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  1. Court Ruling Allows Lenders to Proceed With Foreclosures in New Jersey

    By on August 16, 2011
    Back in December, the chief justice of the New Jersey State Supreme Court issued orders requiring six major lenders to appear in court in order to show why he should not suspend foreclosures across the state, citing a “public record of questionable practice”.  The result of this order was that many banks stopped new foreclosure filings in New Jersey while the matter was pending.  According to a new article by Sarah Portlock on NJ.com, these banks are now free to proceed with these foreclosures due to a new court ruling:
    “Four of the country’s biggest banks can now resume their uncontested residential mortgage foreclosures in state court, a Superior Court judge ruled today.  
    The decisions come nearly nine months to the day after New Jersey Supreme Court Chief Justice Stuart Rabner cracked down on more than 30 residential mortgage lenders and servicers over fears judges had inadvertantly ‘rubber-stamped’ files with inadequate or inaccurate paperwork and people were unnecessarily put out of their homes.”
    The judge appointed to oversee the case ruled that four of the six banks in question met conditions sufficient to move forward with foreclosures.  The new court decision will require banks to submit to a variety of monitoring procedures regarding paperwork, record-keeping, and documentation of foreclosures.
    There were more than 65,000 foreclosures in New Jersey in 2010, and more than 30,000 foreclosures were delayed as a result of the original court ruling.  More than 50,000 homeowners are seriously delinquent on their home loans.
    Category: Mortgage Rates

  2. Banks Waiting on Filing Nearly 30,000 New Jersey Foreclosures

    By on June 27, 2011

    New Jersey could soon face a multitude of foreclosures which could negatively impact housing prices throughout the Garden State.

    Last Winter, the chief Justice of the New Jersey State Supreme Court announced that he would impose a moratorium on foreclosures from major lenders (Bank of America, Wells Fargo, JP Morgan Chase, OneWest Bank, Citigroup, and Ally Financial) unless these banks would come before the court and document their foreclosure processes and steps they had taken to ensure the accuracy of their foreclosures.  Chief Justice Stuart Rabner said these banks were singled out due to a “public record of questionable practice”.  He commented further that:

    “Today’s actions are intended to provide greater confidence that the tens of thousands of residential foreclosure proceedings underway in New Jersey are based on reliable information.  Nearly 95 percent of those cases are uncontested, despite evidence of flaws in the foreclosure process.”

    Lenders accused the New Jersey Supreme Court of overreaching in its actions.  Presently, a special master, Judge Richard Williams is reviewing the documentation that the banks submitted.  While a moratorium was not issued, the effect was sort of a de facto moratorium, as foreclosures have slowed to a trickle in the state.  Many fear that once the banks get their documentation and processes in order, that trickle will become a torrent.

    Continue Reading…

    Category: Mortgage Rates

  3. Mortgage Help Available for Unemployed New Jersey Homeowners

    By on May 10, 2011

    New Jersey just announced a new program designed to help unemployed New Jersyans at risk of losing their homes to foreclosure.  The New Jersey HomeKeeper Program allows for a zero percent interest, deferred mortgage loan to qualified unemployed and underemployed New Jerseyans.  Applicants may be eligible for as much as $48,000 in assistance for up to 24 months.  The loan is repayable if the homeowner sells, refinances, or stops living in the home within ten years of taking the loan.

    Says Department of Community Affairs Commissioner Lori Grifa:

    “The New Jersey HomeKeeper Program is here to assist homeowners who are struggling to make their mortgage payments because they lost a job or have seen their paychecks reduced.  We understand that New Jersey families – like households around the country – continue to face difficult economic realities, and we want to help them keep their homes as they look for work.”

    The funds are being made available through the New Jersey Housing and Mortgage Finance Agency in conjunction with the Treasury Department’s Hardest Hit Fund, which disbursed funds to 18 states that were most impacted by the recession.  Applications are available on the New Jersey HomeKeeper website here.

    Category: Mortgage Rates

  4. 30 Year FHA Mortgages in New Jersey from 4.375%

    By on May 4, 2011

    There’s good news today for New Jersey borrowers: rates are down, and Total Mortgage is now offering FHA mortgages in New Jersey starting as low as 4.375 percent with an APR of 5.681%*.

    As traditional sources of credit have become more difficult to attain following the housing bubble, the FHA has become an increasingly popular source of financing.  The FHA offers mortgage insurance which allows those with less money for a down payment to purchase a home.  FHA mortgages only require a minimum down payment of 3.5%, and generally have lower credit score requirements than are required by other lenders. This allows many who would not be able to obtain financing to make an entry into homeownership.

    Total Mortgage is a fully-approved FHA lender, and offers a wide variety of FHA products in New Jersey (and twenty other states as well).  To learn more about our FHA mortgage program, our free mortgage pre-approval process, or any of our other rates and products, call one of our licensed mortgage professionals today at 877-868-2503.  See what a difference Total Mortgage makes.

