OPEN HOUSE - SUNDAY, MAY 1ST 1 - 4 PM "You will not be disappointed!" - 04/30/11 03:19 PM
Fabulous Town, Great Schools, Wonderful Home!  What else could you ask for?

WWW.7EROLDCT.INFO
COME AND JOIN ME FOR YOUR PERSONAL TOUR OF THIS HOME.
This home offers everything a buyer could want. Four bedrooms, 2.5 baths 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/
… (3 comments)

Take These Steps Before You Strategically Default In Bergen County - 04/30/11 03:04 PM
Bergen County NJ - Yesterday, we told you about a new program that Fair Isaac, the founder of the FICO score, came out with to tracks strategic defaults.

Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.
If you are thinking about a strategic default, then you must be aware of this. FICO claims to be able to notify a lender when someone has strategically defaulted, or looks ready to strategically default.
This helps lenders implement additional collection procedures to get you to repay their loss. I spoke with an expert in the industry. … (0 comments)

Thinking About A Strategic Default in Bergen County? FICO May Be Tracking You! - 04/28/11 01:31 PM
Bergen County NJ - Banks must hate Strategic Defaults. A person who walks away from hundreds of thousands of dollars in debt gets on their nerves.
Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.
It must bug them so bad that Fair Isaac, the founder of the FICO score, came out with a program that tracks strategic defaults. Here is the story according to Inman News:
"Article Title: FICO to walkaways: You're on our screen
Fair Isaac, developer of the ubiquitous FICO score, has a new warning for homeowners plotting a strategic default or … (0 comments)

Bergen County Short Sales: The Most Effective Way To Stop Debt Collector Harassment - 04/27/11 09:04 AM
Bergen County NJ - Debt collectors are infamous for multiple phone calls at all hours of the day. One person told the Stop Foreclosure Institute that he would receive several phone calls the first thing Sunday Morning.

Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.
"They would call my home phone at 8:15AM on Sunday. This was the only day that I had to sleep in and they woke me up. I had 2 other people call me before noon", he told us.
This is the biggest complaint the Stop Foreclosure Institute has … (4 comments)

Bergen County Short Sales: More Ways To Tell That A Debt Collector Is Breaking The Law - 04/26/11 04:12 PM
Bergen County NJ - Debt collectors are very creative in their attempts to convince debtors to pay. Fortunately we have the law protecting us called the Fair Debt Collection Practices Act
Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.
I don't know what happened before the law was passed. But, after reading thru the law, you can see it was pretty bad.
It sounds like debt collectors would call late at night, threaten debtors with violence, use profane language, and do anything else they could think of to harass debtors into paying.
Fortunately the … (0 comments)

Bergen County Short Sales: Another Way To Tell That A Debt Collector Is Breaking The Law - 04/25/11 10:57 AM
Bergen County NJ - I've heard of debt collectors contacting people's family and relatives trying to reach them for "an important business matter."

Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.
When they tell the relative their business name, then it becomes obvious what is happening. They do this as an attempt to embarrass a debtor into paying them.
Here is what most debtors do not know. This is actually a violation of a Federal Law called The Fair Debt Collection Practices Act, provided the debt collector has your information already.
I have … (0 comments)

Bergen County Short Sales: Is this debt collector breaking federal law? - 04/22/11 10:33 AM
Bergen County NJ - I've seen lots people use illegal debt collection techniques to collect on unpaid bills or credit cards. For example, there are Federal Laws that regulate what a debt collector can do or say.
They aren't allowed to threaten to sue you, but then not follow thru and actually file suit. To get around this rule, they will use language that sounds legal, but isn't.
Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.
In one situation, a debt collector in Buffalo, New York named their firm Hoffman, Weinberg & O'Brien to … (0 comments)

Home Buyer Traffic is Up! - 04/21/11 12:21 PM
 
Home Buyer Traffic Up
April 15, 2011 by Jed Smith, Managing Director, Quantitative Research ·

According to the latest Realtors® Confidence Index, the gap between the indices of Prospective Home Buyer Traffic and Prospective Home Seller Traffic has narrowed, with an increase in Prospective Buyer Traffic. A continuation of the narrowing of the gap between buyer and seller interest would be favorable to the strengthening of real estate markets nationwide.  
Want to know more about Bergen County Real Estate ?
Real  estate  is very localized. Let me help you with the current value of your property.  Contact me anytime. 

