Can I buy again right after a Short Sale?

Sicklerville NJ – We get this question a lot from people. “I am upside down and need to move. I would like to buy another home. Can I do that?” they ask us.

Today they can. FHA (the Federal Housing Administration) has a new program that enables you to short sale your existing home and buy a new home at today’s reduced prices.

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

The home you purchase would have to meet FHA’s standard lending guidelines. FHA is a great mortgage program.

In fact, more people buying a home in today’s market are getting an FHA loan.

Here is what you would need to do to participate in the program:

1. Determine if you qualify to participate in the program. We have been told that you will need the following.

(Guidelines can change at any time, so make sure you check them with a Mortgage Professional familiar with the program.)

A. A 640 FICO credit score or better.

B. You must be current on all installment payments and your mortgage.

C. No bankruptcy or foreclosure on your credit in the last 7 years.

D. The home you are purchasing must be inferior to the one you are selling. I don’t know the exact guidelines, but I think it means it is a smaller home, or it has less bedrooms or a lower price.

E. You will need the 3.5% down payment for the new purchase.

2. Continue making your mortgage payments each month.

3. Talk to a Mortgage Professional and fill out FHA’s Short Sale and Buy Application.

4. Get pre-approved for your next home loan.

5. Put your home on the market with a licensed short sale realtor.

6. Once the short sale is approved, then you can start looking at other homes.

7. Close on selling your home and on purchasing the new property.

Thinking about a short sale? I can help you short sale your property and never pay the bank another penny. 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 Sicklerville 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 Weichert Realtors. Sicklerville Short Sales Realtor:

Phone: 609-868-1171. lsarlo@comcast.net.

When You want it Sold Fast

View homes for sale at
SearchNJForeclosures.com.

View Short Sale home buys and deals for sale by
Clicking here.

Turnersville Home For Sale

Collingswood Home For Sale

Camden County TAX Rates for Each Town

DISTRICT General Tax Rate Effective Tax Rate

2009 General Tax Rates

Camden County

AUDUBON BORO 2.610 AUDUBON PARK BORO 3.376
BARRINGTON BORO 6.178 BELLMAWR BORO 2.795
BERLIN BORO 4.627 BERLIN TWP 4.664

BROOKLAWN BORO 4.409 CAMDEN CITY 4.703
CHERRY HILL TWNSHP 5.319 CHESILHURST BORO 2.419
CLEMENTON BORO 4.985 COLLINGSWOOD BORO 2.621

GIBBSBORO BORO 4.049 GLOUCESTER CITY 4.741
GLOUCESTER TWP 5.242 HADDON TWP 5.393
HADDONFIELD BORO 2.338 HADDON HEIGHTS BORO 2.553

HI NELLA BORO 4.924 LAUREL SPRINGS BORO 6.146
LAWNSIDE BORO 4.522 LINDENWOLD BORO 5.836
MAGNOLIA BORO 5.642 MERCHANTVILLE BORO 5.049

MOUNT EPHRAIM BORO 5.837 OAKLYN BORO 5.532
PENNSAUKEN TWP 4.571 PINE HILL BORO 6.186
PINE VALLEY BORO 1.356 RUNNEMEDE BORO 5.047
SOMERDALE BORO 3.071 STRATFORD BORO 5.317
TAVISTOCK BORO 1.181 VOORHEES TWP 2.478
WATERFORD TWP 4.925 WINSLOW TWP 4.731

WOODLYNNE BORO 7.866

Some Refreshing Entertainment "Out of Africa" TURN UP YOUR SPEAKERS TO APPRECIATE

First Time Home Buyer News Sicklerville Turnersville NJ

Want to buy a home but...

Short on Cash?

Need money for Down payment?

Need money for Closing Costs?



SOLUTION! up to

O% INTEREST!

That's right 0% interest!

Pay it back when you get it! Must qualify as a first time home buyer!

Any Home in Camden or Gloucester Counties.
Plus

BUY NOW and get up to an

additional $10,000.... or

how about No money Down!

That's right! And get LOW
INTEREST RATES
I have a program that will get you into a home
today, without the regrets of tomorrow. This is a limited time only! So act Now!

Parents get your kids into a home today.

Let me show you how affordable and easy it is,,,

Plus

Use my Years of Negotiation

experience to get you more...

CONTACT
LARRY SARLO
WEICHERT REALTORS - Turnersville

609-868-1171

E-MAIL ME NOW LSarLo@comcast.netwww.NJHomeHunter.com

NJ PROPERTY OWNERS TAKE ACTION

http://takeaction.realtoractioncenter.com/campaign/2010budget?rk=apLFII5aISofE

Let your elected officials know that the elimination of the property tax deduction sends the wrong message, and that protecting homeownership is key to our economic recovery.

Click Here to send a letter to Governor Corzine, your assemblyperson and your state senator.

Corzine Budget Hurts Property Owners

Governor Jon Corzine, to a joint session of the New Jersey Legislature, announced plans to eliminate the ability for all non-senior households, regardless of income, to deduct property taxes from their state tax filings. The elimination of the deduction is expected to raise $420 million in revenue, which will be used to fund a greatly scaled back property tax rebate program that only reaches a select few.



As the leading advocate for homeowners and the real estate industry in the state, the New Jersey Association of REALTORSâ (NJARâ) is adamantly opposed to this proposal. In an effort to support the real estate industry as a whole, we must lend a voice to all property owners. NJARâ asks that you join our fight to boost the real estate industry by joining in our opposition to this proposal. Governor Corzine’s efforts to do away with the property tax deduction in order to fund the rebate program are imprudent. The rebate program is a short-term fix that does not offer a long-term solution to our state’s crippling property tax dilemma.



http://www.NJHomeHunter.com

PropertyHookup

PropertyHookup

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!

www.searchcamdencounty.com

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Police and Fireman FIXED RATE 3.75%

Is proud

to announce the offering of….
Special Financing for All
Police and Fire Department
Personnel
30-year Fixed Rate loans
3.75%
Contact Lawrence “Larry” Sarlo
(609) 868-1171
www.Searchcamdencounty.com
lsarlo@comcast.net

Weichert Realtors
5070 Rt 42
Turnersville, NJ 08012
http://www.trulia.com/blog/larry_sarlo/2009/02/fire_and_police_1st_time