Claudia Patterson, ABR, SFR
Real Estate Professional
973.906.3329 - Cell
28 Valley Rd, Ste 1
Montclair, NJ 07042
866-201-6210 x1991
Are You Facing A Difficult Situation?
Divorce, Job Loss, Foreclosure?
Worried about what's to come?
Please don't worry. We can help.
Click to download Navigating Options inPre-Foreclosure
Having helped many clients through the process, I will say, it's hard. But there is light on the other side. I'm here to help. Please download the book and let's talk.
Feeling Like the Walls are Closing In?
If you're navigating financial challenges or life changes with your property in Morris County, NJ, there are updated assistance programs that might help. These include options for loan modifications, which could restructure your mortgage to avoid foreclosure. Alternatively, a short sale could provide an exit strategy, potentially offering some financial relief and a more graceful transition from your current situation.
This guide provides clear insights into how banks typically manage negotiations for short sales or pre-foreclosure scenarios.
Your privacy is a top priority, and rest assured, your personal information will always be protected.
Many homeowners have successfully navigated these troubled waters with our help, thanks to tailored, expert advice.
For the most detailed and personalized advice, consider reaching out to a knowledgeable lender, attorney, or a real estate expert who specializes in distressed properties. These professionals can offer guidance based on the latest programs and legal options available.
We are Certified Short Sale, Foreclosure and Real Estate Owned (REO) Specialists
and are here to help you through this period.
What is a Short Sale?
A short sale occurs when a lender agrees to accept less than the total amount owed on a mortgage to allow a home to be sold. This typically happens when the property value falls below the remaining mortgage balance.
While the concept of a short sale might seem straightforward, the details can be complex. Approval terms are generally set by the lender, and not all approvals are beneficial for the seller. Many mistakenly believe any approval is favorable, which isn't always true.
If you're considering a short sale, it's crucial to be well-informed before discussing options with your lender. Consulting with a licensed professional (attorney) who is experienced in short sales and foreclosures is essential. They can provide the necessary guidance and help navigate the often complicated terms and conditions set by lenders.
Why Would My Lender Accept Less Than Is Owed?
Understanding your lender's reluctance to foreclose on your property is key to effective negotiation. Foreclosing is often more costly for lenders than modifying a loan due to the expenses involved in selling the property and the potential loss on the sale itself.
Lenders generally prefer that homeowners continue making payments, but if that’s not possible, removing the "bad asset" from their books through a sale, including a short sale, is typically the next best option. In many cases, lenders are willing to negotiate terms that are surprisingly favorable to the homeowner, sometimes allowing them to walk away without any financial penalties or future judgments for deficiency.
Navigating a successful short sale without incurring costs or future liabilities requires expert guidance. Working with licensed Professionals (attorney, Realtor) experienced in short sales, can increase your chances of a favorable outcome.
Will I Qualify For A Short Sale?
Has Your Home’s Market Value Dropped?
Whether you are considering a loan modification or a short sale, having accurate comparable sales data is essential to prove that your property's value is less than the amount owed to the lender. I provide a detailed property value report that estimates your property's potential sale prices over 30, 60, and 90 days—crucial information that your lender will also seek to assess.
This report is designed to support your case effectively during negotiations with the lender.
Is Your Mortgage Currently In Default or Are You Concerned That It Soon Will Be?
Lenders today are more flexible with their criteria for considering loan modifications and short sales, even if your mortgage payments are current. This change reflects an understanding that various factors may threaten a homeowner's ability to continue meeting payment obligations in the future.
To qualify under these revised criteria, you must effectively demonstrate your financial hardship through a detailed hardship letter and comprehensive financial records, showing the potential for future payment issues.
Have You Fallen on Hard Times?
Have you faced challenges such as job loss, reduced work hours, divorce, or a death that are affecting your ability to meet your monthly mortgage payments? To qualify for a real estate short sale, demonstrating financial hardship is essential. If these circumstances apply to you, you may be a prime candidate for this process. Please call for a confidential consultation.
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There is always a way.
The worst thing you can do is Nothing.
Taking Action not only empowers you but helps move you in the direction of your new life
Call or Click for a NO PRESSURE consultation today.
TODD - PINEGROVE PROPERT
eXp Realty, LLC is a licensed Broker in the state of New Jersey and is a leading authority on Morris County NJ area real estate. Our love for the communities we live and work in is important so we can help you on your journey to finding your home. Not every agent is the same, so remember, Who you work with matters!
eXp Realty, LLC
28 Valley Rd, Ste 1
Montclair NJ 07042
(866) 201-6210 x1991 - Office