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Morris County Short Sales: Why it is cheaper to short sell and rent versus staying
Morris County NJ – Many people are shocked that it is often cheaper to short sale and rent then staying in your home with a loan modification. They find it hard to believe that they can rent a comparable or even nicer home for less than their mortgage. Here are the two factors that make it possible. Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here. Many homeowners bought homes for more than they are selling for today. A perfect example is a homeowner that paid $150,000 for a home. His mortgage payment was around $1,500 a month. He stopped making his payments and moved to a rental. He found a nicer, larger home to rent for $850 a month. He had tried for months to convince his lender to modify his loan. The lender wouldn’t drop the payments below $1,200 a month. Even though the home he’s renting is nicer than his house and it’s selling today for around $105,000. Someone can buy that house for $105,000 and rent it for $850 a month without losing money. That’s what makes it cheaper to rent versus getting a loan modification and staying in your home. ... more

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