NJ.
</span>
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<li>
<span style="display: initial;">
Housing Market Vulnerability: Because of NJ's high cost of living, housing can be unaffordable even in ideal economic conditions. Given the current bumpy economy, purchasing a home in NJ can be difficult for the average person. NJ's most vulnerable housing markets will be the NYC and Philadelphia suburbs.
</span>
</li>
</ul>
<p>
<br/>
</p>
<p>
<span style="display: initial; font-weight: bold;">
Should NJ homeowners be concerned?
</span>
</p>
<p>
<span style="display: initial;">
<br/>
</span>
</p>
<p>
<span style="display: initial;">
Yes and no. While the economy, in general, is a bit precarious right now, homeowners with solid financial footing should not fear foreclosure just because foreclosure rates are rising. However, homeowners everywhere should be aware of the foreclosure trends in their area.
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<p>
<span style="display: initial;">
<br/>
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</p>
<p>
<span style="display: initial;">
One big reason for the high foreclosure rate in NJ specifically is that NJ has one of the most prolonged foreclosure processes in the country. As a judicial foreclosure state, foreclosures must be processed within the court system. Court proceedings can take much longer than the process in non-judicial states. The foreclosure backlog built up in the NJ court system has also been impacted by many foreclosures put on hold during the pandemic. Many of the loans entering the foreclosure process this year are old and have been in trouble for years but are just now entering the court system. Not to say that the rising foreclosure rate in NJ is inflated, but this backlog is a contributing factor to the high rates.
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</span>
</p>
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<span style="display: initial;">
NJ foreclosure rates are increasing for many reasons, but the average homeowner should not be overly concerned about these rates. Foreclosure levels are reaching pre-pandemic levels, but the recent increase in foreclosures is more of a return to "normal" levels instead of indicating that the state's economy is poor or that there is weakness in NJ's housing market. However, it is crucial to be proactive if you worry you may lose your home to foreclosure by contacting a foreclosure attorney.
</span>
</p>
<p>
<span style="display: initial;">
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</span>
</p>
<p>
<span style="display: initial; font-weight: bold;">
What can a foreclosure attorney do for me?
</span>
</p>
<p>
<span style="display: initial;">
<br/>
</span>
</p>
<p>
<span style="display: initial;">
An experienced foreclosure attorney can help you prevent foreclosure from happening and help you keep your house when it does. Here is some of the legal help you can expect:
</span>
</p>
<p>
<span style="display: initial;">
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<ul>
<li>
<span style="display: initial;">
Decrease the original amount of the loan. A foreclosure attorney experienced with negotiations may be able to convince your bank to decrease the overall amount of the loan to make payments more manageable.
</span>
</li>
<li>
<span style="display: initial;">
Assist with a loan modification. A loan modification can adapt the terms of your loan to make monthly payments more manageable. A foreclosure attorney can help you submit an application mortgage providers should accept.
</span>
</li>
<li>
<span style="display: initial;">
Apply foreclosure defense techniques. In court, a foreclosure attorney can use the law in your favor to defend your homeowner's rights.
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</li>
<li>
<span style="display: initial;">
Extend time in the home. Whether you are working towards retaining homeownership or just trying to buy more time to figure out your next step, a foreclosure attorney can help you stay in your home longer.
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</li>
</ul>
<p>
<br/>
</p>
<p>
<span style="display: initial;">
<span>
</span>
Foreclosure is stressful and can be a daunting, long, complex legal process in NJ. Working with an experienced and professional foreclosure defense attorney can help ease some of this anxiety. Veitengruber Law is here to help. We have experience in New Jersey foreclosure law. We can provide the compassionate support and legal advice you need to save your home.
<br/>
</span>
</p>
</div>10 Things You Didn't Know About NJ Foreclosure2023-05-17T18:31:22Z2023-05-17T18:31:22Z<div data-rss-type="text">
<p>
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While working with NJ homeowners, we have come to understand some of the biggest misconceptions people have about the foreclosure process. Here we answer some of our client's most frequently asked questions.
