Home > Bergen County Short Sales, Foreclosure alternatives, New Jersey short sale > Take These Steps Before You Strategically Default In Bergen County

Take These Steps Before You Strategically Default In Bergen County

Bergen County NJ – Yesterday, we told you about a new program that Fair Isaac, the founder of the FICO score, came out with to tracks strategic defaults.

Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.

If you are thinking about a strategic default, then you must be aware of this. FICO claims to be able to notify a lender when someone has strategically defaulted, or looks ready to strategically default.

This helps lenders implement additional collection procedures to get you to repay their loss. I spoke with an expert in the industry. I wanted to know how he thinks they find the strategic defaulters.

“I think the biggest thing they look for is someone who is paying everything on time. This person has never been late on anything. All of a sudden they just stop paying their mortgage.

There were no other signs of financial problems. That looks pretty fishy to a lender. They probably get angry when they see they still paying their credit cards. The banks think that they are more important than a credit card”, this expert told us.

“You have to think like a banker to understand what is going on”, he continued. “Most people that default have followed a similar pattern. First, they get high debt to income ratios. Then, they default on their credit cards.

After that, they might miss a payment on their car or home loan. But, then they catch back up on the car or home loan. Finally, they default on their home loan and maybe even a car loan.

As you can see, they have followed a pattern that is similar to the average person who defaults. Now, let’s contrast that with your typical strategic defaulter.

This person’s debt to income ratio is usually lower. They don’t default on any credit cards or car loans. All of a sudden they stop paying their mortgage. Can you see how much different these two people look?

Now do you understand how obvious most strategic defaulters look? If you are planning a strategic default, then make it look as much as possible like you are just another “Average Joe” that is suffering from a loss in income. Thinking about a short sale?

I can help you short sale your property so you can move on with your life. Send me an e-mail at bob@sellitwithbob.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (201) 567-9191

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Bergen County loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.

Thanks for reading this, Robert Clarke.

Robert is a Real Estate Agent at RE/MAX Properties Plus. Bergen County Short Sales Realtor:

Phone: (201) 567-9191. bob@sellitwithbob.com.

View My homes for sale at www.SellitWithBob.com.

Robert Clarke specializes in loan modification assistance and short sales in Bergen County New Jersey. Bergen County Loan Modification Help, Bergen County Short Sales. Bergen County Short Sale Realtor Bergen County NJ Short Sales. Bergen County Realtor.

Copyright 2011 SFI Marketing Institute, LLC. All Rights Reserved.

Important Notice

Robert Clarke, RE/MAX Properties Plus, and the Stop Foreclosure Institute are not associated or affiliated in any way, shape, or form with the government. Our services have not been reviewed, endorsed, or approved by the government or your lender. Most lenders willingly work with agents on short sales. Why?

Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.

However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.

If you stop paying your mortgage, then you could lose your home and damage your credit. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.

This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.

You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.

The views expressed here are Clarke’s personal views and do not reflect the views of RE/MAX Properties Plus.

This information on Take These Steps Before You Strategically Default In Bergen County is provided as a courtesy to our viewers to help them make informed decisions.

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