… (1 comments)

Bergen County Short Sales: My home is in foreclosure. How soon will the bank kick me out? - 04/21/11 11:36 AM
Bergen County NJ - The Stop Foreclosure Institute recently received a question from another realtor named Sandy. Here is her question.
"An agent in my office currently has a listing under contract. It is a short sale, the sad thing is that Large National Bank (to remain unnamed) notified the sellers that they had foreclosed a month ago.
Fact is, they had not foreclosed. The employee didn't know what they were talking about. Valuable time and a buyer were lost during this fiasco. This deal is currently awaiting approval. There is no telling what will happen in the end.
My question … (0 comments)

Bergen County Short Sales: There Is A Surprise Lien On The Short Sale - 04/20/11 12:52 PM
Bergen County NJ - The Stop Foreclosure Institute recently received a question from James. Here is his question.
"Do you have any suggestions on a surprise lien from a Water Softener company? We were able to get Bank of America to approve the short sale without paying the lien. It could take another 60 days for Bank of America to agree to pay the lien.
The buyers don't want to wait that long. Is there anything we can do? James."
Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.
Here is the answer to James's … (0 comments)

Bergen County Short Sales: Does Fannie Mae Pursue Deficiencies? - 04/19/11 01:26 PM
Bergen County NJ - The Stop Foreclosure Institute recently received a question from Steve. Here is his question.
"We are doing a short sale with one of the largest nationwide banks. I told them I wouldn't do the short sale unless they specifically changed their short sale approval letter to completely release me from the deficiency.
The short sale negotiate told me that Fannie Mae would not allow them to release the deficiency. I read somewhere that Fannie Mae doesn't pursue a homeowner after a short sale. I don't know who to believe. What do you think? Steve."
Discover how other … (0 comments)

How Does the Realtor Get Paid On A Bergen County Short Sale? - 04/18/11 10:40 AM
Bergen County NJ - A potential home seller asked The Stop Foreclosure Institute how we get paid on a short sale transaction. So I decided to answer that question in today's blog post.

Here is how most Realtors get paid on a short sale. They make a real estate commission from the sale of the property. When the property sells a percentage of the sales price is paid as a commission.
Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.
Man sellers mistakenly think that since there is no equity in the property, then … (0 comments)

Bergen County Short Sale Question: What Do I Owe You If The Short Sales Isn't Successful? - 04/15/11 01:37 PM
Bergen County NJ - The Stop Foreclosure Institute recently received this question from Tamra. Here is Tamra's Question.
"I would like to hire you to help me short sale my house. However, I am concerned that if the short sale doesn't go thru, then I will still owe you money. My friend told me to check on that before I started.
It is true that I would owe you money if the short sale didn't go thru? Tamra."
Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.
Here is the answer to Tamra's question.
… (0 comments)

A Common Myth About Bergen County Short Sales: Banks don't like short sales and prefer foreclosure - 04/14/11 09:55 AM
Bergen County NJ - One of the Stop Foreclosure Institute members talked to a homeowner recently about a short sales. Her house was close to being foreclosed upon.

She had thought about short selling the house. But, she had heard from her friends that banks don't really like short sales and never pursued the option.
Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.
The fact is that banks are better setup for foreclosures. It is only with the recent historic drop in home values that short sales have more common.
Banks always knew … (0 comments)

Bergen County Short Sales: The Wait To Buy Another Home After A Short Sale Was Recently Changed to 3 Years - 04/13/11 11:22 AM
Bergen County NJ - The Stop Foreclosure Institute recently received a question from Christina. Here is her question.
Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.
"I just read your article Frequently Asked Questions about Short Sales. You mention that you can obtain another home loan two years after a short sale.
Who are these lenders and how can I contact them? I have been looking but so far no luck. Everyone is insisting we must wait three years. I'd appreciate any information you can provide. Christina."
We just heard back from our mortgage … (0 comments)

Allendale Holiday Observers to Host Easter Bunny - Saturday April 16, 2011 - 04/12/11 02:10 PM
On Saturday April 16, 2011 at 10 am the Holiday Observers of Allendale will host Peter Cottontail during his annual visit to Crestwood Lake in Alllendale. Rain Date is Sunday, April 17 at 2:00 pm
All Allendale children under the age of 12 are welcome to attend an egg hunt which will be done by age groups.  The older the children, the tougher the bunny will make it to find the eggs. Special plastic eggs are hidden and for those who find these treasures, a special prize awaits.
A Special Egg hunt for all Moms will take place after the children have completed … (0 comments)

