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.
It has come back up, but it is still cheaper than a mortgage payment on a home bought at the peak of the housing market. Many people are shocked that it is often cheaper to short sale and rent that staying in their home with a loan modification.
Here are the two factors that make it possible to rent a comparable or even nicer home for less than their mortgage
Let’s take the example of a home who paid $150,000 for a home that is now worth $75,000. Their mortgage payment was around $1,350 a month.
They stopped paying their payments and moved to a rental. They found a much nicer, larger home to rent for $850 a month. (This was after trying for months to convince their lender to modify their loan.)
The lender wouldn’t drop the payments below $1,200 a month. The house they are renting is selling today for around $95,000.
Someone can buy that house for $95,000 and rent it for $850 a month without losing money. That is what makes it cheaper to rent versus getting a loan modification and staying in your home.
When prices were rising it was actually more expensive to own versus rent. But, everyone wanted to own because their house was supposed to go up in value.
If you are thinking about a loan modification, then first check into the rental market. You will be able to negotiate your loan modification from a position of power.
That will make it more likely that you will get the reduced payment you need so you can keep your home.
Thinking about a short sale? I can help you short sale your property and get back on your feet. 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.
Find Information about Bergen County Real Estate at:www.BergenCountyRealEstate.info.
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
Copyright 2011 SFI Marketing Institute, LLC. All Rights Reserved.
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 Bergen County Short Sales: Even With The Tight Rental Market It Is Still Often Cheaper To Short Sale And Rent is provided as a courtesy to our viewers to help them make informed decisions.
Comments(0)