Ridgewood Short Sales: Do Short Sales Really Take 6-8 Months? - 03/31/11 09:55 AM
Ridgewood NJ - The Stop Foreclosure Institute recently received a question from John. Here is John's Question.
"I am trying to buy a short sale. I have been waiting on an answer to my offer for 6 months. The agent tells me we should have an answer any day.
But, they've been saying that for a long time already. What should I do? John."
Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.
John, I think you should run for the hills. We see a lot of agents quote 6-8 months for a short sale … (2 comments)

ALLENDALE GEM >>>>Open House - Sunday, April 3, 2011<<< - 03/30/11 10:06 AM
A home where memories are made! 

WWW.7EROLDCT.INFO
COME AND JOIN ME FOR A LOOK AT A FABULOUS ALLENDALE LISTING.
This home offers everything a buyer could want with added benefits of an exceptional school system and walking distance to NYC train or bus.  
For more information on this house or questions about Allendale or Allendale Real Estate
Contact me anytime:
James LockardRE/MAX PropertiesOffice: 201-825-6600Cell: 201-674-3114Email: jlockard@remax.netWebsite:  http://www.bergencounty-homes.com/
… (0 comments)

Ridgewood Short Sales: A Good Example Of Lender Incompetence On Short Sales - 03/30/11 09:58 AM
Ridgewood NJ - We received the following e-mail a little while ago from another agent that does short sales. It illustrates how the current short sale guidelines hurt the housing market and homeowners short selling their house.
Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.
The following e-mail shows you why it is important that you have an experienced short sale agent help you. Here is the e-mail.
"I have a short sale listing with a large national lender. I have been waiting for an answer since September. I finally received an answer last … (0 comments)

Ridgewood Short Sales: How Do I Get A Loan Mod On An FHA Loan? - 03/29/11 10:44 AM
Ridgewood NJ - The Stop Foreclosure recently received a question from Grant. Here was his question.

"I have an FHA loan and want to get a loan modification. My bank is playing hardball and won't modify the loan at all. My friend got a loan modification and said it was pretty easy. What can I do to modify my loan?" Grant.
Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.
Here is the answer. I don't know the specific rules for FHA Loan Modifications. But, I do know how to find them. Here is … (0 comments)

Ridgewood Short Sales: What Does I Mean When The Bank Says File Is Going To Investor Soon? - 03/28/11 12:10 PM
Ridgewood NJ - The Stop Foreclosure recently received a question from Georgia E. Here was her question.
" When the bank says the file should be going to an investor soon what does that mean?" Georgia E.
Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.
Here is the answer. It means that whoever ultimately owns the loan will make the decision. For example, you might be negotiating the short sale with Wells Fargo.
However Wells Fargo may not own the loan. (Around 80% of all the loans they service are owned by someone else.) … (0 comments)

How will a Ridgewood Short Sale or loan modification affect my credit score? - 03/25/11 10:35 AM
Ridgewood NJ - How do foreclosures, loan modifications or short sales affect a credit score? Your credit score will be affected by late mortgage payments and a short sale.
However, there are 2 things that are considered horrible on your credit report. Those 2 are items are foreclosure and bankruptcy.
Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.
A foreclosure or bankruptcy will almost immediately lower a credit score by around 100 to 120 points. (The number is not hard and fast - it all depends upon what the score was before the foreclosure, … (0 comments)

How To Preserve Your Credit During A Ridgewood Short Sale - 03/24/11 08:55 AM
Ridgewood NJ - If the right decision for you and your family is to sell the house as a short sale, then the sale will have an immediate effect on your credit score.
Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.
You might feel like it's just overwhelming and demoralizing to see your credit score take any more hits!
But, here's the silver lining: according to most experts, 78% of Americans have ERRORS on their credit score. Why is that a silver lining?
If you have negative errors on your report that get fixed, … (0 comments)

Should I Continue Paying My Credit Cards During A Ridgewood Short Sale? - 03/22/11 02:12 PM
Ridgewood NJ - The Stop Foreclosure Institute recently received a question from Paul. Here is Paul's Question.
"I am selling my house as a short sale. I am behind on the mortgage payments. Do you think I should still pay my credit cards?" Paul.
Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.
Here is our answer. I all depends on what is important to you. Can you afford your mortgage payment if you stopped paying the credit cards?
If the answer is yes and you don't want to move, then I would recommend that … (2 comments)

Ridgewood Short Sales: Why Lenders Back Off When Threatened With Bankruptcy - 03/21/11 11:01 AM
Ridgewood NJ - Bankruptcy is one of the scariest words a lender can hear. A bankruptcy filing can stall their ability to foreclose by 6 months, and sometimes as long as a year.
Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.
The lenders know that most bankruptcies will cause them to lose the ability to pursue you for any losses. This means they can't go after you for any upside down debt.
The only thing a lender gets in a Chapter 7 Bankruptcy is any collateral they have on a loan. So they can … (0 comments)

ALLENDALE OPEN HOUSE - SUNDAY, MARCH 20, 1 - 4 PM - 03/18/11 10:56 AM
A home where memories are made! 

