New Jersey Foreclosure And Short Sale Information - NJ Foreclosure Prevention- Avoid Foreclosure In NJ

Short Sale Specialists Serving :

The Following Counties Of New Jersey:

Bergen,

Essex,

Hunterdon,

Morris,

Passaic,

Somerset,

Sussex,

Union,

Warren

Counties

What's the Difference Between a Short Sale and a Foreclosure?

Review the following comparisons between short sales and foreclosures for a better understanding of why short sales are a better option for most homeowners. While a short sale is a complicated process, the outcomes of your patience and diligence are worth it in the end!

What are the implications to my credit score?
What are the implications to my credit history?
Who decides if my home should undergo a foreclosure or a short sale?
How long will I have to wait to buy another home?
What will be the effects on my future loans?
Does it affect my employment opportunites?
How does a short sale versus a foreclosure affect the deficiency judgment?

What are the implications to my credit score?

Following a successful short sale your mortgage will be reported on your credit score as either paid or negotiated, lowering your score as little as 50 points and affecting you for only 12 to 18 months. After a foreclosure, however, your credit score can lower as much as 300 and usually at a minimum of 250 points and affects your score for up to ten years.

A short sale is usually reported as paid in full/settled. A foreclosure will remain on your credit history for 10 years or more and will remain as public record.

In both short sales and foreclosure, the decision is made by your mortgage lender. The most important aspects to getting a lender to agree to a short sale, and saving you the more damaging credit implications of a foreclosure, is to prove that you can not continue to pay the mortgage and that the amount received from a short sale is a fair price and the best solution.

After a foreclosure, you may end up waiting a minimum of 24 to 72 months before a lender will give you a mortgage. And the interest rate at that time will be substantially higher than you would get after a short sale. Most mortgage lenders report that for homeowners who have undergone a previous short sale they may get a reasonable interest rate in less than two years. Fannie Mae guidelines allow a short seller to apply for a new loan immediately if payments were kept current and had no 60-day late payments on their record.

For most mortgage lenders you will not be asked to declare or be questioned regarding a short sale on any standard loan application (1003). In regards to foreclosure, you will be asked on any future standard loan application (1003) if you have had a property foreclosed in the last seven years, therefore affecting your rate. Fannie Mae backed mortgages will be available to you following a short sale after two years. Fannie Mae backed mortgages will not be available to you for at least five years if you have lost your home due to a foreclosure.

A short sale does not appear on a credit report and will not challenge your current employment status. In comparison, if you have a foreclosure on your credit report, some employers consider it a reason for termination or reassignment since many run credit checks on employees for certain positions. A foreclosure can be extremely harmful to your chance of being selected for a new job if your credit report is taken into consideration.

If your short sale is handled successfully, in most cases the lender may give up the right to pursue a deficiency judgment against you. In a foreclosure they do not give up that right and will pursue the deficiency judgment against you. Since your foreclosed home will have to go through the REO process more time and legal expenses will accumulate, this results in a higher deficiency judgment against you.

NJ Foreclosure Prevention

Specializing in helping homeowners use a Short Sale to avoid home foreclosure in the New Jersey real estate market.

Service Areas Include:

Bergen County,

Allendale, Alpine, Bergenfield, Bogota, Carldstadt, Cliffside Park, Closter, Cresskill, Demarest, Dumont, Elmwood Park, East Rutherford, Edgewater, Emerson, Englewood, Englewood Cliffs, Fair lawn, Franklin Lakes, Garfield, Glen Rock, Hackensack, Harringron Park, Hasbrook Heights, Haworth, HoHoKus, Leonia, Little Ferry, Lodi, Lyndhurst, Mahwah, Maywood, Midland Park, Montvale, Moonachie, New Milford, North Arlington, Northvale, Norwood, Oakland, Old Tappan, Oradell, Palisades Park, Paramus, Park Ridge, Ramsey, Ridgefield Park, Ridgewood, Rochelle Park, Rutherford, Saddlebrook, Saddle River, Teaneck, Tenafly, Upper Saddle River, Waldwick, Washington, Westwood, Woodcliff Lake, WoodRidge,Wycoff

Essex County,

Belleville, Bloomfield, Caldwell, Cedar Grove, Essex Fells, Fairfield, Glen Ridge, Livingston, Maplewood, Millburn, Montclair, North Caldwell, Nutley, Roseland, Verona, West Caldwell, West Orange

Hunterdon County

Alexandria Twp, Bethlehem Twp, Bloomsbury, Califon, Clinton Twp, Deleware Twp, East Amwell, Twp Flemington, Franklin Twp, Glen Gardner, Hampton, High Bridge, Holland twp, Kingwood Twp, Lambertville, Lebanon, Milford, Raritan Twp, Readington Twp, Stockton, Tewksbury Twp, Union Twp, West Amwell

Morris County,

Boonton , Butler, Chatham, Chester, Denville, Dover, East Hanover, Florham Park, Hanover, Harding, Jefferson, Kinnelon, Lincoln Park, Long Hill, Madison, Mendham, Montville, Morris Plains, Morris Twp, Morristown, Mount Arlington, Mount Olive, Mountain Lakes, Netcong, Parsippany, Pompton Plains, Pequannock, Randolph, Riverdale, Rockaway, Roxbury, Washington,

Passaic County,

Bloomingdale, Clifton, Haledon, Hawthorne, Little Falls, North Haledon, Pompton Lakes, Prospect Park, Ringwood, Totowa, Wanaque, Wayne, West Milford, Woodland Park

Someret County,

Bedminster, Bernards Twp, Bernardsville, BoundBrook, Branchville, Bridgewater, Far Hills, Franklin, Warren Twp, Watchung

Sussex County,

Andover, Byram, Frankford, Franklin, Green Twp, Hamburg, Hampton Twp, Hardyton, Hopatcong, Lafayette, Newton, Ogdenburg, Sparta, Stanhope, Stillwater, Sussex, Vernon, Wantage

Union County,

Berkeley heights, Clark, Cranford, Elizabeth, Fanwood, Garwood, Hillside, Kennilworth, Mountainside, New Providence, Roselle Park, Scotch Plains, Springfield, Summit, Union Twp, Westfield,

Warren County,

Allamuchy, Alpha, Belvidere, Blairstown, Franklin, Frelinghuysen, Greenwich twp, Hacketstown, Harmony, Hope, Independence, Liberty, Lopatcong, Mansfield, Oxford, Phillipsburg, Pohatcong, Stewartsville, Washington, White Twp

This site has been sponsored by "Antonette Solano" Beroker Owner at www.PristinePropertiesNJ.com