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James Lockard

Sales Associate

Bergen County Short Sale Blog

Here's Proof That Your Bank Actually Wants You To Short Sale Your Bergen County Home

5/17/2012

money in the handsBergen County NJ A recent article in the Tampa Bay Times shows how much lenders prefer short sales to a foreclosure. It discussed how Bank of America recently came out with new short sale incentives.

Bank of America is willing to pay borrowers up to $30,000 for moving expenses to short sale their house. I doubt that many homeowners will receive $30,000. Most will receive the lower amount of $2,500.

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

But that is still better than repaying your lender thousands of dollars for their loss. As you can see, banks like short sales. But, why is that?

It comes down to one simple thing: money. The banks have foreclosed on thousands of properties. They have also assisted with thousands of short sales.

Over time they realized that selling a property as a short sale usually nets them more money. Here is an example. We had a home for sale as a short sale. A buyer offered to buy the home for $275,000.

The bank reviewed the offer and turned it down. They thought the house was worth more than that. We tried and tried to convince them to accept the offer. But, they wouldnt accept it.

So we put the property back on the market. The market continued to decline. We submitted all of the new offers to the lender. However, they continued to turn them down.

Finally 18 months later they accepted an offer. But, this time the house was selling for $235,000. Im sure that shocks you. What! That lender just lost $40,000! Wouldnt someone be angry?

No. No one is angry. Thats crazy, isnt it? But, its just part of life for these lenders. They have to make decisions every day. They are used to losing money on foreclosures and short sales.

They have seen this story before on many other homes. Overall they know that short sale will net them more money than a foreclosure. As a result they prefer short sales over a foreclosure.

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 jlockard@remax.net. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail. If you prefer, then you can call me at (201) 825-6600 x343 or on my cell at (201) 674-3114. If you prefer, just fill out the form by clicking the words, Contact Me below:

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Bergen County Loan Modification Kit has the instructions you will need to get a loan modification approved with your lender. Click here to request a copy.

Thanks for reading this, James Lockard.

James is a Realtor-Associate at RE/MAX Properties.

Office: (201) 825-6600 Cell: (201) 674-3114. jlockard@remax.net

View My homes for sale at www.BergenCounty-Homes.com.
Find Information about Bergen County Real Estate at:www.BergenCountyRealEstate.info.

James Lockard specializes in loan modification assistance and short sales in Bergen County New Jersey. Bergen County Loan Modification Help, Bergen County short sales, Bergen County Short Sale Realtor, Short Sale Realtor, Bergen County NJ Short Sales, Bergen County Realtor

Copyright 2011 SFI Marketing Institute, LLC. All Rights Reserved.

Important Notice

James Lockard, RE/MAX Properties, and the Stop Foreclosure Institute are not associated or affiliated in any way, shape, or form with the government. Our services have not been reviewed, endorsed, or approved 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.

If you stop paying your mortgage, then you could lose your home and damage your credit. 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 Lockards personal views and do not reflect the views of RE/MAX Properties.

This information on Heres Proof That Your Bank Actually Wants You To Short Sale Your Bergen County Home is provided as a courtesy to our viewers to help them make informed decisions.

Buying A Bergen County Short Sales? Make Sure You Have This Person Helping You

5/14/2012

happy-family-homeBergen County NJ Thinking of buying a Bergen County Short Sale? The short sale process is difficult to navigate. The first thing you should do it make sure that the agent who has the house for sale knows what they are doing.

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

That person, also known as the listing agent, is responsible for negotiations with the short sale lender. They may negotiate the short sale themselves or have a third party do it.

Either way they will be in control of most of the process. The bottom line is that if they do not know what they are doing, then the short sale will be delayed.

You may find yourself waiting 3-4 months for the short sale for the short sale to be approved. Then, after waiting and hoping that you can buy your dream home, you will find out that the short sale lender wont approve your offer.

We are so sorry. We worked so hard to convince them to accept it, but they still turned it down, the agent may tell you. Wouldnt that be heart breaking?

Unfortunately some agents just do not understand the short sale process. They are too busy with other things and never have a chance to give the short sale negotiations the property attention.