WWW.7EROLDCT.INFO
COME AND JOIN ME FOR A LOOK AT A FABULOUS ALLENDALE LISTING.
This home offers everything a buyer could want with added benefits of an exceptional school system and walking distance to NYC train or bus.  
For more information on this house or questions about Allendale or Allendale Real Estate
Contact me anytime:
James LockardRE/MAX PropertiesOffice: 201-825-6600Cell: 201-674-3114Email: jlockard@remax.netWebsite:  http://www.bergencounty-homes.com/
… (0 comments)

How To Get Your Loan Mod Approved When Negotiating With A Local, Ridgewood Lender - 03/18/11 08:57 AM
Ridgewood NJ - In my opinion, loan mods are very tough to negotiate with large lenders like Bank of America, Wells Fargo, JP Morgan Chase, or SunTrust. The reason is because you are treated like a number.

In addition, in most cases the lender doesn't own your loan. Someone else does. So when they negotiate with you, it is simply to go thru the motions.
Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.
No, common sense does not apply in these situations! The good news is that common sense does apply when you … (2 comments)

Ridgewood Short Sales: Four Specific Examples of Big Bank Negligence - 03/16/11 12:47 PM
Ridgewood NJ - Here are four specific examples of big bank's negligence causing a loan owner to lose money.
Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.
Example #1: Not giving buyers an answer on a short sale within one week. Home buyers don't like to wait 3-6 months for an answer on a short sale. This fact causes many buyers to shy away from short sales, thereby causing short sales to sell for less.
Lenders should help the loan owners recoup as much money as possible from short sales. To do this, they … (0 comments)

What The Big Banks Don’t Want You To Know About Ridgewood Short Sales - 03/15/11 04:22 PM
Ridgewood NJ - Here is a shocking fact that most of the American Public doesn't know. Most mortgages are not owned by banks.
Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.
In addition, most of the huge losses on bad mortgages was not lost by the banks themselves. Instead, the biggest loser was Uncle Sam, thru the takeover of Fannie Mae and Freddie Mac.
Most mortgages are sold after they are made. We estimate that around 75-80% of all mortgages were sold before the housing crisis.
This means that the large lenders didn't take … (1 comments)

Ridgewood Short Sales: How One Agent Overcame The Odds - 03/11/11 05:23 PM

Ridgewood NJ - Sometimes it seems like short sales are tough. "Don't try to short sale your house. Short Sales never go thru", people tell you.
Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.
This isn't true. Here is how one agent beat the odds and succeeded with a short sale.
A member of the Stop Foreclosure Institute told me about a short sale he recently worked on. Here is the story from the member.
"I had a short sale with a large national lender. The loan was owned by Fannie Mae, not … (0 comments)

Ridgewood Short Sales: A Little Known Fact About Short Sale Negotiators - 03/10/11 07:38 PM
Ridgewood NJ - A negotiator at a large bank tried to mislead a Stop Foreclosure Institute Member. She really got on our nerves.
Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.
You see, we've spent the last few years figuring out all the guidelines for short sales. If the loan being shorted is an FHA Loan, VA Loan, Fannie Mae Loan, or Freddie Mac Loan, then the guidelines for the short sale are different.
In this case, the loan being shorted was an FHA loan. Here's what happened.
FHA puts out a letter called … (0 comments)

Ridgewood Short Sales: Lenders Loses 50k Turning Down Short Sale - 03/09/11 02:27 PM
Ridgewood NJ - I have a good story today about another bank losing their shirt because their short sale process is so tough to work with.
The bank in question is a large, top 20 American Bank. They actually owned the loan in question. So their stockholders lost 50k from their negligence. Ouch!
Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.
Here is the story from a Stop Foreclosure Institute Member. "We met some buyers at an open house. They told us they were buying a house just down the street from … (0 comments)

Why Ridgewood Short Sales Sell For A Higher Price Than A Ridgewood Foreclosure - 03/08/11 10:27 AM
Ridgewood NJ - People often wonder why their lender will release their debt in a short sale. Most lenders don't like to release the debt. But, they agree to do it because they know that policy nets them more money.
They net more because a home usually sells for more money as a short sale versus after it has been foreclosed upon. Let's go thru a few examples.
Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.