    * All rates shown are for 30 day rate locks. Longer locks are available. The APR for conventional loan amounts is calculated using a loan amount of $417,000, 1 point, a $495 application fee, $400 appraisal fee, $715 underwriting fee and a $16 flood certification fee. The APR for jumbo loan amounts is calculated using a loan amount of $500,000, two points, a $495 application fee, $400 appraisal fee, $715 underwriting fee and a $16 flood certification fee. The APR for FHA loan amounts is calculated using a loan amount of $295,000, two points, a $495 application fee, $450 appraisal fee, $715 underwriting fee and a $16 flood certification fee. Some rates and fees may vary by state. All interest rates listed are for qualified applicants with 720 or higher FICO and 80 LTV and are subject to mortgage approval with full documentation of income. All rates are subject to change without notice.  All rates shown are for 30 day rate locks with 1 point unless otherwise noted.

    Category: Mortgage Rates

  5. Fixed Mortgage Rates in Newark, New Jersey

    By on September 2, 2010

    Newark, New Jersey Fixed Mortgage RatesTotal Mortgage is currently offering some of the lowest mortgage rates in Newark, New Jersey. Newark is the largest and the second most diverse city of New Jersey. With the prices of homes declining, Newark has become a buyer’s market and demand for fixed rate mortgages are rising. Total Mortgage is here to help your dreams come true with affordable and some of the lowest mortgage rates in NJ.

    Fixed mortgage rates are popular among borrowers because the terms of the loan remain constant over the period of the loan. There are a number of fixed mortgage products available at Total Mortgage. A 30 year fixed conventional mortgage is available at 4.125% interest rate with a 4.323% APR. A 20 year fixed conventional and a 15 year fixed conventional mortgages are offered at a rate of 4.000% (4.273% APR), and 3.625% (3.972% APR) respectively.

    Other popular fixed mortgage rates are 30 year fixed FHA mortgage, 30 year fixed jumbo mortgage and 15 year fixed jumbo mortgage.

    If you want to grab one of these best mortgage interest rates available in NJ or would like a complete list of our mortgage products, please call 877-868-2509 and speak with a licensed mortgage professional today.

    Mortgage rates constantly change, rates are quoted at 10:30 A.M., September 02, 2010.

    *All rates shown are for 30 day rate locks. Longer locks available. The APR for conventional loan amounts is calculated using a loan amount of $417,000, 2 points, a $495 application fee, $500 loan processing fee, $715 underwriting fee and a $16 flood certification fee. The APR for jumbo loan amounts is calculated using a loan amount of $500,000, two points, a $495 application fee, $500 loan processing fee, $715 underwriting fee and a $16 flood certification fee. The APR for FHA loan amounts is calculated using a loan amount of $295,000, two points, a $495 application fee, $500 loan processing fee, $715 underwriting fee and a $16 flood certification fee. Some rates and fees may vary by state. All interest rates listed are for qualified applicants and are subject to mortgage approval. All rates are subject to change without notice.

    Category: Mortgage Rates

  6. Mortgage Rates in New Jersey

    By on July 29, 2010

    New Jersey Mortgage Rates are some of the lowest in the country.Mortgage rates in New Jersey are amongst some of the lowest in the nation right now. Total Mortgage currently has a wide variety of mortgage products available in the Garden State; all of which have some of the lowest mortgage rates in the state.

    One of the more popular mortgages in New Jersey is the 30 year fixed conventional mortgage. The current mortgage rate for a 30 year fixed conventional mortgage is 4.125 percent and has a 4.323 percent APR. Another popular product is a 30 year fixed FHA mortgage, which currently has a 4.000 percent mortgage rate and a 5.178 percent APR. Continue Reading…

    Category: Mortgage Rates

  7. 30 Year Fixed Rate Mortgages in New Jersey Becoming More Desirable

    By on July 20, 2010

    In the past weeks we have noticed an increase amount of interest in 30 year fixed rate mortgages. Currently at Total Mortgage a 30 year fixed conventional mortgage is available with a 4.125 percent mortgage rate and a 4.323 percent APR. With mortgage rates in New Jersey so low it is currently a great time to consider refinancing a mortgage or purchasing a home in the Garden State.Fill out this form for a free rate quote

    With a 30 year fixed conventional mortgage you can be assured that you are going to have low payments every month. While 15 and 20 year fixed rate mortgages may have lower mortgage rates the length of the loans will most likely make your monthly payments considerably higher than the 30 year fixed conventional mortgage.

    Fixed rate mortgages, especially 30 years, are great for people who are on a fixed income, people who intend to stay in their home for an extended period of time, those who benefit from knowing their pre-determined monthly payment and people looking to take advantage of low current mortgage rate.

    For more information on 30 year fixed rate mortgages in New Jersey call one of our licensed mortgage professionals at 877-868-2503.

    Category: General

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