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.
You will need to consult with an independent attorney, not the buyer’s attorney. Deeding your property will render you powerless.
The new owner will always have control and as such they can do anything with the property, including renting it out and keeping the rent, or even attempting to sell it to make profit.
This may in return have a negative financial impact on you because the new owner might not make your mortgage payments. As you well know, this can cause huge damage to your credit.
Mistake #2: Selling your home at a huge discount.
Take time to explore your options especially when your foreclosure sale is more than 45 days away. Take a day or two making phone calls just to try and find an appropriate solution for your situation.
Do not allow a buyer to push just to get you sell them your property. In such a case, the deal will most likely be favorable to them and not to you. Equity in your home belongs to you.
Mistake #3: Authorizing a prospective buyer to deal directly with your lender.
The buyer will always ask your lender to accept a discounted payoff. The negotiations may be longer than expected and if they fail to agree, the buyer may decide not to buy your property.
This could waste time for you. Before you realize, you may not have time to resolve the situation and avoid foreclosure. In addition, not knowing what goes on between the buyer and your lender may be detrimental to you.
It may happen in such a way that the buyer could handle the negotiation and presentation of information in a way that makes it very difficult for you to resolve your loan situation later.
If you believe that this is the best option for you, please make sure that you consult with a real estate professional or an attorney before signing a contract.
Hiring a real estate professional to represent you costs you nothing as the lender will pay the fees. We have helped homeowners like you and we can do it for you at absolutely no cost.
The worst thing for you to do is to sit back and do nothing about your situation.
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 firstname.lastname@example.org. 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. email@example.com
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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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: Mistakes To Avoid When Facing Foreclosure is provided as a courtesy to our viewers to help them make informed decisions.