Are You Facing Foreclosure?

Mullica Hill NJ: What can you do if you are facing a foreclosure?

One of the scariest and worse case scenarios for a homeowner is getting so far behind in your payments that foreclosure is leering around the corner. You feel as though you have let everyone, yourself included, down. You feel embarrassed, even if you aren't actually holding the papers yet. So now what? Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

Here are a few tips to help you out:
1.) First off if you've been getting letters threatening foreclosure you need to step up and take action. Ignoring them until you actually get the foreclosure papers sent to you will not make it go away.

2.) Its time to sit down and figure out how far behind you are and if it is truly realistic to catch up your payments. You have to be real and honest with yourself about your situation and figure out a realistic budget to work with. Thinking that oh I can do this, I just have to cut out my $5 latte every morning and make up the money is not a realistic option that will get you out of the situation. Be realistic and figure out exactly how much you can budget each month for the necessities and the small extras. If you haven't noticed, this entire step has used the word realistic and thats the exact word you have to keep in mind.

3.) You have to realize and keep in mind that, in all honesty, the last thing your lender probably wants is to own your home. They are in the money business, not the home owning business. If they are forced to take over the home they're also faced with everything a homeowner is faced with; such as all of the maintenance, upkeep, heating bills, air conditioning bills, all of the utility bills and more. This comes down to one thing, they really don't want to take your home and would probably much rather work with you to make realistic arrangements in helping you keep your home.

4.) Do not avoid your lender. Call them and start to see what can be done to stop the foreclosure. Once the actual foreclosure begins its very hard to stop it; so you want to make sure you contact them immediately. If you reach a person that you simply cannot deal with and takes the approach of scare tactics and put downs, then immediately request to speak to their superior. You deserve to be treated with respect throughout the entire process and demand such. Once you start talking to the financial agent you may find they have many options in place to help you. You are not the first person they've had who was in the position of possible foreclosure and you wont be the last.

Thinking about a short sale? I can help you short sale your property and get back on your feet. Send me an e-mail at lsarlo@comcast.net. 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 609-868-1171 Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our 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, Larry Sarlo.

Larry is a Real Estate Agent at RE/MAX Preferred. Mullica Hill Short Sales Realtor: Phone: 609-868-1171. lsarlo@comcast.net. Know Your Options, I Can Help!

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Larry Sarlo specializes in loan modification assistance and short sales in Mullica Hill New Jersey. Mullica Hill Loan Modification Help, Mullica Hill Short Sales. Mullica Hill NJ Short Sales. Mullica Hill Realtor.

Important Notice Larry Sarlo and RE/MAX Preferred, are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse 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. We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. 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 Larry's personal views and do not reflect the views of RE/MAX Preferred.

This information about Are you facing Foreclosure? is provided as a courtesy to our viewers to help them make informed decisions.

Bad Things Happen To Good People

What is a short sale?


A "Short Sale" or "negotiated settlement" or "short pay" is when a Lender agrees to accept less than the amount owed to pay off a loan as an alternative to foreclosure. If the property is valued at less than the amount owed on the property, the Lender will take a loss on the property, even if they foreclose on it, thus Lenders are more willing to work with us to miti-gate their losses quickly to reduce their potential loss.


How long will it take?

The Short Sale negotiation process can take as few as 10 days to as many as 3 or more months. It depends on how many files in the Loss Mitigation Dept. and how willing the Lender is to negotiate a settlement amount. It also depends on the number of loans and or liens on the property.


Can I stay in the house?

No, the key word is "SALE". The purpose of a Short Sale is to sell the property, usually to a third party. So you will have to move. This is not a process to stop the foreclosure and let you remain in the property indefinitely.


How soon should I look for another place to live?

You should probably begin looking for alternative housing immediately. Whether you move in with family or look for an apartment, it may take a while to find a location that matches your family needs. You will have to move whether we negoti-ate a successful Short Sale or if the property goes to Foreclosure Auction. Be prepared!


Will I get money from the sale of my property?

No. A universal requirement of Lenders granting a Short Sale is that the borrower will not get any proceeds from the sale of the property. The Lender is taking a loss on your loan - they are not going to let you get any money.


How do I know this will work?

There are no guarantees. We do not make a promise that we can reach a settlement with the Lender on your behalf. Once you missed the payment, the Lender is in charge and can proceed to foreclosure if they choose. Lenders often choose to work on a Short Sale instead of having to foreclose and possibly take ownership of a vacant house, as both are costly.


What happens if it doesn't work?

Your property will go to foreclosure and an auction will be held. If the Lender's price is not matched, then they take back the property as an REO (Real Estate Owned).


What do I say to friends and family when they see the auction of my property posted?

You can tell them that you are trying to sell your house because you fell upon bad times. This is the only way to save your credit and move forward with your life. Tell them you are working to help you negotiate the sale of your house. REMEMBER- Bad things happen to good people!!


Hold your head high and be proud that you had the courage to try and save your credit and face your situation head on. Not everyone can and will do that.


Will I have to pay off the remaining balance of my loan?

You may try to negotiate with the Lenders so that they do not file a deficiency judgment against you. No guarantee that the Lender(s) will not file a deficiency. You may receive a 1099 form. If you do, consult with a tax specialist or CPA. There is an act President Bush signed called Mortgage Forgiveness Debt Relief Act of 2007, The bill gives a tax break to homeowners who have mortgage debt forgiven as part of a foreclosure or renegotiation of a loan. No taxes would be owed on the value of any debt forgiven or written off.


Will the short sale affect my credit?

If successful in negotiating a settlement and no deficiency judgment is made, then your credit will easily be re-established. Continuing to pay your bills on time will help to improve your credit and you will soon be back on your feet and if you choose, can or may buy another property in the near future.

Working hard to help distressed homeowners is not easy but if done right will provide an easier transition to move forward. Do not accept anyone other than a professional who knows about short sales to assist you in selling and negotiating your home.

Your life depends on it! Don't go it Alone!

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