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Facing foreclosure can be a stressful and confusing time. New Jersey homeowners face one of the country's
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<a href="https://www.veitengruberlaw.com/foreclosure/will-nj-foreclosure-rates-reach-pre-pandemic-levels-in-2023-10875.aspx" target="_blank" style="display: initial; font-weight: bold;">
highest foreclosure rates
</a>
<span style="display: initial;">
. As a New Jersey foreclosure defense law firm, Veitengruber Law has helped hundreds of NJ homeowners keep their homes. While working with NJ homeowners, we have come to understand some of the biggest questions and misconceptions people have about the foreclosure process. Here we answer some of our client's most frequent questions.
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1. Do I need to leave when I get the foreclosure notice?
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No. A notice that your lender has filed a foreclosure lawsuit against you differs from a notice that you are being evicted. The foreclosure process can take 3-4 months or longer, from the initial filing of the lawsuit to when you must leave your home. Just because you are served with a notice of foreclosure does not mean you have to leave your home or even that you will ultimately lose your home.
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If your home is foreclosed on and your lender wins the right to take the property back, you will receive a notice from the Court or the Sheriff's office that you are being evicted with a date you must leave by. Once the Sheriff's sale goes through, the new owner will acquire a Writ of Possession. This will allow them to begin the eviction process. The new homeowner will be required to give you some time to get your things from the property and leave.
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2. Can bankruptcy save my home?
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Yes! As a bankruptcy and foreclosure attorney, we have often worked with clients to use
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<a href="https://www.veitengruberlaw.com/loan-modification/a-nj-home-saved-veitengruber-law-success-10887.aspx" target="_blank" style="display: initial; font-weight: bold;">
bankruptcy as a tool to stall foreclosure
</a>
<span style="display: initial;">
<span style="display: initial;">
and even save our client's homes. Until the home is sold at a Sheriff's sale, you can file for bankruptcy to enter the automatic stay. During the automatic stay period, any court proceedings will automatically stop. Lawsuits filed by your lenders will go on hold until the bankruptcy has been settled. Chapter 7 bankruptcy will eliminate many of your debts, while Chapter 13 bankruptcy will set you up with a payment plan to cure outstanding debts and create a path for you to keep your home. The kind of bankruptcy you file depends on your specific situation and goals.
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3. Can my lender take my other assets in a foreclosure?
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A foreclosure lawsuit does not allow your lender to seek money or other assets from your estate. The only property in the foreclosure proceedings is the specified real estate. On rare occasions, a lender can file a separate lawsuit to get a judgment for a specific dollar amount. At this point, the lender could try to go after some of your other assets.
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4. Will I lose the equity in my home during a foreclosure?
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There are a few scenarios to consider that determine what happens to the equity in your home. If the real estate sells for less than you owe at the Sheriff's Sale, you will not get any money back. The bank or lender will take any equity you have in the home in the sale. Selling your house before a Sheriff's Sale can be a smart move if you think you can get more than what you owe in a regular sale.
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If your property sells for more than what it is worth at the Sheriff's Sale, it is possible to regain some of the excess profit. These surplus funds will be deposited with the Court. The former homeowner will then have the option to file a motion requesting the Court turns over the excess funds. However, anyone with a lien on the property can also file a motion for these funds. The Court will determine whom the funds should go to.
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5. Will I owe my lender money after a Sheriff Sale?
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After a Sheriff Sale, the lender can ask the former owner to make up the remaining funds if the home has sold for less than the foreclosure judgment. This involves a new lawsuit, is often very time-consuming, and is not a typical result of a foreclosure in NJ.
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6. Can I get my home back after it is sold at a Sheriff's Sale?
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After a Sheriff Sale, the owner has ten days to redeem the property. To redeem, you must pay back the entirety of the amount owed for the foreclosure judgment. Filing for bankruptcy at this point can also grant you an additional 60 days to acquire the necessary funds to redeem the property.
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7. When can I cancel the insurance on my property?
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You must insure your property until ten days after the Sheriff Sale or until the deed has officially transferred out of your name. If you cancel your insurance, you will still be responsible for any liability claims until the deed transfers. Any injuries or damage to others' property will fall on your shoulders.
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8. What can I remove from the home after it sells at a Sheriff's Sale?
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As the homeowner, you can take any personal property in the home. This excludes permanent fixtures like plumbing, toilets, built-in appliances, and mechanical fixtures. You essentially cannot remove any items that would cause damage to the property to remove.
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9. What condition must the home be in upon moving out?
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You are not obligated to leave the home empty or clean before moving out of a foreclosed home.
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10. What happens to possessions left behind in a foreclosed home?