Or, the short sale negotiator they hire may be too busy to give your short sale file the attention it deserves. This is why it is important to find an agent that understands the process backwards and forward.

They will give the file the proper attention or find someone who can. They will know how to overcome any problems and roadblocks that arise.

And at the end of the day you will be able to buy your dream home

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 jlockard@remax.net. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail. If you prefer, then you can call me at (201) 825-6600 x343 or on my cell at (201) 674-3114. If you prefer, just fill out the form by clicking the words, Contact Me below:

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Bergen County Loan Modification Kit has the instructions you will need to get a loan modification approved with your lender. Click here to request a copy.

Thanks for reading this, James Lockard.

James is a Realtor-Associate at RE/MAX Properties.

Office: (201) 825-6600 Cell: (201) 674-3114. jlockard@remax.net

View My homes for sale at www.BergenCounty-Homes.com.
Find Information about Bergen County Real Estate at:www.BergenCountyRealEstate.info.

James Lockard specializes in loan modification assistance and short sales in Bergen County New Jersey. Bergen County Loan Modification Help, Bergen County short sales, Bergen County Short Sale Realtor, Short Sale Realtor, Bergen County NJ Short Sales, Bergen County Realtor

Copyright 2011 SFI Marketing Institute, LLC. All Rights Reserved.

Important Notice

James Lockard, RE/MAX Properties, and the Stop Foreclosure Institute are not associated or affiliated in any way, shape, or form with the government. Our services have not been reviewed, endorsed, or approved 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.

If you stop paying your mortgage, then you could lose your home and damage your credit. 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 Lockards personal views and do not reflect the views of RE/MAX Properties.

This information on Buying A Bergen County Short Sales? Make Sure You Have This Person Helping You is provided as a courtesy to our viewers to help them make informed decisions.

Bergen County Short Sale Myth: The Mortgage Forgiveness Law Means That Everyone Gets To Short Sale With No Deficiency

5/11/2012

leadsBergen County NJ I recently heard another so-called short sale expert say that the Federal Mortgage Forgiveness Debt Relief Act made it so that everyone gets to short sale with no deficiency

The unfortunate news is that this is not true. In some state, state law forbids the lenders from attempting to collect from the homeowner after a foreclosure or short sale. But, those states are the exception, not the rule.

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

Here is what the Federal Mortgage Forgiveness Debt Relief Act does. It enables a homeowner to walk away from an upside down debt without owing taxes on the loss of their principle residence.

See, in the past a homeowner that was released from an upside down debt would owe income taxes on the forgiven debt. It is called Forgiveness of Debt Income.

This short sale expert said the following: I read the Mortgage Debt Forgiveness Act and it states that anyone who short sells their house will be released from the debt.

It is sad that someone who considers themselves a short sale expert would be so misinformed. So make sure you check out everything before you start the short sale process.

The good news is that in most cases a homeowner can short sale and walk away from the debt. But, it doesnt happen every time.

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 jlockard@remax.net. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail. If you prefer, then you can call me at (201) 825-6600 x343 or on my cell at (201) 674-3114. If you prefer, just fill out the form by clicking the words, Contact Me below:

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Bergen County Loan Modification Kit has the instructions you will need to get a loan modification approved with your lender. Click here to request a copy.

Thanks for reading this, James Lockard.

James is a Realtor-Associate at RE/MAX Properties.

Office: (201) 825-6600 Cell: (201) 674-3114. jlockard@remax.net

View My homes for sale at www.BergenCounty-Homes.com.
Find Information about Bergen County Real Estate at:www.BergenCountyRealEstate.info.

James Lockard specializes in loan modification assistance and short sales in Bergen County New Jersey. Bergen County Loan Modification Help, Bergen County short sales, Bergen County Short Sale Realtor, Short Sale Realtor, Bergen County NJ Short Sales, Bergen County Realtor

Copyright 2011 SFI Marketing Institute, LLC. All Rights Reserved.

Important Notice

James Lockard, RE/MAX Properties, and the Stop Foreclosure Institute are not associated or affiliated in any way, shape, or form with the government. Our services have not been reviewed, endorsed, or approved 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.

