FAQs

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.