Do you need foreclosure help to stop foreclosure and sell your Bergen County NJ Real Estate? You're not alone! Millions of Americans are currently experiencing a financial hardship which has caused their homes to go into foreclosure.
Misinformation has left distressed home owners wondering what to do. If you have no equity and wonder "how to sell my house fast," I can show you how to stop foreclosure. There are several solutions and among them is a short sale.
If you qualify for a short sale, you can sell your home for less than what is owed. A short sale is subject to lender approval. Homebuyers are ready to buy Bergen County NJ Real Estate.
I am a short sale real estate agent who assist distressed home owners sell their Bergen County NJ Real Estate. I can negotiate a settlement with your lender which will save your credit and eliminate the deficiency judgement.
A deficiency judgment is a judgement for the amount a homeowner owes the lender after a foreclosure home sale. It's the difference of what the home sold for and the actual debt.
I have a real estate team which includes an experienced attorney who focus on Bergen County NJ Real Estate. Our services are absolutely free and it's beneficial to stop foreclosure.
Short Sale Vs. Foreclosure
1) Mortgage is in or near default status
2) Received a Notice of Default
3) A loan modification has been declined
4) The home owner has encountered a hardship such
- Medical emergency
- Sudden illness
You can qualify for a Fannie Mae backed loan in two years
You will usually have to wait up to four years
A short sale can impact one's credit score by 50 points or more. If the short sale is reported to your credit report, it may indicate "paid as negotiated." It will remain on your record for approximately two to three years.
Credit score will be impacted and lowered by 300 points or more. A foreclosure remains on your credit history for seven years and is part of permanent public record.
Police officers, fire fighters, military and government positions are jobs which require security clearance.
It is not reported on your credit report and has no impact on security clearances.
Will have an impact on credit rating and permanent public record. May affect employment opportunities.
This allows the lender to sue the home owner who defaulted on the mortgage to sue them on the promissory note and demand payment even after the property sold on at the Sheriffs Sale.
The home owner has the opportunity to negotiate and eliminate the deficiency judgement as part of the settlement. A short sale is successful about 85% of the time.
- If the lender agrees to the short sale, the lender may reserve the right to issue the home owner a 1099c for the shorted difference, due to a provision in the IRS code regarding debt forgiveness. According to the Mortgage Forgiveness Debt Relief Act of 2007, many situations are exempt from debt forgiveness.
- The home owner should consult with a real estate attorney and a Certified Public Accountant to determine short sale tax.
The home owner gives up the right to negotiate with their lender. The lender reserves the right to pursue a deficiency judgement against the former home owner for the what is owed. If the lender pursues a deficiency judgement after a foreclosure, it allows the lender to garnish wages. The lender can also place a lien on other properties the former owner may currently own.
- Deed-in-lieu of foreclosure
- Forbearance (a reduction or suspension of mortgage payment)
- Reinstatement (full payment of the delinquent amount)
- Lease the property
- Listing Agreement
- Offer to purchase
- Last two pay stubs
- Hardship letter
- Income and expense sheet
- Mortgage statement
- Third Party Authorization