If you stop paying your mortgage, then you could lose your home and damage your credit. 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 Lockards personal views and do not reflect the views of RE/MAX Properties.

This information on Bergen County Short Sale Myth: The Mortgage Forgiveness Law Means That Everyone Gets To Short Sale With No Deficiency is provided as a courtesy to our viewers to help them make informed decisions.

Dont Accept A Promissory Note When You Short Sale Your Bergen County Home

5/9/2012

losingBergen County NJ Many lenders ask for a promissory note on short sales. This is especially true if the lender has Private Mortgage Insurance (also called PMI) that has to approve the short sale.

The PMI companies know that homeowners will do anything to protect their credit when they are short selling their home.

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

To avoid a promissory note you must convince the negotiator at the PMI Company that you have no assets and no disposable income that can be used to pay them.

I ask to speak directly with the PMI negotiator. Dont let your lender tell you that you are not allowed to talk to them. Dont take no for an answer. If necessary, ask to speak with a supervisor at the lender.

The PMI companies know that if the home is foreclosed, then they will lose even more money when the home is sold after foreclosure. Keep this in mind.

Tell the employee that you will hold them accountable if the home is foreclosed and sells for less money after foreclosure.

We have seen a lot of lenders and PMI Companies turn down short sales, only to see the property sell for much less after it is foreclosed upon.

If you stick to your guns they will release the debt and allow you to walk away without a promissory note.

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 jlockard@remax.net. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail. If you prefer, then you can call me at (201) 825-6600 x343 or on my cell at (201) 674-3114. If you prefer, just fill out the form by clicking the words, Contact Me below:

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Bergen County Loan Modification Kit has the instructions you will need to get a loan modification approved with your lender. Click here to request a copy.

Thanks for reading this, James Lockard.

James is a Realtor-Associate at RE/MAX Properties.

Office: (201) 825-6600 Cell: (201) 674-3114. jlockard@remax.net

View My homes for sale at www.BergenCounty-Homes.com.
Find Information about Bergen County Real Estate at:www.BergenCountyRealEstate.info.

James Lockard specializes in loan modification assistance and short sales in Bergen County New Jersey. Bergen County Loan Modification Help, Bergen County short sales, Bergen County Short Sale Realtor, Short Sale Realtor, Bergen County NJ Short Sales, Bergen County Realtor

Copyright 2011 SFI Marketing Institute, LLC. All Rights Reserved.

Important Notice

James Lockard, RE/MAX Properties, and the Stop Foreclosure Institute are not associated or affiliated in any way, shape, or form with the government. Our services have not been reviewed, endorsed, or approved 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.

If you stop paying your mortgage, then you could lose your home and damage your credit. 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 Lockards personal views and do not reflect the views of RE/MAX Properties.

This information on Dont Accept A Promissory Note When You Short Sale Your Bergen County Home is provided as a courtesy to our viewers to help them make informed decisions.

Bergen County Short Sale Deficiencies On "Sliced & Diced Loans?

5/8/2012

crash_bankBergen County NJ Another common type of loan that does not usually have a deficiency is a Sliced and Diced loan. A Sliced and Diced loan is a loan that has been securitized along with a bundle of other loans.

Here is how that happened. John gets a loan from ABC Bank. ABC Bank is running out of money to lend out. So, they sell 1,000 of their mortgages to Goldman Sachs.

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

Goldman then securitizes that bundle of 1,000 mortgages and sells of 50,000 shares of stock. Each piece of stock represents a small percentage of the bundle of 10,000 mortgages.

But, how does that affect whether or not you will have a deficiency on a short sale? First, the majority of Sliced and Diced loans that we have short sold released the seller from the deficiency.

This means that the short sale approval letter said that the homeowner was being forgiven of the debt. What about the people who are not specifically released from the deficiency?

The good news is that the vast majority move on with their life and never hear anything more from their lender. Time moves on and they forget about the debt.

The good news is that after a few years the statute of limitations kicks in and they are home free. Their lender no longer has the right to collect the money from them.

