Bergen County NJ – The first step in fixing the flawed short sale process is to acknowledge what the problem is.
We can agreed that the problem is that the lenders and investors are losing billions on defaulted loans.
In addition, American Homeowners are losing billions on declining home values caused by a housing market decline caused by foreclosures.
Click here to discover how other sellers successfully did a short sale and avoided foreclosure.
The next step is measuring the damage and finding ways to fix it. Here is how we suggest that by done.
To analyze the problem properly, someone will need to study the results. Lenders need to start tracking the results of their actions.
The projected outcome from each of the outcomes should be recorded. Each defaulted loan will have several stats.
First will be the expected outcome if they had agreed to a loan modification. They find that out by asking the homeowner what they are willing to pay monthly.
They plug that into an amortization calculator and find out the mortgage amount that payment equates to. For example a homeowner says that can pay $1,500 a month for the next 30 years.
That equates a $264,182 mortgage at 5.5% interest. Measurement #1: Loan Modification: $264,000 could be realized by accepting that loan modification.
If the house is marketed as a short sale, then any and all offers should be recorded. Let’s say a buyer offers to buy the home for $249,000. That would give us Measurement #2: Short Sale Return: $249,000.
The short sale is rejected. The home is foreclosed and sold as a foreclosure. It is put on the market and ends up selling for $218,000. That gives us our final measurement.
Measurement #3: Foreclosure Return: $218,000.
Now we can all see solid numbers on the results. If that lender did reject the loan mod and short sale, then that process needs to be fixed.
With proper measurement there is no more guessing. Solid, pragmatic decisions can be made to fix the problem.
Thinking about a short sale? I can help you short sale your property and never pay the bank another penny. Send me an e-mail at jlockard@remax.net. I will contact you for a free consultation.
When we talk, I will explain how the process works in detail. If you prefer, then you can call me at (201) 825-6600 x343 or on my cell at (201) 674-3114. If you prefer, just fill out the form by clicking the words, Contact Me below:
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.
Thinking about a loan modification? Our Bergen County Loan Modification Kit has the instructions you will need to get a loan modification approved with your lender. Click here to request a copy.
Thanks for reading this, James Lockard.
James is a Real Estate Agent at RE/MAX Properties.
Phone: (201) 825-6600 x 343 Cell: (201) 674-3114. jlockard@remax.net
View My homes for sale at www.BergenCounty-Homes.com.
James Lockard specializes in loan modification assistance and short sales in Bergen County New Jersey. Bergen County Loan Modification Help, Bergen County short sales. Bergen County Short Sale Realtor Short Sale Realtor. Bergen County NJ Short Sales. Bergen County Realtor
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Important Notice
James Lockard, RE/MAX Properties, and the Stop Foreclosure Institute are not associated or affiliated in any way, shape, or form with the government. Our services have not been reviewed, endorsed, or approved by the government or your lender. Most lenders willingly work with agents on short sales. Why?
Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.
However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.
If you stop paying your mortgage, then you could lose your home and damage your credit. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.
This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.
You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.
The views expressed here are Lockard’s personal views and do not reflect the views of RE/MAX Properties.
This information on Fixing The Flawed Bergen County Short Sale Process is provided as a courtesy to our viewers to help them make informed decisions.
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