bergen county realtor: How A Bergen County Short Sale Could Help You Avoid Owing Money In The Future - 03/07/12 10:11 PM
Bergen County NJ – A good short sale agent can help you avoid owing thousands of dollars in the future. Why?
Well, the most banks lose money when they reject a short sale. They turn down a sales price of $200,000. They foreclose on the home and put it up for sale.
However, they are not able to get the price they want. The home ends up selling for $150,000. What does that mean to you?
Click here to discover how other sellers successfully did a short sale and avoided foreclosure.
First, you probably owe them a lot of money. They … (0 comments)

bergen county realtor: Bergen County Short Sales: Even With The Tight Rental Market It Is Still Often Cheaper To Short Sale And Rent - 02/28/12 07:47 AM
Bergen County NJ – In most areas the rental market is very tight. Rental prices have been increasing because so many people are losing their home to foreclosure.
But, what is still surprising is that in most cases it is still cheaper to rent than own an upside down home. See, home prices have dropped by 20-50%, depending on the area.
Click here to discover how other sellers successfully did a short sale and avoided foreclosure.
It was a lot less expensive to rent back in the peak of the real estate boom. After the crash rent dropped in many areas.
… (0 comments)

bergen county realtor: The Advantages A Bergen County Short Sales Has Over Foreclosure - 02/23/12 12:28 AM
Bergen County NJ – Some people don’t know why they should bother with a short sale. “I’ll just let the bank foreclose. A short sale isn’t worth the aggravation”, they tell us.
Click here to discover how other sellers successfully did a short sale and avoided foreclosure.
There is one simple reason I would prefer to short sale my home rather than let the bank foreclose. If I short sell my home, then I can buy a new home in 3 years, rather than waiting the 5-7 years required after a foreclosure.
Most people’s finances will improve. They will get back … (0 comments)

bergen county realtor: 4 Keys To Successfully Buying A Bergen County Short Sale - 02/21/12 10:11 PM
Bergen County NJ – Buying a Short Sales can be a great way to get a good deal on your home purchase. However, you need to be aware of what is involved with buying a short sale.
Click here to discover how other sellers successfully did a short sale and avoided foreclosure.
Here are four things that will give you a better chance at success.
1. You must work with an agent that understands the short sale process. If your agent doesn’t understand the process, then they won’t know which short sales are worth looking at and which to avoid.
… (0 comments)

bergen county realtor: Bergen County Short Sales: Which Buyer's Offer Should I Accept? - 02/20/12 10:15 PM
Bergen County NJ – The Stop Foreclosure Institute recently received a question from Beckie. Here was her question.
Click here to discover how other sellers successfully did a short sale and avoided foreclosure.
“I need your help. I am trying to short sale my house. My lender is one of the largest in the country. We have been waiting for an answer on the short sale for six months now.
I finally received an answer last week in form of a counter offer to the price. The buyers had agreed to pay $315,000. However, my lender wanted $345,000. The buyer is … (3 comments)

bergen county realtor: Bergen County Short Sales: Why It's Not Embarrassing To Short Sale Your Home - 02/19/12 11:12 PM
Bergen County NJ – What a relief! You can now short sale your home and not feel like a loser. In fact, it’s becoming the “cool” thing to do.
Click here to discover how other sellers successfully did a short sale and avoided foreclosure.
I recently read an article about how Medicare was costing way more than the government had projected it would cost. The article stated that there were several stages of how these programs work.
First, people who are eligible have to be told about the program. They join and the program might meet close to its projected costs. … (0 comments)

bergen county realtor: Bergen County Short Sales: What To Look For In A Buyer's Offer - 02/10/12 01:07 AM
Bergen County NJ – Short sales often get multiple offers from different buyers. Which offer should you accept over the others?
Click here to discover how other sellers successfully did a short sale and avoided foreclosure.
Most people would assume that you would automatically pick the offer with the highest price. However, this isn’t always a good idea.
The offer with the highest price may have the shakiest financing. Most short sale lender issue a deadline when they approve a short sale. They state that their approval is only good for 30 days.
After 30 days, then they short sale has … (0 comments)

bergen county realtor: Bergen County Short Sale Question: Can I short sell my house and rent from the new owner? - 02/08/12 03:39 AM
Bergen County NJ – The Stop Foreclosure Institute recently received a question from Roberta. Here was her question.
“A company has talked to me about short selling my home to them and they will then rent it back to me. They will allow me to buy it from them after my credit is repaired a few years down the road.
This sounds too good to be true. Am I going to get in trouble with my lender if I do this? Roberta.”
Click here to discover how other sellers successfully did a short sale and avoided foreclosure.
Here was our answer … (0 comments)

bergen county realtor: Bergen County Short Sales: Why Would a Bank Issue an Extension on a Short Sale Approval Letter? - 02/07/12 03:10 AM
Bergen County NJ – The most likely reason why a bank would accept to issue an extension on a short sale is because the bank prefers to do the short sale over the foreclosure.
This is a reason why your agent needs to continue to tell them on why the short sale will be beneficial during the entire process.
Click here to discover how other sellers successfully did a short sale and avoided foreclosure.
The biggest reason a short sale is beneficial is because banks usually make 10-20% more on a short sale compared to selling a property after foreclosure.
Besides, … (0 comments)

bergen county realtor: Bergen County Short Sales: Will Banks Issue an Extension on a Short Sale Approval Letter? - 02/06/12 01:58 AM
Bergen County NJ – Under normal circumstances, banks are not required to extend the closing of a short sale. The last thing a buyer would want to hear is that their mortgage lender can’t perform especially after waiting for a number of months to buy a home.
Click here to discover how other sellers successfully did a short sale and avoided foreclosure.
For the non-short sale transaction the buyer’s lender has complete control of the entire transaction and decides on the closing date. This is not the case in a short sale. Why not?
With a short sale the short sale … (0 comments)

bergen county realtor: Bergen County Short Sales: What Else Goes Into a Hardship Letter? - 01/26/12 03:20 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 realtor: What Constitutes A Hardship On A Bergen County Short Sale? - 01/23/12 03:05 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 realtor: Bergen County Short Sale Question: What Kind Of hardship Would My Lender Consider Legitimate? - 01/18/12 05:57 AM
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)

bergen county realtor: Bergen County Short Sale Highlights - 01/11/12 10:44 AM
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)

bergen county realtor: How Does A Bergen County Short Sale Affect My Credit? - 01/10/12 03:27 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)

bergen county realtor: Why A Bergen County Short Sale Is A Win-Win For Everyone - 01/09/12 06:40 AM
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 realtor: How To Convince A Lender To Approve A Bergen County Short Sale - 01/04/12 05:49 AM
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 realtor: Bergen County Short Sales: Mistakes To Avoid When Facing Foreclosure - 01/03/12 03:15 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 realtor: Bergen County Real Estate – 2012, A Look Ahead - 01/02/12 04:00 AM
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)

bergen county realtor: Bergen County Short Sales: How do I benefit from a Short Sale? - 01/02/12 12:07 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)