bergen county loan modification help: Thinking About A Bergen County Loan Modification? Run The Numbers First - 04/24/12 05:49 AM
Bergen County NJ – When you negotiate your loan mod you need to remember that the banks are professional negotiators. They know the tricks.
They know how to suck as much money out of you as is legally possible. Don’t kid yourself. They’re going to use every single tool in their tool chest to squeeze you.
Click here to discover how other sellers successfully did a short sale and avoided foreclosure.
So before you start negotiations with the bank, you’ve got to be prepared. You can’t just walk into a gunfight with a knife. You’ve got to go prepared so you … (0 comments)
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bergen county loan modification help: 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)
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bergen county loan modification help: 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)
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bergen county loan modification help: 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)
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bergen county loan modification help: 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)
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bergen county loan modification help: Does My Bergen County Short Sale Have To Be Approved Before I Put It Up For Sale? - 12/27/11 02:07 PM
Bergen County NJ – We often get asked if a short sale is even worth the effort. “Do I need to have my short sale “Approved” by my lender before I put my home on the market?” one seller asked us.
“When I called my lender they wouldn’t talk to me about my short sale. I am concerned that they might do that when I finally sell the property and I’ll never get the short sale approved.”
Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.
Here was our answer. Most lenders will not talk … (0 comments)
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bergen county loan modification help: Can your Bergen County Short Sale Realtor beat the 80% short sale failure rate? - 12/22/11 08:02 AM
Bergen County NJ – Some people think that short sales represent a bargain in the real estate world. Some people have said that banks sell short sales for below market value because they want to avoid foreclosure.
That isn’t true. Yes, banks do prefer to sell a property in foreclosure as a short sale. They know that short sales usually sell for more money than a foreclosure. I am sure you are wondering why. Let me explain.
Click here to discover how other sellers successfully did a short sale and avoided foreclosure.
The problem is that a lot of time the … (2 comments)
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bergen county loan modification help: Bergen County Short Sales: Should I Be Embarrassed by Doing a Short Sale - 12/14/11 09:01 AM
Bergen County NJ – Short Sales are a situation that can often cause emotional turmoil as well as financial. It’s amazing how quick people are to judge others but times may be changing when it comes to today’s financial situations. We’re all feeling tough times. We all have seen local businesses close, people we know losing jobs they’ve had for years, and seen how the cost of living increases while the income we’re making doesn’t seem to be keeping the same pace.
Click here to discover how other sellers successfully did a short sale and avoided foreclosure.
Most of us don’t … (2 comments)
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bergen county loan modification help: Bergen County Short Sale Question: Should I Short Sale Or Declare Bankruptcy? - 12/12/11 01:33 PM
Bergen County NJ – The Stop Foreclosure Institute recently received a question from John. Here is his question.
“I am upside down by $300,000 on my home. I want to move, but I am concerned about having that $300,000 debt chasing me for the rest of my life. A friend mentioned I could get it wiped out in bankruptcy.
So, here is my question. Should I short sale and then declare bankruptcy. Or just declare bankruptcy and get rid of the house in the bankruptcy? John.”
Click here to discover how other sellers successfully did a short sale and avoided foreclosure.
… (0 comments)
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bergen county loan modification help: Bergen County Short Sales Are Improving - 12/07/11 05:26 PM
Bergen County NJ – We recently saw something positive on short sales with Bank of America. Bank of America recently sent out an email stating that you can no initiate the short sale process without a buyer.
The agent can start the process and get things going before a buyer makes an offer to purchase the property.
Click here to discover how other sellers successfully did a short sale and avoided foreclosure.
This will help to reduce the short sale timeline. All of the documents will be submitted and if the negotiator needs anything else, they can request it earlier in … (0 comments)
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bergen county loan modification help: Bergen County Short Sale Myth: It Is Very Difficult To Get A Bank To Approve A Short Sale - 12/05/11 09:07 AM
Bergen County NJ – Short sales are difficult when you do not know what you are doing. But, they aren’t as difficult as people say.
Click here to discover how other sellers successfully did a short sale and avoided foreclosure.
Here are the three keys to getting a short sale approved.
#1: Follow up. Many agents don’t take short sales seriously. They have heard the horror stories from other agents and therefore don’t think their odds of success are very high.
Because of that, they don’t put much effort into the short sale. They’ll submit the short sale file, but … (1 comments)
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bergen county loan modification help: Bergen County Short Sales: What Occupy Wall Street Doesn't Know About Bankers - 11/21/11 08:54 AM
Bergen County NJ – Occupy Wall Street Protestors are not having the best success attacking Wall Street and the banks. But, that is because they are complaining about what they think is wrong with the situation.
Click here to discover how other sellers successfully did a short sale and avoided foreclosure.
If the protestors only knew the level of incompetence in the banks, then they would have a better argument. Here are some of the glaring mistakes we see the bankers make.
