Stop Foreclosure Paterson

Are You Facing a Foreclosure?
Behind on Your Mortgage?
Short Sale Can Stop Foreclosure!

Our Short Sale Services are 100% FREE for Our Clients!

Our Short Sale Team Has Closed Hundreds of Successful Short Sale Transactions and Have a Success Rate of 98% on Approvals from the Banks!

Are You Upside-Down on Your Mortgage?

Short Sale is when a lender agrees to accept less than the amount owed on the home mortgage. Banks approve short sales when they believe a hardship situation exists, however, hardship is not only determined by how much money a person earns but also it factors in a person's expenses, especially if expenses have increased and income has decreased.

Do you want to short sale your home without worrying about your lender coming after you for a deficiency judgment? Our Paterson short sale real estate agents specialize in negotiating short sales with banks on behalf of homeowners. We have A track record of getting our short sales approved and with favorable terms for our clients. Contact us for a free confidential consultation today!

DON'T LOSE YOUR HOUSE TO FORECLOSURE!

If you're considering the possibility of doing a short sale, we can explain your options and answer your short sale questions and concerns. Our experienced Paterson short sale specialist will help you short sale your home with a full waiver of deficiency judgment from your lender. Foreclosure situations tend to be extremely time sensitive. The sooner you start, the more options are available. So, don’t wait any longer and call us today. Our professional short sale services are 100% FREE to our clients.

SHORT SALE PROCESS

Step 1. Gather Information

We will get following information from you, which is needed to prove your financial insolvency.

• Bank Statements
• W2s
• Paycheck Stubs
• Property Tax Bill
• Homeowner’s Insurance Policy
• Monthly Bills
• Additional Liens
• Hardship Letter and Documentation

Step 2. Communication with the Lender

In order to speak with the lender on your behalf, we will need to obtain and submit your written authorization. Then, we will call the lender and ask for the Short Sale application packet. We will communicate with the decision-maker in the loss mitigation department directly and regularly for updates.

Step 3: Develop the Proposal to the Lender

We will develop the proposal which must be well organized and done professionally.

Step 4. List Your Home

Most likely, we will list your home at the full market value or just below initially because the lender wants to see we are trying to get as much out of the property we could. Then, we will aggressively lower the price until we receive offers.

Step 5: Obtain an Offer & Submit a Proposal

Once we have an offer, you will need to approve the offer first and, we will submit it with the proposal packet to the lender for approval. If your lender accepts the initial offer, the buyer must be able to close in 30 days.

Step 6: Negotiate & Close the Deal

We will negotiate with your lender(s) and get the acceptance letter. In our negotiation, we will ask to report the short sale to the credit department as “Paid as Agreed”. We want the lender to report it as “Settlement in full” with a full release of the lien. Typically, the deal must close within 30 days of the lender’s acceptance. The buyer has to be ready with cash or funding. Seller does have to attend the closing.

SHORT SALE FAQs

MUST-KNOWS ABOUT SHORT SALE

Q. What is a Short Sale?

A Short Sale is when the homeowner sells their home for less than what it’s owed on their loan, and the lender accepts the amount as the payment in full. (A Short Sale is a sales transaction in which the seller's mortgage lender agrees to accept a payoff of less than the balance due on the loan.)

Q. Why Should I Consider a Short Sale?

The Short Sale happens in the Pre-foreclosure stage. If the short sale is successful, the seller escapes foreclosure and the corresponding hit to their credit report. They only sustain smaller hit on their credit report for any missed payments and the short sale in Paterson, NJ.

Q. Why Short Sale Doesn't Cost Me Anything?

Yes, Short Sale does Not cost anything to homeowners. Your bank will pay all the fees of the real estate sales including closing costs and real estate commissions only when we complete your short sale successfully.

Q. Why My Bank Gets Financial Benefits by Forgiving Me The Short?

Simple. It is Expensive for the lender to foreclosure home in Paterson, NJ. Some of the lender’s costs could include Legal fees, Insurance, Taxes, Eviction cost, Selling cost, etc. On average, it costs as high as $50,000 per foreclosed property. Their business is Loaning Not, Owning!

Q. We have a 2nd mortgage. Am I still Qualified?

Both of your lenders will need to be satisfied in some way to complete the short sale in Paterson, NJ. If your first lender will be paid off by the sale, then you just negotiate the terms with the second lender. Most short sales do involve 1st and 2nd lien holders.

