Ocean County NJ Jersey Shore Real Estate News

Behind In Your Mortgage Payment?

Do You Owe More Than Your  Home Is Worth?

Simply Call 609-312-6625

For a free private confidential consultation call:

Charlene Grant, Broker Associate

Elite Team Realty, LLC

Cell 609-312-6625

Email: CharleneGrantRealtor@yahoo.com

A short sale occurs when the net proceeds from the sale of a home are not enough to cover the seller’s mortgage obligation and closing costs and the seller is unable to cover the difference.

The bank accepts less than what is owed on your home as payment in full.

What are my options?

What is loan modification and how do I know if I qualify?

Loan modification is a means of renegotiating the terms of your loan with your bank in order to avoid foreclosure and keep your home. Not everyone is a candidate for loan modification. You could try and speak with a representative with your lender although this can sometimes be a difficult task. It is recommended that you consult a 3^rd party who is familiar with the process and can navigate through the red tape on your behalf.

Why will my mortgage lender allow a “short sale”?

It is not guaranteed that your lender will allow a short sale. However, your lender stands a much better chance of minimizing their losses if they accept your cooperation and allow a short sale. This allows them to sell the property much sooner than a foreclosure. It is a known fact that it is also easier to sell a property that is occupied than one that is vacant. A vacant foreclosure burdens the lender with carrying costs such as insurance, taxes, repairs, and general upkeep. Your lender has various compliance items and associated costs with delinquent loans. Avoiding these costs is an attractive option for lenders. Finally, a popular general strategy for dealing with foreclosure is to claim bankruptcy. This is not the best idea for you or the lender. Your credit will be impaired and the lender will incur additional costs. A successful short sale negotiation benefits you as the distressed homeowner and the lender.

How long is the process to complete a short sale?

Typically it takes between one and three months to complete the process of successfully negotiating and finalizing a short sale with your lender(s). The comprehensive solution and overall strategy provided by Charlene Grant of Elite Team Realty requires the sale of your home. Real estate markets are localized and the time required to sell your property depends upon the marketability of your home. You lender’s current staffing level and willingness to cooperate will also affect the expected time frame to completion of a successful negotiation.

Why shouldn’t I just let my home go to foreclosure?

This is a personal choice however the consequence of a foreclosure will adversely affect your credit for years. A mortgage is the most important form of debt, and it rates very high on the credit scoring scale. It is going to cost you a lot of time and money.

It is best to explore your options of Loan Modification which allows you to stay in your home or working out a Short Sale with your lender so you can preserve your credit. A short sale is listed on your credit report as "settled debt". You are taking responsibility for your debt regardless of the circumstance. Your credit will be less damaged with a short sale versus a foreclosure because you are taking responsibility for your debt regardless of the circumstance. It is always better to take the positive, proactive path and attempt to maximize your options with Loan Modification or a Short Sale.

Does the homeowner have any liability with a short sale?

Yes. You are always subject to a lender that seeks to obtain a deficiency judgment against you for any unpaid or forgiven debt. Anyone who has signed the mortgage note has assumed a level of personal liability that provides the lender recourse to collect on this debt. Any debt that is forgiven, depending

on the circumstances, may be viewed by the IRS as income. Recent legislation has been passed by Congress that will relax this tax burden for the majority of circumstances. I can advise you where to go to get the proper advice. It is important to take the necessary steps TODAY to determine what can be done to help.

Waterfront homes in Ocean County starting in the low 100s.  Manahawkin, Little Egg Harbor, Tuckerton, LBI.

Buy your boat a home after attending the 2012 NY and Atlantic City Boat Shows.

Contact Charlene Grant, Broker Associate for a list of homes

Elite Team Realty, LLC

714 N. Main St., Manahawkin, NJ 08050   Call Direct: 609-312-6625

www.ShopJerseyShoreHomes.com