Bergen County Short Sales: Why Might a Short Sale Be Preferred Over a Loan Modification? - 01/27/12 08:59 AM
Bergen County NJ – Homeowners who would prefer to get out from underwater may prefer to do a short sale compared to a loan modification.
Click here to discover how other sellers successfully did a short sale and avoided foreclosure.
A short sale means the bank will accept a reduced payoff and release the loan. If your home is worth dramatically less than the amount owed, it might make more sense to do a short sale and be relieved of the burdened debt.
Loan Modifications are changes to your loan agreement. Your payments get more affordable, but your loan balance is … (0 comments)

Bergen County Short Sales: What Else Goes Into a Hardship Letter? - 01/26/12 11:20 AM
Bergen County NJ – You should put every little thing you have to show that your situation is real and that you cannot afford to make your mortgage payment.
Click here to discover how other sellers successfully did a short sale and avoided foreclosure.
Use numbers and percentages to explain the loss your of income or negative cash flow. For example, instead of saying “I’m borrowing money to make the mortgage payments”, disclose the dollar amount and source of that debt.
A good example would be: “I’ve borrowed $10,000 against my VISA card to make my payments over the past 6 … (0 comments)

Bergen County Short Sales: Don't Be Afraid To Tell The Truth In Your Hardship Letter - 01/25/12 11:34 AM
Bergen County NJ – It is not a lot of fun to write a hardship letter. In fact, it can be depressing. Many people may not know how bad their lives have become until they reach a point of writing a hardship letter.
Click here to discover how other sellers successfully did a short sale and avoided foreclosure.
Sometimes seeing all those awful things in writing is startling and some people start crying. However, do not turn and start talking about how your life will improve.
Do “NOT” share your hopes and dreams for the future with the bank. It’s none … (2 comments)

What Constitutes A Hardship On A Bergen County Short Sale? - 01/23/12 11:05 AM
 

Bergen County NJ – Many people think a hardship is mainly based on financial matters and that is not necessarily the case.
Anything that makes it difficult for you to keep on making a mortgage payment might qualify to be a hardship.
Click here to discover how other sellers successfully did a short sale and avoided foreclosure.
One thing that the bank doesn’t want to see is a homeowner who seems to be looking for a way out simply because the home is not worth the amount the owner paid for it.
Being upside-down is one of the qualifications … (2 comments)

Bergen County Short Sale Question: What Kind Of hardship Would My Lender Consider Legitimate? - 01/18/12 01:57 PM
Bergen County NJ – The type of hardship that your lender will consider legitimate depends on the mortgage company considering the Short Sale request.
In general, so long as the hardship is real & acceptable and the mortgage company believes the loan is likely to become delinquent as a result, the Short Sale request will be processed by the Loss Mitigation Department.
Click here to discover how other sellers successfully did a short sale and avoided foreclosure.
A big key to getting your lender to accept a hardship is to submit a strong hardship letter. The hardship letter sets the tone … (0 comments)

HoHoKus House Rental - Newly Renovated - Great School District - 01/17/12 11:22 AM
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Bergen County Short Sale Question: Do Lenders Always Agree To Loan Modification Requests? - 01/16/12 02:29 PM
Bergen County NJ – Unfortunately, lenders do not always agree to loan modifications. That’s why when you decide to explore this option you need to get all the information you can on the subject.
Lenders call the loan modification process “Loss Mitigation.” Loss mitigation is the act of lessening the lender’s losses whether they approve a loan modification, short sale, or foreclose on the property.
Click here to discover how other sellers successfully did a short sale and avoided foreclosure.
The lender’s loss mitigation specialist will provide multiple strategies for repaying your loan, depending on the type of loan and delinquency.
… (0 comments)

Bergen County Short Sale Highlights - 01/11/12 06:44 PM
Bergen County NJ – A short sale is often viewed as the only alternative to foreclosure because it mitigates additional fees and costs to both the creditor and borrower.
By doing a short sale, you will retain some dignity in knowing that you sold your home and you will have no mortgage payments to make.
Click here to discover how other sellers successfully did a short sale and avoided foreclosure.
You will also be eligible, under Fannie Mae guidelines, to buy another home in 2-3 years instead of 5 to 7 years. According to our research, if your credit report does … (0 comments)