Q. How is a Short Sale different from Foreclosure?

A foreclosure stays on your record for 8+ years while a short sale will allow you to purchase your next home within 2 years. Our experienced Paterson short sale realtor can help you answer all your questions on short sales and foreclosures and share with you the solutions to get you out of the tough times.

Q. Impact on Credit - Short Sale vs. Foreclosure

Short Sales are considered preferable to foreclosures because short sale (1) lessen the impact a foreclosure can have on the surrounding community and (2) won't damage the distressed your credit as much as a foreclosure. For instance, if you are still current with other payments, a short sale may lower your credit score by as little as 50 points.

Q. Why Short Sale is Win-Win for the Lender, Seller and Buyer?

For lenders, a short sale is the best solution. If the banks take the property back, they lose another 20-30%. A short sale is the real best solution for them. A Short Sale is better than No Sale! For the homeowners, they get a chance to a fresh start. A Short Sale may secure Financial Relief they need and Emotional Relief. They could buy their next home in 2 years. For the buyers, they can buy homes lower than the market value.

Q. Why Short Sales Fail?

There are many reasons why short sales fail, including, but not limited to the following:
• Incomplete Short Sale Package
• No reasonable chance of closing
• Inexperienced Short Sale Listing Agent
• Release of deficiency
• Junior Liens

ABOUT US

Either You Are Buying or Selling, You Need a Right
Short Sale Specialist!

Short Sale Realtor Paterson

• Our Paterson Short Sale Realtors are CDPE (Certified Distressed Property Expert) and SFR (Short Sales and Foreclosure Resource) certified.

Short Sale Paterson

• Our Short Sale Experts have a success rate of 98% on approvals from the banks and have closed Short Sales in as early as 4 weeks. *All should be prepared for 90 to 120 days.

• Our Paterson Short Sale Specialists have trained on a webinar with the Vice President of Short Sales for Bank of America.

• Our Short Sale Real Estate Agents have registered for Equator and are working hand in hand with Bank of America for fast decisions.

• Our Short Sale Agents will provide the necessary paperwork, be responsible for all contact with lenders and banks, and negotiate on behalf of you.

TESTIMONIALS

“Thank you for helping us out. We are so happy to be done. We are so impressed with how fast and efficient he is. We had been struggling with selling our home using various methods for a period of 18 months with no success. Once we decided to use his services we closed in less than 6 weeks. When required to negotiate with the bank, he was very professional and effective. Above all, he was compassionate regarding our feelings and sincerely wanted us to have a fresh start. We highly recommend to everyone!”

Garrett and Nicole Wright

Paterson, NJ
“As someone who has had the pleasure of working with them in what I have to consider a very difficult real estate situation I would like to take this opportunity to assure you are in good hands. He handled everything efficiently and professionally. I have worked with him for the past few months in order to buy a home that was in a short sale. As I mentioned before what I thought was going to be a nightmare turned out to be a very pleasant as well as profitable experience. I found him to be an extremely pleasant and helpful person to work with. Doing everything possible in order to accommodate my needs. One of his best qualities is listening to exactly what I wanted and then with his extensive knowledge answering all of my questions. If you’re considering listing your house for sale or especially if you are considering purchasing or selling your home in a Short Sale situation then without a doubt I highly recommend!”

Zachary T.

Paterson, NJ

OUR SHORT SALE SERVICES ARE FREE FOR YOU!

Unlike a traditional real estate transaction, you do NOT pay us a penny. Your banks will pay all the fees of the real estate sales including closing costs and our real estate commission Only when your home completes a Successful Short Sale.

SHORT SALE PATERSON

A short sale is a real estate transaction where a homeowner is facing hardship and gets permission from a bank to sell their property for less than they owe on the mortgage. If your house in Paterson, NJ is worth less than what you owe on the home loan, a short sale maybe your best alternative to foreclosure.

Short sale requires a unique set of skills for a real estate agent and the short sale approval can very much depend on how your agent negotiates with the lender and buyer. Our short sale team has a high success rate on approvals from the banks and closed short sales in Paterson 07501, 07502, 07503, 07504, 07505, 07509, 07510, 07513, 07514, 07522, 07524, 07533, 07543, 07544, New Jersey, Newark, Jersey City, Elizabeth, Edison, Woodbridge, Clifton, Passaic, Union City, Old Bridge, Middletown, Bayonne, East Orange, North Bergen, New Brunswick, Wayne, Irvington, Hoboken, West New York, Perth Amboy, Plainfield, Alpine, New Vernon, Short Hills, Sea Girt, Saddle River, Mantoloking, Englewood Cliffs, Far Hills, and Rumson, NJ.