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If you leave items behind after the eviction date, the Sheriff will come to remove any personal property remaining in the home. The belongings will then go to a storage facility. Because it can be challenging to get these belongings back, it is advisable to remove all your personal property from the home before eviction.
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<span style="display: initial;">
If you are currently going through the NJ foreclosure process—or fear you may soon be—
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<a href="/" style="display: initial; font-weight: bold;">
Veitengruber Law
</a>
<span style="display: initial;">
<span style="display: initial;">
can help. We can help you understand the NJ foreclosure process and assert your rights throughout the foreclosure proceedings.
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</span>
</span>
</p>
</div>Chapter 13 Bankruptcy and the Cramdown2023-05-10T18:36:47Z2023-05-10T18:36:47Z<div data-rss-type="text">
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Chapter 13 bankruptcy is a common way to pay down debts while spending less money overall on those debts. Chapter 13 bankruptcy also allows you to "cram down" some of your debts.
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Chapter 13 bankruptcy can be a great tool to help you pay off unmanageable debt. Under Chapter 13 bankruptcy, your eligible debts will enter into a new repayment plan for 3-5 years, depending on the terms applied by the court. During that time, you will make one monthly payment toward these debts. Any persisting unsecured debt will (usually) be discharged after your repayment plan term is completed. Chapter 13 repayment plans often allow for smaller monthly payments and better interest rates than the original terms of the debts. For this reason, Chapter 13 bankruptcy is a common way to pay down debts while spending less money overall on those debts.
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Chapter 13 bankruptcy also allows you to "cram down" some of your debts. A cramdown can help you keep your car, investment property, or other properties. A cramdown will enable you to lower the principal balance of a secured debt to the estimated value of the property the debt is secured by. Here is how a cramdown in
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</span>
<a href="/chapter-thirteen-bankruptcy" style="display: initial; font-weight: bold;">
Chapter 13 bankruptcy
</a>
<span style="display: initial;">
<span style="display: initial;">
can help you.
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How Does a Cramdown Work?
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A cramdown is most often used in Chapter 13 bankruptcy with car loans, so here is an example of how that can work:
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The car loan balance on your car is $15,000. However, in an analysis of the fair market value, your vehicle is only worth $7,000. Chapter 13 bankruptcy will allow you to cram down your loan to the car's value, $7,000. The remaining balance, $8,000, will be added to your other unsecured debts (credit cards, personal loans, etc.). Any persisting
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<span style="display: initial; font-weight: bold;">
unsecured debt
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<span style="display: initial;">
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will typically be discharged at the end of the repayment plan term. This means you will only pay a fraction of the unsecured debt. And because you will have paid down the $7,000 of the car's value, you will also own the vehicle free and clear when the bankruptcy is over.
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What Debts Are Eligible?
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Not all debts are eligible for a
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<a href="https://www.veitengruberlaw.com/cramdown-chapter-13/can-i-cramdown-my-mortgage-in-a-nj-chapter-13-bankruptcy-449.aspx" target="_blank" style="display: initial; font-weight: bold;">
cramdown
</a>
<span style="display: initial;">
. You can only cram down specific secured debts. Secured debts are debts in which your lender has a security interest, like a car loan or mortgage. If you default on those loans, your lender can recoup their losses by repossessing those assets. You cannot get a cramdown for all secured debts, however. For example, you cannot cram down your mortgage on your primary residence. But you can cram down car loans, investment property mortgages, and personal property loans for non-real estate items (like household furnishings).
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What are the Advantages of a Cramdown?
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You can use a cramdown to reduce your interest rate and extend your payments over a longer term. This will reduce the monthly amount you have to pay towards that debt. When you enter bankruptcy, the court will determine the interest rate you pay to secured creditors. The interest rate in bankruptcy is often much lower than the already established interest rate on your original loan. With interest rates trending upward right now, this alone can be the difference between debt you can reasonably pay back and debt that is unrealistic for your budget.
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Because the Chapter 13 repayment plan is stretched out over three to five years, you can often stretch out payments to create a lower, more manageable monthly payment. Again, once you finish the bankruptcy repayment plan at the conclusion of the 3-5 year term, you will own the secured property outright.
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Are There Any Cramdown Restrictions?
