Bergen County Short Sales/ Foreclosures

Its been a while since the last foreclosure email blast, but they have been drying up in the past few months.  With the new HARP Program banks have been remodifing mortgages and limiting inventory which in turn is stabilizing the real estate market.  Homes prices are still dropping (.5-.75% a month according to last few appraisal reports) but home SALES are up, its a great time to take advantage of the interest rates which are fluttering just under 5%!!!!  Below are a few foreclosures currently on the market, if interested in some more please feel free to contact me anytime.

Cresskill 3br 1.5 bth $420K
Park Ridge 2br bth 100×150 Lot $374k Bring your builder
River Edge 4br 3.5bth Move in condition colonial $534k
Saddle River 6br 9.5bth Estate $7.5mil

Also please visit my other sites

www.YouTube.com/OurNJhouse
www.OurNJhouse.com
www.SellwithMelNJ.com
www.MyNJblog.com

Selling Your Bergen County Home For Less Than You Owe

NJ  Bergen County  Short Sale: Selling Your Bergen County Home For Less Than You Owe.

If you’ve taken out a large mortgage, and perhaps refinanced to cover remodeling or other expenses, you may find yourself unable to keep up with your mortgage payment after a layoff, divorce or illness. More and more people are finding they need to sell their homes for less than they owe on the mortgages, known as a “short sale.”

Selling short is definitely better than foreclosure, which stays on your credit record for ten years. But it’s best to try to work things out with your lender before going through the embarrassing and laborious process of selling your home on a short sale.
Tax Issues

Before you put your home on the market for a short sale, it’s best to talk with a tax advisor about possible tax repercussions. It’s likely the IRS will consider the difference between the value at which you sell your home and the mortgage balance as “income” on which you’ll have to pay taxes.

An exception to this rule is if you can prove that you were “insolvent” - that your debts were bigger than your assets- before your mortgage lender agreed to a short sale of your property. A tax advisor will be able to tell you for sure whether you’d be considered insolvent by IRS standards.

If you can’t prove you’re insolvent, and the tax bill on a short sale would be more than you can pay, you may have to let the mortgage lender foreclose, or declare bankruptcy.

Be Upfront With Your Short Sale Real Estate Agent

If you find selling you house for less than you owe on the mortgage is an option short of foreclosure or bankruptcy, you’ll want to find a real estate agent who understands your situation. It often takes much longer to actually close the sale once the seller accepts an offer. But many agents sympathize with financial problems brought on by unexpected circumstances, and will want to help.

Convincing Your Mortgage Lender

The short sale buyer will need your help in negotiating a short sale approval with your mortgage lender.

Your bank will have to be convinced that you deserve to be approved for a short sale. You’ll need to tell your mortgage lender about your financial hardships, including layoffs, divorce or medical issues.

While this may seem obvious, now is not the time to rack up the purchase of luxury items, like fancy cars or jewelry. Your lender will see these debts on your credit report and become convinced you’re a loose spender who doesn’t deserve a break.

It may also be necessary to provide the lender, either directly or through the buyer or buyer’s agent, documentation of your financial hardship, such as paystubs, bank statements and so forth. While this may seem like an invasion of your privacy, try to think of it as the fastest way out of an otherwise overwhelming debt.

New Jersey area Short sales take much longer to close than more conventional sales, so plan accordingly. If it works, you’ve avoided bankruptcy and an ugly mark on your credit report. If it doesn’t work, you’ll know that you’ve done everything you could to avoid foreclosure and/or bankruptcy

For assistance is selling your home as a Short Sale in Bergen County, River Edge, Oradell, Paramus, Emerson Fairlawn. Contact Carmelo Oliveri, Coldwell Banker Realtor at (201) 618-2854. Visit our web site at http://www.ournjhouse.com

New Jersey Short Sale FAQ

Things You’ll Need To Begin Selling Your New Jersey Home as A Short Sale:

* Your financial data (income and assets)
* A qualified representative (real estate broker, lawyer, or advisor)
* A market analysis of similar home sales and those currently for sale
* Recent bank statements

Step 1
Contact Carmelo Oliveri - GRI/NJAR Office: (201) 262-6600 X 157 Cell: (201) 618-2854 Fax: (201) 262-8432 www.ournjhouse.com

Step 2
Contact your mortgage lender. Don’t just call or email customer service or the “loan work out” department. You need to speak with the Manager of the problem loan department or another individual who has the authority to approve a short sale request. While mortgage lenders can be sympathetic to these problems, they are never anxious to allow a short sale. If you’re uncomfortable in this role, let your lawyer or advisor negotiate with your lender.

* In Step 3, should your “bottom line” indicate that you (the seller) may receive cash proceeds, your lender will probably not approve your short sale request.

River Edge, Oradell, Paramus, Emerson Fairlawn. Search the complete NJ MLS for free. Contact Carmelo Oliveri, Coldwell Banker Realtor at (201) 618-2854. Visit our web site at http://www.ournjhouse.com