Bergen County Short Sales: Should I Short Sale or Keep trying to Save the House?
Bergen County NJ – We at the Stop Foreclosure Institute receive calls all the time that go something like this “I have fought the bank for year and half, and after paying thousands and thousands I have decided to short sale, can you help me”?
Because of this, I decided to break down the reasons to short sale your home. In addition I added in a few reasons you should NOT consider A Short Sale:
Do NOT Short Sale if the value of your home is appreciating more then 5% a year. I have found that once you are upside down on your home more than 10%, then in most cases the housing market has dug a hole that no amount of financial superman work can get you out of.
Short Sale if you are a financial superman. If you are a CPA or Harvard Grad Number Cruncher, then you understand that numbers are more important than warm and fuzzy thinking.
Take a look at GM and all the businesses that go “Short Sale.” You can call it that. They know the numbers the numbers are what matter to them. If you are too far upside down, then is better to walk away from the debt and start over.
Do NOT Short Sale if you are going to make TONS of money in the future! You can probably convince your lender to grant you a loan modification and get back on your feet.
Short Sale if you can find a rental home comparable to your home. You have to live somewhere. We have seen lots of homeowners find a nicer home to rent for a lower monthly payment than their “upside down” home.
They Short Sold their house and were able to live a happier, more stress free life afterwards.
Do NOT Short Sale if you think that you are different from large Wall Street Firms that willingly walk away from their obligations.
You believe that your finances should not be run like a business, you should never retire, and that people in debt deserve to work 80 hours a week for the rest of their life until they pay off their debt.
This one drives me nuts. It is ok for Morgan Stanley to strategically walk away from their obligations on 5 San Francisco Towers they bought, but it’s not ok for “Average Joe Homeowner” to walk away from his upside down house?
What is wrong with the moral compass here? It is ok for a business to re-negotiate their debts with banks, but it is wrong for a homeowner to do it!
Are you crazy? Why do banks write off millions in debt for businesses while the homeowners should pay forever and never get a real loan mod? I guess they figure that homeowners not good business people and will allow the bank to push them around.
As you can see, when you run the numbers Short Sales almost ALWAYS make financial sense. Staying in a home that is upside down makes lousy financial sense, unless you get an awesome loan mod.
Now those are my opinions, and those points do not apply to every situation. What I am saying is that you really should look at your home as a financial investment, NOT a stone around your neck.
Thinking about a loan modification?Our Bergen County loan modification kit will show you how to reduce your mortgage payment, keep your home, and get back on your feet. Send me an e-mail at email@example.com to request a Free Copy. Or, click here to request a copy.
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 firstname.lastname@example.org. 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.
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. email@example.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.
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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 Bergen County Short Sales: Should I Short Sale or Keep trying to Save the House? is provided as a courtesy to our viewers to help them make informed decisions.