SHORT SALES 101: RUMOR vs. REALITY CHECK
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"Solutions To Help NJ Homeowners Avoid Foreclosure"
(FEBRUARY 2009 edition)
RUMOR: If a homeowner contacts their mortgage lender/bank and tells them they can no longer afford to pay for the home they purchased, the lender MUST agree to allow a short sale.
REALITY CHECK: Not true! Many mortgage lenders/banks are willing to consider allowing a homeowner in serious financial trouble (who can no longer afford to pay the mortgage) to do a SHORT SALE. In fact, in many cases as long as the "net loss number" (the amount of money the bank is left with after paying all fees, commission, delinquent water bills, etc) doesn't prove to be too painful for the mortgage lender, most lenders will go from considering a SHORT SALE to actually approving a SHORT SALE. Lenders are in the "lending money" business, not the "landlord" business, so they'd often rather have a property sold and move on. However, a lender is NOT obligated to grant a seller permission to do a SHORT SALE.
SOLUTION = People who know you often mean well, but sometimes they will unintentionally leave you with misinformation. When you're seeking options, only rely on information from your mortgage lender/bank, the government's site for housing assistance, a trained SHORT SALE Realtor with experience or an attorney who specializes in SHORT SALES. Tune out random opinions from individuals who don't have any experience with this type of business matter. It will save you time, money and energy in the long run!
Information courtesy of:
AMBER NOBLE-GARLAND
Short Sale Specialist
Weichert, Realtors (Marlboro ~ Manalapan office)
455 Route 9 South
Manalapan, NJ 07726
917-723-5645 - cell
732-536-4400, ext 199 - office
www.AmberLovesRealEstate.com
"Your Reliable Resource For NJ Real Estate, Local Info & More"
"When you're seeking options, only rely on information from your mortgage lender/bank, the government's site for housing assistance, a trained SHORT SALE Realtor with experience or an attorney who specializes in SHORT SALES."
You said it!! Too true!
It is amazing how many people are misinformed by their friends and family!
... yup ! most have NO CLUE what goes into getting short sales approved !!
Nice straight to the point info !
Cheers Amber !
Sheldon :o)
You are always out there looking to help the homeowners and your fellow Realtors
kudos to you .......Love reading your blogs and hope you don't mind if I pass them along ....ALL the world should have this information to be able to make choices
Great, concise, to the point information! I appreciate you taking the time to share your knowledge.