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FAQs and Other Resources
Here are some of the most frequently asked questions received by Regina L. Gelzer, Attorney-at-Law, LLC:
What’s a short sale?
A short sale is when the sale price of a home isn’t enough to satisfy its mortgage. Short sales require negotiation with the mortgage lender.
What’s the difference between a note and a mortgage?
A promissory note is essentially an IOU that promises to repay a loan. Meanwhile, the mortgage – or deed of trust – is the document that establishes the home as security for the loan.
What’s equity?
Equity is the difference between a home’s market value and the amount still owed on the mortgage.
What’s the typical length of a foreclosure?
In the Toms River, New Jersey area, foreclosures take an average of 18 months from the first notice to the concluding sheriff’s sale.
What are the different types of bankruptcies?
Regina L. Gelzer specializes in the three most common types of bankruptcy:
Chapter 7 bankruptcy is used by businesses and individuals with little or no assets. It liquidates all debt.
Chapter 11 bankruptcy is used by high-income and high-debt businesses and individuals. It reorganizes debt through a bankruptcy trustee. Creditors are paid back over the course of several years.
Chapter 13, like Chapter 11, is a reorganization of debt. It’s intended to protect a large asset such as a home. Eligibility for Chapter 13 is based solely on one’s ability to pay.
Call 732-608-0560 to speak with our debt settlement attorney in the Toms River, New Jersey area.