Most Short Sales Are Well Kept Up And Attractive To Buyers.
See the home in the … (1 comments)

The Housing and Transportation Affordabilty Index is a innovative tool that measures affordabilty of housing based on location - 03/08/11 09:06 AM
Since 1978, Center for Neighborhood Technology (CNT) has been a leader in promoting urban sustainability-the more effective use of existing resources and community assets to improve the health of natural systems and the wealth of people, today and in the future.
CNT is a creative think-and-do tank that combines rigorous research with effective solutions. CNT works across disciplines and issues, including transportation and community development, energy, natural resources, and climate change.
Housing Costs factored as a percent of income has widely been utilized as a measure of affordability. Traditionally, a home is considered affordable when the costs consume no more than 30% … (0 comments)

Ridgewood Short Sales: This Short Sale Negotiator Isn't Doing His Job - 03/07/11 01:01 PM
Ridgewood NJ - Here is a question that the Stop Foreclosure Institute recently received. "I am in the middle of a very long negotiation with Chase.
The seller had me to put a clause into the contract stating "upon approval of short sale by sellers' lender, lenders, & or affiliates, client, or heirs will be released from any monetary shortages or deficiencies from said sale of stated property upon successful closing and transfer of title from that date and forevermore."
Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.
The short sale negotiator at the … (0 comments)

Ridgewood Short Sales: How to strong arm your lender on a short sale - 03/04/11 09:20 AM
Ridgewood NJ - Here is a technique you can use to "strong arm" you're your lender on your short sale. The number one reason people short sale is to salvage their credit.
After all, a short sale has much less of an impact on your credit than a foreclosure. Despite all this, banks still make short sales tough.
How would you feel if you worked hard on a short sale only to watch it fall apart because you lender dragged their feet?
Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.
Later on the property … (0 comments)

Ridgewood Short Sales: Why it is cheaper to short sell and rent versus staying - 03/03/11 09:28 AM
Ridgewood NJ - Many people are shocked that it is often cheaper to short sale and rent that staying in your home with a loan modification.
They find it hard to believe that they can rent a comparable or even nicer home for less than their mortgage. Here are the two factors that make it possible.
Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.
Many homeowners bought homes for more than they are selling for today. A perfect example is a homeowner that paid $150,000 for a home. His mortgage payment was around $1,500 … (0 comments)

Ridgewood Short Sales: The Homeownership Rate continues to drop - 03/02/11 12:59 PM
Ridgewood NJ - Barron's Magazine recently had an article titled "Renter Nation." In it, they detailed the various factors at work that will reduce the homeownership rate in America.
Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.
The homeownership rate has already dropped from 69.2% to 66.9% today. Here is one of the factors Barron's said would cause the homeownership rate to drop. Experts project that the average American Household will become younger over the next decade.
Younger households are more likely to rent versus purchase a home. However, the article missed another big … (0 comments)

Allendale Real Estate Market Statistics - February 2011 - 03/01/11 10:03 AM
Snow and cold weather contributed to a rather slow housing market in February for Allendale.  Wasn't that what I said for January? The statistics look pretty much the same.  
Here are the statistics from the New Jersey MLS system for period 2/1/2011 - 2/28/2011
 
The statistic that jumps out at me is the two sold homes have a sold price average of $396,500!  In Allendale?  One house that sold was on Myrtle for $309,000 after being on the market for over 6 months. It was a three bedroom one bath, older home that needed work. The other was a home on Brookside that … (0 comments)

Ridgewood Short Sales: What is a HUD-1 and why does it matter on a short sale? - 03/01/11 09:38 AM
Ridgewood NJ - Here is something that drives inexperienced short sale agents crazy. It is a HUD-1, also called a HUD. HUD is the Federal Agency, the Department of Housing & Urban Development, also called HUD.
A HUD-1 is a document regulated by HUD. It is the financial accounting for a real estate sale. Here is why it is important to a short sale.
Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.
Before a short sale lender will accept a short sale, they want to know what they will net from the sale. … (0 comments)