Do you need to Short Sale your home in Nutley, Belleville or Clifton?
The very first thing that you must do to stop foreclosure is face the situation and know that you are not alone. Foreclosure can happen to anyone and is nothing to be embarassed about. Despite that, you must take action soon, because each day that you do not deal with it and find help, you are risking the loss of your house to foreclosure. Coupled with that, you can face other issues…the lender can sue you if the home sells for less than owed, your credit can be impacted negatively and you can face tax problems with the IRS.
The biggest challenge you are facing is having enough time to stop foreclosure and also work out a solution that is win-win for you and your mortgage company. When you fall behind on your mortgage payments you may need to take action immediately. You have several options available; you just need to know what they are. One thing you can do is have your loan restructured to make it more affordable. This is called recasting your loan. Another option is to modify your loan to put the
majority of your defaulted amount onto the back end of your current balance or spread the arrears into the life of the loan. Or, you could place your home on the market now to avoid possible foreclosure and this is where I can best help you.
1. Not all lenders will accept short sales or discounted payoffs, especially if it will make more financial sense to foreclose.
2.Real estate agents are not licensed as attorneys or CPAs and should not advise on the consequences of the legalities and/or tax ramifications of a short sale.
3. Some lenders who accept a short sale will not pursue a borrower for the difference between the amount owed and the amount paid
I am a certified Short Sale agent and I have helped many homeowners for a FREE consultation call me at 862-228-0554
