Get pre-foreclosure advise and short sale process navigation guidance by specialists in the area
There is no place like home. It is the one place where people leave their worries behind and embrace the comforts of life. But what happens if your home, rather than offering relaxation and solace, becomes a place of stress and relentless tensions?
An upside-down mortgage can do that to any homeowner. One may also pray for a safe way out as this dream home turned white elephant gradually but surely changes one’s life and lifestyle for the worse. But, in their search for a way out of this mess, one may find that upside-down mortgages tend to trap the homeowners and leave them with little to no options.
So, what should you do to get out of this situation? A short sale may be just the thing you require right now.
What is a short sale?
In this process, one can opt to pay a smaller amount of money to their mortgage provider than what they actually owe.
How does a short sale work?
In a situation where a homeowner attempts to sell their home but the price of the home falls below the amount of money they owe in mortgage payments, then they are considered to be underwater.
By hiring a short sale negotiator, a certified foreclosure specialist from Sparta, or a realty expert, one can negotiate the amount payable to their lender and settle for an amount that is lesser than the amount they actually owe.
Why can’t I negotiate the short sale of my own home?
Negotiating short sales with the mortgage provider can be tricky and require inept realty knowledge. There are many nuances to navigate through, and only an experienced realtor and certified foreclosure specialist can get the best results out of the situation.
Is a short sale a common legal route?
It is a rather unfortunate matter that short sales are not an uncommon occurrence at all, especially in the state of New Jersey. There are many people in the state of New Jersey who are faced with foreclosure and therefore opt to take help from pre-foreclosure real estate agents in Sussex or foreclosure agents in Sparta.
What is a foreclosure?
A foreclosure is a legal process where the mortgage lender takes over the property in order to make up for the losses from the mortgage given for the said property. The lender forces the sale of the asset that was used as the collateral for the loan.
Can one still owe on mortgage payments after the foreclosure sale of their property?
Sadly, the answer to this question is yes. It is a common misconception that one will not owe the lender anything after the sale of their collateral asset for the mortgage they owe.
Most mortgage lenders keep two ways of money collection open for themselves. They take property collateral and also require the borrower to personally guarantee the amount of the note. If the collateral property fails to sell for the amount owed in the mortgage then the lender has the right to sue the borrower for it.
How is a short sale a better option than a Foreclosure?
In case of a short sale in Jersey, you can get pre-foreclosure real estate agents in Sussex or foreclosure specialist agents in Sparta and stop the whole situation in the nick of time. Not only can you settle the mortgage by paying less than what you owe on your mortgage but you can also have a lesser amount impact on your FICO score and be back in the mortgage industry in 2-3 years’ time. Further, there is no question of getting sued.
On the other hand with foreclosure not only will the mortgage be out of the question for at least the coming decade but, it will reflect very badly on your FICO score as well. There is also the worst-case scenario of getting sued after losing your home.
What is the fee for a foreclosure expert’s advice and guidance?
The commissions of the real estate agent are paid by the bank at closing. So, any services and guidance one takes from the real estate agents will be completely free.
In the difficult situation of having an upside-down mortgage, there are few options that are after one’s heart. However, short sale is the most convenient way out.
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