Loan Modifications, Short Sales and Loss Mitigation Work Outs

The Law Office of Jace C. McColley, LLC offers loss mitigation services including representation in loan modifications, short sale transactions, deed in lieu transactions and loss mitigation resolutions of all kinds. We have represented a wide variety of clients in foreclosure actions in both New Jersey and New York. Mr. McColley specifically is experienced in attending New Jersey foreclosure mediations held pursuant to the New Jersey Judiciary Foreclosure Mediation Program and attending New York Foreclosure Conferences held pursuant to C.P.L.R § 3408.


Mr. McColley uses his vast knowledge in the foreclosure field to the benefit of his clients. In summation, our office handles loan modifications of a wide variety including but not limited to: deed in lieu of foreclosure transactions on both commercial and residential properties, as well as short sales, forbearance agreements, repayment plans and reinstatement plans.

 

What is a Foreclosure Conference or Foreclosure Mediation?

New York has implemented a foreclosure conference requirement for all residential home loans in foreclosure pursuant to C.P.L.R § 3408. The number of conferences held for each specific foreclosure case is determined on a case by case basis. During each conference the borrower and counsel for the borrowers and the lender are present to negotiate a resolution to the foreclosure.


Homeowner eligibility to participate in foreclosure conferences was initially determined according to guidelines determining if the loan was indeed subprime, non-traditional or high cost. Furthermore, certain loans with a principal balance of certain threshold were initially excluded as "Jumbo" loans. This determination was based on the Fannie Mae Historical Conventional Loan Limits table. However, in December 2009 legislative changes expanded conference requirements to include borrowers of all residential "home loans" and not just borrowers with subprime loans.

New Jersey offers optional foreclosure mediation to qualified home owners. At a New Jersey foreclosure mediation, borrowers and their attorney meet with a neutral mediator as well as counsel for the lender and discuss options with regards to the property under foreclosure.

 

To View our Resources and Frequently Asked Questions pertaining to Loan Modifications, Short Sales and Loss Mitigation Work Outs.

 

The information on this website is intended for general informational purposes only. Nothing on this or associated pages, documents, comments, answers, emails, or other communications should be taken as legal advice for any individual case or situation. The information on this website is not intended to create an attorney client relationship, nor does receipt or viewing of this information constitute an attorney client relationship. It is our policy that an attorney client relationship with the firm does not begin until there is a written signed agreement.