1. Doing an incompetent job on short sales and losing tens of thousands of dollars as a result. We … (0 comments)
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bergen county loan modification help: Why Be Responsible When You Can Get A Bailout? - 11/04/11 10:58 AM
Bergen County NJ – Why does a British Bank do a better job than the American Banks?
We have always liked short sales with HSBC. They respond promptly and are easy to work with. The bottom line is that they do a solid, competent job handling short sales and loan modification.
I think the reason is because they never got a bailout from Uncle Sam. If they are incompetent, then themselves and their stockholders take the loss.
Menawhile, the large American Banks are awful to work with. I have countless stories of real estate agents working on a large national bank’s … (0 comments)
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bergen county loan modification help: When A Bank Should Approve A Bergen County Short Sale - 11/03/11 09:51 AM
Bergen County NJ – A bank should accept your short sale when the following rules apply. All banks and servicers have a fiduciary duty to the investor of the loan.
If they own the loan themselves, they have a fiduciary duty to their stockholders. The duty is to get that investor the most money possible. So, a lender should accept an offer if it will net the most money.
Click here to discover how other sellers successfully did a short sale and avoided foreclosure.
Your only job is to prove that to the negotiator. Do that by showing them that the … (1 comments)
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bergen county loan modification help: Bergen County Short Sales: Why Won’t My Lender Allow Me To Walk Away With No Deficiency? - 11/02/11 08:52 AM
Bergen County NJ – The Stop Foreclosure Institute recently received a question from James. Here was his question.
“We are in the middle of a very long negotiation with a large national lender.
I had my agent 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.”
The short sale negotiator, Nathan, has advised my agent that he will reject the file … (1 comments)
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bergen county loan modification help: Bergen County Short Sale Question: Can I Short Sale If My House Is Already In Foreclosure? - 09/13/11 08:20 AM
Bergen County NJ – The Stop Foreclosure Institute recently received a question from Dave. Here was his question.
“I would like to short sale my house. However, the foreclosure has already started. I don’t know how soon the bank is going to come and kick me out.
Can I still short sale? Or, is it to late? Dave.”
Click here to discover how other sellers successfully did a short sale and avoided foreclosure.
Here is the answer to his Question. Dave, yes you can still short sale your house. It does depend on how far along you are in the … (0 comments)
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bergen county loan modification help: Bergen County Short Sales: Does escalating the file even work? - 09/12/11 11:18 AM
Bergen County NJ – The Stop Foreclosure Institute recently received a question from Katie. Here was her question.
I am an agent and I am helping someone short sell their house. X Lender (to remain unnamed) claims that they have sent a short sale package to the seller a couple of times.
But, they haven’t because my customer has never received anything. What can I do? They won’t start the short sale process until they receive the filled out package back from the seller. Katie.”
Click here to discover how other sellers successfully did a short sale and avoided foreclosure.
Here … (0 comments)
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bergen county loan modification help: Trying To Short Sale Your Bergen County Home, But Worried The Lender Might Foreclose On It First? Try This. - 09/06/11 09:17 AM
Bergen County NJ – Short sales can drag out. It takes 1-2 months to sell the house. Then, the short sale negotiations start.
They can drag out for 3-6 months. In the meantime, if you aren’t paying on the mortgage, then the lender will be trying to foreclose on the house.
Here is a tactic you can use to delay the foreclosure process and even stop a foreclosure sale.
Click here to discover how other sellers successfully did a short sale and avoided foreclosure.
Here is a story from Alberto where he explains what to do.
“Here is what I … (1 comments)
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bergen county loan modification help: Bergen County Short Sale Q & A: The Second Mortgage Wants More Than The First Mortgage Will Give Them - 09/02/11 08:49 AM
Bergen County NJ – The Stop Foreclosure Institute recently received a question from Aggie. Here was Aggie’s Question.
“We received a short sale approval on the 1st. They will only pay the second mortgage $3,000. The problem is that the second mortgage wants $5,500.
We are arguing back and forth with the second mortgage. The negotiator there said management decided they won’t take less.
I told her the final decision should come from the investors not from management. Any help greatly appreciated. Aggie.”
Click here to discover how other sellers successfully did a short sale and avoided foreclosure.
Here is the … (0 comments)
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bergen county loan modification help: Who Benefits From A Bergen County Short Sale? - 09/01/11 08:34 AM
Bergen County NJ – Even though lenders pretend to hate short sales, they actually benefit from short sales. Let me explain why.
A lender gets to sell the house at today’s price, versus what it will be worth 6-12 months down the road. We just did a comparison and pulled up sold listings.
All of the listings were the same, very comparable, and located in 3 similar, comparable neighborhoods. All were less than 2 miles apart.
Click here to discover how other sellers successfully did a short sale and avoided foreclosure.
First, we looked up the average selling price per SQFT … (0 comments)
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