How Does A Bergen County Short Sale Affect My Credit? - 01/10/12 11:27 AM
Bergen County NJ – A successful short sale helps the seller to avoid any credit damage that could be brought about by a foreclosure.
Such damage is not something to admire as it may take a minimum of seven years for someone before it goes off your credit report. That is why is it best to do all you can to avoid it.
Click here to discover how other sellers successfully did a short sale and avoided foreclosure.
When you short sell you house, you will recover quickly from the dings of late mortgage payments, provided you can keep your other … (1 comments)

Why A Bergen County Short Sale Is A Win-Win For Everyone - 01/09/12 02:40 PM
Bergen County NJ – While doing a real estate transaction, not all parties with a financial interest can be winners. However, a successful short sale is one of those rare cases where everyone leaves a winner.
Click here to discover how other sellers successfully did a short sale and avoided foreclosure.
The Seller wins by avoiding foreclosure: This will also help the seller to avoid any credit damage that goes along with foreclosure.
In essence, the property is sold and the seller’s lender pays all the costs associated with the sales process. In most cases, the seller cam move on with … (1 comments)

Bergen County Short Sales: Do Not Pay Any Upfront Fees To Anyone - 01/05/12 09:33 AM
Bergen County NJ – Most state governments have determined thatthepractice of offering consulting services to those with delinquent mortgages presents an opportunity for abuse.
You don’t need to pay any consulting fees to get the help that you need to resolve your unpaid loan.
Click here to discover how other sellers successfully did a short sale and avoided foreclosure.
You have a chance to work with your mortgage company to determine what options may be available to resolve your unpaid mortgage.
If the problem that led to this is temporary, you may explore the option of a Forbearance or loan modification … (0 comments)

How To Convince A Lender To Approve A Bergen County Short Sale - 01/04/12 01:49 PM
Bergen County NJ – Patience, persistence, and a lot of experience is required to convince a lender to approve a short sale. It is a process with many steps.
Do “NOT” allow a buyer to work directly with your lender!
Don’t let the buyer speak for you. You will be required to provide so much financial information and documentation to your lender.
This is not something to let your buyer discuss with your mortgage holder. If you do, you will have no control over what the buyer tells your mortgage holder.
Click here to discover how other sellers successfully did a … (2 comments)

Bergen County Short Sales: Mistakes To Avoid When Facing Foreclosure - 01/03/12 11:15 AM
Bergen County NJ – Mistake #1: Deeding your property to a third party without confirming that your debt has been paid off.
Deeding your house to someone else is one way to avoid foreclosure. However, there are some things you need to do before you make a decision to deed your house to someone else in order to stop foreclosure on your home.
Click here to discover how other sellers successfully did a short sale and avoided foreclosure.
You will need to consult with an independent attorney, not the buyer’s attorney. Deeding your property will render you powerless.
The new … (0 comments)

Bergen County Real Estate – 2012, A Look Ahead - 01/02/12 12:00 PM
Bergen County Real Estate – 2012, A Look Ahead
It is a time of year for reflection on where we have been and a look into the crystal ball to prognosticate where we are going.
Over the last few years, the main questions people would ask me knowing I was a Realtor is, “where is the real estate market going? Is it going to continue to slide downward?”  My reply was, “ I don’t have a crystal ball, but if someone can tell me when the job market is going to pick up and unemployment is going to decrease, then I … (1 comments)

Allendale Real Estate, Year End Review – 2011 - 01/02/12 11:14 AM

 Allendale Real Estate Year End Review – 2011

There is so much talk today about the real estate market and just how far values have fallen.  The first fact everyone should remember is that real estate is highly localized. In Bergen County, the market can be drastically different from one neighboring town to the next.  Towns with good school systems tend to maintain their real estate values. A town along the commuter line to NYC also will maintain the home values longer in a down market.  Fortunately Allendale has both of these factors as well as other in tangibles … (1 comments)

Bergen County Short Sales: How do I benefit from a Short Sale? - 01/02/12 08:07 AM
Bergen County NJ – The Stop Foreclosure Institute is closing another short sale tomorrow. The sellers had a job transfer out of state. They were short selling an FHA loan with a second mortgage. The short sale was fairly simple because FHA’s short sale guidelines.
Click here to discover how other sellers successfully did a short sale and avoided foreclosure.
Here was how these sellers benefited from the short sale.
Benefit #1: The sellers were able to walk away with the debt wiped out completely. The FHA short sale guidelines released them from the first mortgage debt. The second mortgage also … (0 comments)