Homeowners have been falling victim to “zombie second mortgages,” which are loans that disappeared several years ago only to discover they’re back from the dead seeking all the interest and fees that accrued while the loan had been dormant. As discussed in a recent article by NPR, cases of zombie foreclosures are rising across the county due to the increase in home values. The debt collectors demand huge fees and costs and will take people’s homes if they are not paid. The NPR investigation revealed the widespread nature of this practice. We have already successfully fought against zombie mortgages in NJ and will continue to do so as more cases appear. Contact our law firm today to learn how we can represent you and fight against these unlawful practices.
Is There Any Way to Stop Zombie Foreclosures?
Homeowners facing zombie foreclosures are not defenseless. The Truth in Lending Act’s Regulation Z requires monthly statements to be sent if a mortgage has interest. We’ve found that many homeowners simply never receive notice from lenders. Their debt continues to grow without their knowledge until it’s too late.
It can be an unconscionable business practice for a lender to seek interest and fees without sending monthly mortgage statements to the Homeowners after a loan has been charged off.
I offer aggressive representation to fight against zombie second mortgage foreclosures, by countersuing lenders through Counterclaims and Third Party Complaints under the Truth in Lending Act, New Jersey Consumer Fraud Act (NJCFA) and the Fair Debt Collection Practices Act (FDCPA). My goal is to have the lender remove interest and fees and provide a modification at a reduced interest rate.
Contact Us To Fight Against Zombie Second Mortgages
At the Law Office of Ira J. Metrick, we have successfully litigated against New Jersey attorneys, mortgage servicers, lenders, and banks that tried to collect or foreclose on “Zombie Second Mortgages.”
If you are facing collection or foreclosure from a zombie second mortgage, contact the law office of Ira J. Metrick today to discuss your options. We can also help you with other legal issues, such as Surplus Funds, Foreclosure Defense, and Mortgage Loan Modifications. Call today for a free consultation.