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 jlockard@remax.net. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail. If you prefer, then you can call me at (201) 825-6600 x343 or on my cell at (201) 674-3114. If you prefer, just fill out the form by clicking the words, Contact Me below:

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Bergen County Loan Modification Kit has the instructions you will need to get a loan modification approved with your lender. Click here to request a copy.

Thanks for reading this, James Lockard.

James is a Realtor-Associate at RE/MAX Properties.

Office: (201) 825-6600 Cell: (201) 674-3114. jlockard@remax.net

View My homes for sale at www.BergenCounty-Homes.com.
Find Information about Bergen County Real Estate at:www.BergenCountyRealEstate.info.

James Lockard specializes in loan modification assistance and short sales in Bergen County New Jersey. Bergen County Loan Modification Help, Bergen County short sales, Bergen County Short Sale Realtor, Short Sale Realtor, Bergen County NJ Short Sales, Bergen County Realtor

Copyright 2011 SFI Marketing Institute, LLC. All Rights Reserved.

Important Notice

James Lockard, RE/MAX Properties, and the Stop Foreclosure Institute are not associated or affiliated in any way, shape, or form with the government. Our services have not been reviewed, endorsed, or approved 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.

If you stop paying your mortgage, then you could lose your home and damage your credit. 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 Lockards personal views and do not reflect the views of RE/MAX Properties.

This information on Bergen County Short Sale Deficiencies On Sliced&Diced Loans? is provided as a courtesy to our viewers to help them make informed decisions.

Will I Owe A Deficiency On A Bergen County Short Sale If I Have An FHA Loan?

5/3/2012

Bergen County NJ The next most common type of loan that does not usually have a deficiency is an FHA loan.

But, how do you determine whether or not you have an FHA loan?

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

Here is the best way that I have found to do this. Look up your mortgage on the public records in your county. You can usually access the public records online.

Just Google, County, State Public Records. For example, if we Google Cook County Illinois Public Records, then you will get the clerk of courts website on the second link.

Most realtors will know how to look up this information. If not, then they will know a title company that can do the research for you. Once you access the public records you will want to pull up your mortgage.

If you have an FHA loan, then on the first page of the mortgage, there should be a small square and inside the square, it will say FHA Case Number 091-4242640-703.

FHAs Short Sale Guidelines are covered in a letter they send out to all the lenders that are handling their loan. Whenever they make a change to the guidelines, they send out a Mortgagee Letter.

They issued a new Mortgagee Letter at the beginning of the financial crisis that made a lot of changes to how they handle short sales. That letter was called Mortgagee Letter 2008-43.

You can Google that if you want to look at a copy yourself. On page 5 of Mortgage Letter 2008-43, it specifically states that if you short sale or attempt to short sale, then you will be released from the debt.

Here is an excerpt from the letter:

Mortgagors, acting in good faith, who successfully sell their properties using this option are relieved of their mortgage obligation and are entitled to a consideration of $750. If the closing occurs within 3 months of the approval to participate, the mortgagor will be entitled to $1,000. Unless the mortgagors consideration is required to release junior liens, the mortgagor may elect to accept cash paid at closing. The mortgagor may also apply a portion of or the entire amount of consideration to offset sales costs not paid by HUD; including a home warranty plan fee, costs of optional repairs, and buyers closing expenses. If the PFS is unsuccessful and foreclosure occurs, mortgagors who participate in the PFS Program in good faith will not be pursued for deficiency judgments by the mortgagee or HUD.

The main requirement to being allowed to participate in the program is that the property cannot be an investment property and that the homeowner has to have a genuine hardship.

Looks like a good way to wipe out some upside down mortgage debt.

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 jlockard@remax.net. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail. If you prefer, then you can call me at (201) 825-6600 x343 or on my cell at (201) 674-3114. If you prefer, just fill out the form by clicking the words, Contact Me below:

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Bergen County Loan Modification Kit has the instructions you will need to get a loan modification approved with your lender. Click here to request a copy.

Thanks for reading this, James Lockard.

James is a Realtor-Associate at RE/MAX Properties.

Office: (201) 825-6600 Cell: (201) 674-3114. jlockard@remax.net

View My homes for sale at www.BergenCounty-Homes.com.
Find Information about Bergen County Real Estate at:www.BergenCountyRealEstate.info.

