If you are one of the many homeowners in North Jersey who is finding
themselves underwater in their home you need help. Your first step should be to
contact your lender and request a loan modification. If you really can't make
your full mortgage payment every month and the recommended sales price of your
home is less then you owe on it your bank may approve a reduction in your
monthly payment. This is often the only help a distressed homeowner needs to
move forward and continure living in their home.
If you are not approved for a modification and you can't make your mortgage
payments you are risking foreclosure. In a foreclosure the mortgage holder
takes the house back and you are forced to move. A possible alternative to
foreclosure is short selling your home. In a short sale you maintain some
control of the sale and the timing of your move.
If a short sale is the road you decide to travel keep in mind you will need a
Real Estate Agent who is specially trained in short sales and a Real Estate
Attorney who is experienced in the short-sale process.
I hold the SSFR designation which is the Short Sale and Forecloser Expert
designation earned through the Board of Realtors. A short sale is anything but
short and does have credit ramifications but in a desperate situation it is a
viable alternative to foreclosure.
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