Bank approves short sales when they believe a hardship situation exists, however, hardship is not only determined by how much money a person earns but also it factors in a person's expenses, especially if expenses have increased and income has decreased.

 

Stop Foreclosure Paterson

Let our experienced Paterson short sale real estate agents help you avoid foreclosure in Paterson. We will negotiate directly with your banks to get short sale approvals for you. Our goal is to reach out and educate homeowners who are behind on their mortgage or think they soon will be. We have solutions that may save your credit and enable you to start fresh.

Short Sale Paterson

Paterson short sales are complicated but, can help sellers who owe more than home is worth. A short sale occurs when a property is sold for less than the total debt owed on the property. Paterson short sale must be approved by the lenders and borrowers requesting a short sale must prove a hardship such as a mortgage payment increase, job loss, divorce, excessive debt, forced or unplanned relocation.

Our professional short sale service is totally free for our clients. Contact us for a free confidential consultation today!

 

Paterson Short Sales

The easy schedule of home loans and numerous connected approaches like the settlement of equivalent monthly installments has actually made buying a home an easy task. With the fast development of short sale realtors in Paterson, NJ you can swiftly prepare a suitable home for yourself now. Nevertheless, many times, such investments can turn out to be dangerous. Home mortgages on a home also can confirm to be the hugest threat feasible. You typically can not concern terms with the place. At the same time, there are many possibilities that the worth of your home can drop as opposed to appreciating. Because of this, the value of money that you have actually invested in the house is far more than its existing value. This eventually comes to be a higher problem, if you got your house on a home mortgage. To this rescue, comes a hearty option referred to as a Short Sale.

By doing a short sale, we simply suggest that you can sell your undervalued house to another buyer with the permission of your financial institution. If the money owed to the financial institution occurs to be greater than the amount you will really get, in case you sell your home, then the best decision would certainly be to do so. If the financial institution accepts a short sale, you can sell your home to a buyer at its decreased value and also obtain the balance crossed out by the bank. Usually, the financial institution crosses out your balance from its account. The sum not paid by you shall be shown as earnings in your accounts by the financial institution.

Short sale Paterson just happens when there is an outright guarantee that the money worth of your house can not increase in the future. In order to avoid the risk of a full loss, the financial institution typically accepts the decreased amount of short sale.

Dangers additionally exist if you are the one that purchases short sale homes in Paterson, NJ. There are several usual mistakes that people make when they buy a house on their own in short sale. If you are buying such a home, then you must very carefully inspect the problem of the property. Real estate investment will just pay if the house remains in good condition. An additional usual mistake is that of ignoring property issues. You must ensure that there are no forgeries or legal problems with the property that you are acquiring otherwise it could cause bigger problems in the future.

 

7 Reasons to Avoid Foreclosure

1. Foreclosure Follows You
You will always disclose that you have had a foreclosure on any mortgage application as well as many job applications. This can have an adverse affect on your future mortgage rates. This is a credit item that is asked about specifically in credit inquiries. There is no 7-year time limit on this item.

2. Credit Score Negative Impact
Your Credit Score will be lowered by 300+ points. Among bankruptcy, foreclosure is one of the most devastating credit issues you can have in relation to future credit availability.

3. Possibility of Deficiency Judgment
Your lender can seek a deficiency judgment against you and collect any amount they do not recuperate at the bank sale.

4. Ineligibility for a Government-Insured Loan
You will be ineligible for a government insured loan for 5 to 7 years. Only 2 years in a short sale. Paterson foreclosure is the one credit report item that is almost impossible to have repaired.

5. Negative in Employment Credit Checks
Many employers run credit checks on prospective employees. Foreclosure Paterson is one of the top items that will put a potential new hire in jeopardy.

6. Potentially Damaging in Your Current Employment
Many current employers run credit checks. A foreclosure in Paterson, New Jersey can put a current position in Jeopardy.

7. Negative on Security Clearances
Security clearances and government positions, including but not limited to military and law enforcement, can be jeopardized by a foreclosure. Revocation of security clearance can result in job reassignment or loss.

CONTACT US

Our experienced Paterson short sale realtor is knowledgeable of the entire landscape of foreclosure avoidance options. Foreclosure situations tend to be extremely time sensitive. If your home is upside down and you haven’t done a short sale, your time is running out. The sooner you start, the more options are available. Call for a free consultation today. Banks will offer a number of solutions for borrowers who want to avoid foreclosure.

 

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