James Lockard specializes in loan modification assistance and short sales in Bergen County New Jersey. Bergen County Loan Modification Help, Bergen County short sales, Bergen County Short Sale Realtor, Short Sale Realtor, Bergen County NJ Short Sales, Bergen County Realtor

Copyright 2011 SFI Marketing Institute, LLC. All Rights Reserved.

Important Notice

James Lockard, RE/MAX Properties, and the Stop Foreclosure Institute are not associated or affiliated in any way, shape, or form with the government. Our services have not been reviewed, endorsed, or approved 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.

If you stop paying your mortgage, then you could lose your home and damage your credit. 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 Lockards personal views and do not reflect the views of RE/MAX Properties.

This information on Will I Owe A Deficiency On A Bergen County Short Sale If I Have An FHA Loan? is provided as a courtesy to our viewers to help them make informed decisions.

Bergen County Short Sales: The Most Common Types Of Loan That Do Not Require A Deficiency

5/2/2012

uncle-sam-bailoutBergen County NJ OK, lets talk about the most common types of loans that do not require a deficiency on a short sale. The first common loan type is a Fannie Mae or Freddie Mac loan.

Ill call them Fannie&Freddie in this post. Freddie & Fannie are different quasi-governmental entities that own mortgages. For our conversation, they are very similar in the way they handle short sales.

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

First, you need to find out if Fannie or Freddie own your loan.

Fannie Mae has a website with a lookup tool. Go to this site to research if your loan is owned by Fannie Mae: www.fanniemae.com/loanlookup/

Freddie Mac has a lookup tool here: ww3.freddiemac.com/corporate/

If your loan is owned by Fannie Mae, then you usually do not have to worry about a deficiency. Fannie Maes official policy is that they will forgive the debt if a seller has a genuine hardship.

Fannie & Freddies policies are basically the same. They state that they will pursue a short sale seller if they have they can afford to make the payment or it is an investment property.

You need to keep this in mind if you are strategically defaulting. One problem with some of these short sales is that the loan was insured by Private Mortgage Insurance, also called PMI.

The PMI companies have the ability to approve or veto the short sale offer. Many PMI companies ask for a promissory note before they will approve a short sale.

The good news is that the promissory note is usually less than the amount lost. For example, we recently saw a lender lose over $100,000 on a short sale. They asked the homeowner for a $20,000 promissory note.

Are you willing to pay $20,000 to walk away from $100,000 in debt? I think thats a good bargain.

If you have a Fannie or Freddie Loan and have a genuine hardship, then you can be pretty confident that you have a very good shot at being able to walk away without a deficiency.

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 jlockard@remax.net. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail. If you prefer, then you can call me at (201) 825-6600 x343 or on my cell at (201) 674-3114. If you prefer, just fill out the form by clicking the words, Contact Me below:

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Bergen County Loan Modification Kit has the instructions you will need to get a loan modification approved with your lender. Click here to request a copy.

Thanks for reading this, James Lockard.

James is a Realtor-Associate at RE/MAX Properties.

Office: (201) 825-6600 Cell: (201) 674-3114. jlockard@remax.net

View My homes for sale at www.BergenCounty-Homes.com.
Find Information about Bergen County Real Estate at:www.BergenCountyRealEstate.info.

James Lockard specializes in loan modification assistance and short sales in Bergen County New Jersey. Bergen County Loan Modification Help, Bergen County short sales, Bergen County Short Sale Realtor, Short Sale Realtor, Bergen County NJ Short Sales, Bergen County Realtor

Copyright 2011 SFI Marketing Institute, LLC. All Rights Reserved.

Important Notice

James Lockard, RE/MAX Properties, and the Stop Foreclosure Institute are not associated or affiliated in any way, shape, or form with the government. Our services have not been reviewed, endorsed, or approved 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.

If you stop paying your mortgage, then you could lose your home and damage your credit. 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 Lockards personal views and do not reflect the views of RE/MAX Properties.