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There are federal restrictions concerning the situations in which you can use a cramdown. These restrictions are intended to prevent people from cramming down on recent expensive purchases. There are three main restrictions:
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910-Day Rule on Car Loans
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You are only eligible to cram down your car loan if you purchased the car over 910 days before filing for bankruptcy. This is around 2 ½ years. The 910-day rule is intended to prevent people from using the cramdown to purchase a new car and then instantly pay less on the loan by filing for bankruptcy. This rule applies only to auto loans.
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1-Year Rule on Other Personal Property Loans
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Like the above 910-day rule, the 1-year rule applies to other personal property like household appliances, furniture, or other items. You must purchase these items
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at least
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one year before filing for bankruptcy for that debt to be eligible for a cramdown.
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Rules on Investment Property Mortgages
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The vast majority of courts will expect you to pay off the entirety of the value of secured property by the end of your bankruptcy repayment plan. Because these repayment plans are three or five years, paying back debt from investment properties can be challenging. Even a crammed-down mortgage can be tens of thousands of dollars. Paying back that kind of money in three or five years can be unrealistic. This will result in one of two issues:
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1. You will end with a balloon payment for the loan balance at the end of the repayment plan. Especially coming out of bankruptcy, this can be an unmanageable financial burden. Many bankruptcy courts will not even allow you to end up with this option unless you can prove you can pay off the balloon payment, like by selling other investment properties.
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2. Your monthly payments will be very high in order to pay back the entirety of the debt in the three to five-year term for the bankruptcy repayment plan. Since most folks going through bankruptcy are already struggling with monthly payments, this can be an unrealistic option.
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For this reason, many going through bankruptcy choose not to cram down investment property mortgages.
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However, if your specific situation allows for it, there are benefits to a mortgage cramdown, including:
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1. A Lower Interest Rate:
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Because the court determines your interest rate during a cramdown in bankruptcy, you can avoid paying high-interest rates on your mortgage. The bankruptcy courts will typically approve a rate that is the prime rate plus a few points—which is often lower than the interest rate on the original loan.
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2. No Deficiency:
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Many people file for bankruptcy to avoid foreclosure. During foreclosure, the lender will sell your real estate property for whatever they can get. You
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may
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then owe the lender the difference between the balance still owed on the mortgage and the profit generation by the sale of the property. This amount is called the deficiency. However, after a mortgage cramdown, you will no longer be liable for the amount of debt that is not secured if your lender ends up foreclosing on the property. This unsecured amount of the loan is typically about the same as the deficiency, canceling out your responsibility for it.
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Not all debt is eligible to be crammed down, and a cramdown doesn't make sense for everyone going through bankruptcy. But the benefits are worth looking into. If you are trying to decide if Chapter 13 bankruptcy is right for you,
</span>
</span>
<a href="/" style="display: initial; font-weight: bold;">
Veitengruber Law
</a>
<span style="display: initial;">
<span style="display: initial;">
can help.
<br/>
</span>
</span>
</p>
</div>NJ Real Estate Market: Will it Crash in 2023?2023-04-29T18:40:55Z2023-04-29T18:40:55Z<div data-rss-type="text">
<p>
<span style="display: initial;">
Sellers are dropping their list prices as homes linger on slow markets to entice potential buyers. While this is giving NJ homebuyers more power in a market that has favored sellers for the last three years, many homeowners are worried about these price decreases and asking the age-old real estate question: when will the market crash?
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The latest real estate data indicates a big shift in the New Jersey housing market. While the median sale price of a New Jersey home was still up in the first quarter of 2023, the number of homes sold decreased by over 30%, according to data from Redfin. This is likely due to 20-year high mortgage rates scaring would-be buyers away from the market. Sellers are dropping their list prices as homes linger on slow markets to entice potential buyers. While this is giving NJ homebuyers more power in a market that has favored sellers for the last three years, many homeowners are worried about these price decreases and asking the age-old real estate question: when will the market crash?
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Most real estate experts would agree that the housing market in New Jersey is currently forming a housing market bubble. A housing market bubble is a real estate term that describes a scenario in which housing prices drastically rise while there is an increasing demand for a limited supply of homes. The bubble expands until home prices reach precarious levels, making the purchase of a home unobtainable for the average buyer. Housing market bubbles can be caused by times of economic prosperity, low mortgage rates, and easier access to financing for homebuyers. When these factors work together, a bubble grows. When these factors begin to falter, the bubble can burst.