Another strategy to use when negotiating a Bergen County Loan Modification - 04/12/11 10:44 AM
Bergen County NJ - Lenders hate losing money. They hate loan modifications, principal reductions, and any other thing that causes them to lose money.
But, in today's tough economy they have no choice but to accept them. The primary reason a lender will grant a loan modification is because that usually reduces their losses.
Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.
If they foreclosed on the house instead, then the losses would be larger. Besides most foreclosures take 18-24 months and often longer.
(That alone should convince you that their losses will be … (0 comments)

Ridgewood Short Sales: How To Negotiate Away Promissory Notes - 04/11/11 10:15 AM
Ridgewood NJ - If your loan has Private Mortgage Insurance, also known as PMI, then there is a high likelihood that they will request that you sign a promissory note.
Today's blog post talks about how to convince the lender to waive it.
Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.
PMI companies are notorious for asking for promissory notes. The reason they ask for them so much is because there is no risk in doing so.
If the home is foreclosed upon, then they will have to pay a claim for the … (0 comments)

A Common Short Sale Mistake Being Made On Ridgewood Short Sales - 04/08/11 09:03 AM
Ridgewood NJ - I see a lot of agents making mistakes on short sales property valuation. Lenders hire a supposedly impartial third party to value the property.
Many of these people are evaluating 10 properties a day. There is very little quality control and usually no one checks their work.
Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.
Because of that, I always try to meet them at the home when they are doing their inspection. I explain the history of the property and why it is selling for that price.
The lender will … (0 comments)

Ridgewood Short Sales: A Common Myth On Escalating A Short Sale File - 04/07/11 09:35 AM
Ridgewood NJ - We see a lot of agent's going about escalating a file the wrong way. It reminds me of the appeals process game in death row.
Everyone has to go thru the appeals process. It drags on for years and years. After a while it simply becomes a game. I don't want to see short sale escalation turn into a "game."
Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.
Treat the Short Sale Escalation Process like a sales process. Don't treat it like just another technical process that you do for no … (2 comments)

Ridgewood Short Sales: The Lender Won't Approve The Short Sale. Now What? - 04/06/11 11:40 AM
Ridgewood NJ - If you are doing short sales, then you must learn how to escalate a file. Here's why.
Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.
What do you do when the house isn't selling for any more money, but the bank keeps on rejecting the offers? You can give up, but then the seller loses the house to foreclosure.
Ouch! Why not escalate the file and get it approved? Here's an example of how it worked for the Stop Foreclosure Institute.
We had a house on the market for 4 months. … (0 comments)

Ridgewood Short Sales: Yes, you can get a $3,000 check for short selling your home - 04/04/11 02:19 PM
Ridgewood NJ - If you are looking to short sale your home, then I have some good news for you. Thanks to a new government program, HAFA, you can get paid to participate in a short sale.

Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.
If your loan qualifies for the HAFA program, then you may be eligible for a number of financial incentives. You can get up to $3,000 to help with moving costs.
Even better is the stipulation that you will be completely released from the first mortgage debt. No deficiency … (0 comments)

NJ Realtors Host Open House Weekend - 04/02/11 09:57 AM
You're Invited! April 2-3, 2011
Last year's Open House Weekend was a huge success! Join the New Jersey Association of REALTORS® (NJAR®) as we host Open House Weekend in 2011! It's an exciting time of the year; don't miss out on this golden opportunity!
Find out:
* How you can find your dream home at the right price;* How to sell your existing home without further delay/stress;* Why it's so crucial to have a REALTOR® helping you through the home buying/selling process!* View this flyer for more reasons why YOU should take part in this event!
Why should you participate in … (0 comments)

Allendale Real Estate Market Activity - March 2011 - 04/01/11 01:11 PM
The spring real estate market has hit Allendale!  
Here are the statistics from the New Jersey MLS system for period 3/1/2011 - 3/31/2011
 
Although only two homes closed(sold) in March remember there is usually a 45 -60 day period once a contract is written to when the home is closed. The big number to notice for March is 23 homes came on the market available for sale. Some of these might have been withdrawn and then relisted but inventory is now up to 33 available single family homes as opposed to 22 last month.
Seven homes have come under contract indicating … (0 comments)

Ridgewood Short Sales: Can banks get in trouble for taking too long to process a short sale file? - 04/01/11 12:54 PM
Ridgewood NJ - We received a lot of feedback from yesterday's post.One agent said, "You obviously don't know what you are talking about. Bank X won't give us a response on the file and we have been waiting 5 months for an answer.

How dare you suggest that I am incompetent because they haven't replied?" (The bank was a large national bank whose name I changed for this post.)
Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.
First off, we are not saying that all agents are incompetent. However, we do see some … (0 comments)