This information on Bergen County Short Sales: The Most Common Types Of Loan That Do Not Require A Deficiency is provided as a courtesy to our viewers to help them make informed decisions.

Another Example Of Just How Lousy A Bergen County Loan Modification Is For You

4/25/2012

frustratedBergen County NJ Are you pulling your hair out trying to convince your lender to reduce the amount you owe on your home?

People have a hard time grasping how difficult it is to get a loan modification that is fair. These banks just do everything they can to squeeze homeowners for as much money as possible.

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

Here is an example of a homeowner that accepted a forbearance agreement with their lender. The homeowner was desperate to keep his home and just accepted the first offer his lender made.

Today, he is paying $4,400 monthly. The sad thing is that it would cost her about $2,500 a month to rent a comparable home.

He could save $1,900 monthly if he moved out and rented a similar home. But, even worse is how much money this will cost him over the long term.

I project that it will take 19 years for his house to appreciate back to what he originally paid for the house. He will overpay his lender by $433,200 over the next 19 years while him and his family wait for the housing market to recover.

Its sad, but the only way that I have seen anyone receive a principal reduction is to short sell their house.

You can even buy another house right away if you qualify for the guidelines of certain short sale programs.

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 jlockard@remax.net. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail. If you prefer, then you can call me at (201) 825-6600 x343 or on my cell at (201) 674-3114. If you prefer, just fill out the form by clicking the words, Contact Me below:

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Bergen County Loan Modification Kit has the instructions you will need to get a loan modification approved with your lender. Click here to request a copy.

Thanks for reading this, James Lockard.

James is a Realtor-Associate at RE/MAX Properties.

Office: (201) 825-6600 Cell: (201) 674-3114. jlockard@remax.net

View My homes for sale at www.BergenCounty-Homes.com.
Find Information about Bergen County Real Estate at:www.BergenCountyRealEstate.info.

James Lockard specializes in loan modification assistance and short sales in Bergen County New Jersey. Bergen County Loan Modification Help, Bergen County short sales, Bergen County Short Sale Realtor, Short Sale Realtor, Bergen County NJ Short Sales, Bergen County Realtor

Copyright 2011 SFI Marketing Institute, LLC. All Rights Reserved.

Important Notice

James Lockard, RE/MAX Properties, and the Stop Foreclosure Institute are not associated or affiliated in any way, shape, or form with the government. Our services have not been reviewed, endorsed, or approved 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.

If you stop paying your mortgage, then you could lose your home and damage your credit. 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 Lockards personal views and do not reflect the views of RE/MAX Properties.

This information on Another Example Of Just How Lousy A Bergen County Loan Modification Is For You is provided as a courtesy to our viewers to help them make informed decisions.

Thinking About A Bergen County Loan Modification? Run The Numbers First

4/24/2012

Balancing the AccountsBergen County NJ When you negotiate your loan mod you need to remember that the banks are professional negotiators. They know the tricks.

They know how to suck as much money out of you as is legally possible. Dont kid yourself. Theyre going to use every single tool in their tool chest to squeeze you.

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

So before you start negotiations with the bank, youve got to be prepared. You cant just walk into a gunfight with a knife. Youve got to go prepared so you get yourself the best deal.

Research your options. The lenders negotiator can sense weakness. They can sense when youll take any payment amount they tell you. Guess what happens next?

Youre going to be stuck with a much higher monthly payment. Make sure that when you start negotiations, you know the alternatives. You cant negotiate unless you come from a position of power.

You must be able to say, I can afford to walk away from the negotiating table if you push me to hard. If the bank pushes me to a monthly payment that I cant afford, then I will walk away and get a better deal for myself elsewhere.

Find what houses similar to yours are renting for. It might make sense to rent and divorce the unrealistic lender and overpriced mortgage.

Ive seen so many people stay in their house and accept a monthly payment much higher than what they could rent a similar home for each month.

The other thing is, theyre already strapped just trying to pay their mortgage month. It becomes a struggle to put food on the table. How did that happen?

Well, their lender was good at negotiating. Dont let someone whos good at negotiating push you around and take food off your table.