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A housing market crash typically refers to the moment a housing market bubble bursts. Housing bubbles can burst when there is a sharp increase in interest rates, as we have seen over the last year. A crash can also occur during economic downturns and times of increased layoffs, income loss, and inflation—which we have also seen over the last year. Another contributing factor to a bubble burst is high credit standards. If mortgage lenders make it more challenging to secure financing, home affordability will become more difficult for the average buyer.
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Because we have seen such a significant increase in interest rates and economic strife as inflation causes prices to rise, it is no wonder folks are asking when we can expect the real estate market to crash. However, many real estate experts expect the market to cool off but not crash anytime soon. So while prices will begin to fall a bit, homeowners should not expect the worth of their home to drop significantly.
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Some of the factors buoying the market are:
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1. Low Inventory
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Despite recent high list prices, a limited number of homes are still on the market. This scarcity has forced homebuyers to compete over a limited supply, often bidding for higher than the list price on desirable properties. Over the last three years, low-balling a real estate offer has become unheard of. If buyers want to stay competitive against other buyers, they must continue to offer the list price or more. For this reason alone, folks should not expect home prices to crash anytime soon.
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2. Few New Builds Available
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The new construction market is slow right now. Supply chain issues and inflation have made it difficult for the average buyer to consider building new. When there is an influx of new builds, buyers have more home options and can be less generous with their offers. Less buyer competition often means home price decreases. And while new builds are trending upward again, putting new builds on the market takes time. A housing crash due to increased inventory via new builds is very unlikely in the near future.
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3. New Buyers
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Various demographics are entering their prime home-buying years. Millennials finally edged out Baby Boomers as the generation buying the most homes in 2022. With the youngest Millennials only in their mid-20s, this trend is expected to continue for years to come. According to statistics,
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</span>
<a href="https://www.nar.realtor/sites/default/files/documents/2022-home-buyers-and-sellers-generational-trends-03-23-2022.pdf" target="_blank" style="display: initial; font-weight: bold;">
24% of younger Millennials
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<span style="display: initial;">
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moved directly from their childhood family home into a home they purchased.
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The Latino population has also seen an uptick in homeownership across NJ. Some experts predict they will account for nearly
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70% of homeownership growth
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over the next two decades. Much of this growth overlaps with Millennials, as educated second or third-generation Millennial Latinos look to become first-time homeowners.
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These two big demographics are expected to keep bids for houses competitive as inventory remains low. Savvy real estate professionals will no doubt begin actively working towards attracting these demographics to the NJ housing market with the promise of jobs and proximity to big cities.
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4. Stricter Lending Practices
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Lenders learned a lot from the 2008 housing crash caused by borrowers defaulting on subprime mortgages, many of which were predatory in origin. Now, buyers must go through a stringent financial background check before getting approval for a mortgage. Buyers must have excellent credit, stable income, proof of down payment, and more to qualify for a mortgage. Getting the best rates on a mortgage loan is even more challenging. These prerequisites automatically disqualify many folks from homeownership due to their inability to secure financing.
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With interest rates as elevated as they are now, many hopeful buyers spend much more time building a credit history, increasing their credit score, and saving funds for a larger down payment before beginning their home search. Because of this, fewer homeowners are defaulting on their mortgages.
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5. Decrease in Foreclosures
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While New Jersey still has one of the highest foreclosure rates in the country, we have seen a slight drop in foreclosure rates over the last fifteen years. This is likely because most NJ homeowners have significant equity in their homes. This makes their position as a homeowner stronger and more durable than in previous years. When financial troubles arise, and the economy takes a downturn, these homeowners are more equipped to weather the storm without resorting to foreclosure. The more financially robust NJ homeowners are, the less likely there will be a housing market crash anytime soon.
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The NJ housing market is constantly changing. Many factors contribute to the stabilization of the housing market, and a shift in any of those factors can drastically change the reality of real estate in the Garden State. But current trends do not suggest that a housing market crash is imminent. The difficult lessons many learned in the 2008 housing market crash still haunt the minds of those worried about it today. But for that exact reason, a crash likely won't happen anytime soon. Many real estate professionals learned big lessons then that are informing better choices today.
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Veitengruber Law is a New Jersey real estate law firm that can help you achieve your goals. Regardless of the market, we can help you protect your interests as you make what is probably the most significant investment of your life.
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