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 jlockard@remax.net. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail. If you prefer, then you can call me at (201) 825-6600 x343 or on my cell at (201) 674-3114. If you prefer, just fill out the form by clicking the words, Contact Me below:

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Bergen County Loan Modification Kit has the instructions you will need to get a loan modification approved with your lender. Click here to request a copy.

Thanks for reading this, James Lockard.

James is a Realtor-Associate at RE/MAX Properties.

Office: (201) 825-6600 Cell: (201) 674-3114. jlockard@remax.net

View My homes for sale at www.BergenCounty-Homes.com.
Find Information about Bergen County Real Estate at:www.BergenCountyRealEstate.info.

James Lockard specializes in loan modification assistance and short sales in Bergen County New Jersey. Bergen County Loan Modification Help, Bergen County short sales, Bergen County Short Sale Realtor, Short Sale Realtor, Bergen County NJ Short Sales, Bergen County Realtor

Copyright 2011 SFI Marketing Institute, LLC. All Rights Reserved.

Important Notice

James Lockard, RE/MAX Properties, and the Stop Foreclosure Institute are not associated or affiliated in any way, shape, or form with the government. Our services have not been reviewed, endorsed, or approved 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.

If you stop paying your mortgage, then you could lose your home and damage your credit. 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 Lockards personal views and do not reflect the views of RE/MAX Properties.

This information on Thinking About A Bergen County Loan Modification? Run The Numbers First is provided as a courtesy to our viewers to help them make informed decisions.

Why Bergen County Loan Modifications Are Bad: Family Rents Bigger House For $550 Less Than Old Home

4/23/2012

fighting-moneyBergen County NJ Its sad that the banks arent willing to give anyone a principal reduction. The banks reasoning is that if they start granting principal reductions, then every single upside down homeowner will want one.

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

As a result people are stuck overpaying for their upside down homes. Take an example of a family who bought their home at the peak of the market. Their monthly payment was $1,400.

Their lender agreed to forgive their missed back payments. But, they wouldnt reduce their monthly payment. So, this family start looking at other options.

They had recently had their first kid and wanted to move out of their townhouse. They wanted a house with a yard. They found a bigger home with a large yard for their daughter.

The new home even had a 2 car garage that their townhouse didnt They liked the new home. But, they liked the payment even better. The rent payment was $850 a month.

Thats a 39% reduction in their monthly payment. Even worse, it would have taken 25 years for their house to be worth what they had paid for it.

Lets say that they had had accepted their lenders offer and agreed to pay $1,400 a month. According to my calculations, they would have paid their lender $165,000 extra above what they pay for rent.

Ouch! That is a good example of why loan modifications dont help anyone but the banks

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 jlockard@remax.net. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail. If you prefer, then you can call me at (201) 825-6600 x343 or on my cell at (201) 674-3114. If you prefer, just fill out the form by clicking the words, Contact Me below:

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Bergen County Loan Modification Kit has the instructions you will need to get a loan modification approved with your lender. Click here to request a copy.

Thanks for reading this, James Lockard.

James is a Realtor-Associate at RE/MAX Properties.

Office: (201) 825-6600 Cell: (201) 674-3114. jlockard@remax.net

View My homes for sale at www.BergenCounty-Homes.com.
Find Information about Bergen County Real Estate at:www.BergenCountyRealEstate.info.

James Lockard specializes in loan modification assistance and short sales in Bergen County New Jersey. Bergen County Loan Modification Help, Bergen County short sales, Bergen County Short Sale Realtor, Short Sale Realtor, Bergen County NJ Short Sales, Bergen County Realtor

Copyright 2011 SFI Marketing Institute, LLC. All Rights Reserved.

Important Notice

James Lockard, RE/MAX Properties, and the Stop Foreclosure Institute are not associated or affiliated in any way, shape, or form with the government. Our services have not been reviewed, endorsed, or approved 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.

If you stop paying your mortgage, then you could lose your home and damage your credit. 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 Lockards personal views and do not reflect the views of RE/MAX Properties.

This information on Why Bergen County Loan Modifications Are Bad: Family Rents Bigger House For $550 Less Than Old Home is provided as a courtesy to our viewers to help them make informed decisions

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