Question by Dan T: foreclousure?
how does the process work in new jersey. I'm getting foreclosed on my property and I don't know if I'll owe the bank money even after they take my property.
Please help

Best answer:

Answer by golden duck
Be patient.

Add your own answer in the comments!

Hello everyone Shawn Polston here with Tucson Short Sale and 502 Short Sales, your Tucson area short sale specialist, thank you for checking out my blog today. I work with Keller Williams Realty within the Tucson area and use my weblog to provide updated information on the short sale process. In case you are behind on your mortgage or have seen the value of your own home drop dramatically please go to my website or contact me right now to learn extra about your real estate options.

For my weblog subject at present I wanted to discuss working with Wells Fargo on a short sale in Tucson and a few of my current experiences. Wells Fargo has a very big presence in both Tucson and in the short sale world so naturally it is normal to hear both good and bad issues about working with their team. Because Wells Fargo handles so many short sales across the country they've in place very particular guidelines that have to be followed as a way to get a short sale approved. Under no circumstances are they hard to work with however it's necessary that you're on the identical page with how their short sale crew operates. I have had nice outcomes with Wells Fargo and I do know they have helped quite a few Tucson householders get out from below their distressed property.

Because of my years of experience working with Wells Fargo on short sale files I've constructed some nice relationships with members of their staff. So when you've got a mortgage with Wells Fargo please contact me as we speak in order to discuss your choices for avoiding foreclosure. If your private home is underwater within the Tucson area I'm the right agent with all the solutions for you. Thanks for your time today and I look forward to hearing from you soon at Tucson's leading short sale specialist.

For more information on short sales and how to avoid foreclosure, visit the Tucson Short Sale Negotiator blog or you can also try out Shawn's Short Sale Calculator to see when your home with have equity again.

Hello, I'm Jesse Moore and this is Dennis Pearce and we're with Pickett Street Properties. We're one of Seattle's main short sale teams. At present we're going to discuss arms-length transactions and what that means within the short sale process. Arms-length in the legal sense actually talks about not having relation to in this case a seller. The banks are going to take a dim view on somebody who is trying to sell to family. It's a manner for the financial institution that's approving a short sale to ensure there's much less probability of fraud.

I can think of some examples. A husband and spouse divorce, the wife retains the house and the husband is not on the mortgage. The wife is in a scenario where she needs to sell the home and the ex-husband tries to purchase the house. That is unlikely to happen. They wish to ensure that everything is finished correctly and so they don't need the properties in collusion. The rationale it is a requirement by the financial institution is to verify there is no such thing as a short sale fraud going on.

What it's good to know in case you are contemplating a short sale or in case you are within the short sale process is you cannot list the property with a family member. Some arms-length definitions even include plutonic relationships that means associates and enterprise relationships as well. We're mainly talking about blood relatives. Keep in mind you'll probably be required to sign an arms-length affidavit. You don't want to sign it having it state that it's an arms-length after which have it not be. That's thought-about mortgage fraud and I consider the FBI tracks it.

If in case you have any questions about short sales or the short sale process, please give us a call. Once more we are Pickett Street Properites, certainly one of Seattle's main short sale groups and we are here to assist you. Thanks and have a fantastic day.

For more information on short sales and how to avoid foreclosure, visit the Pickett Street Properties blog or you can also contact Pickett Street and get started today.

Thank you for joining us, this is Jesse Moore and Dennis Pearce with Pickett Street Properties in Seattle. We are the short sale experts for the Seattle area and are here to service you and your short sale needs.

Today we would like to address short sales with some smaller lenders that are not as well known as the five big financial institutions. Right now, we have a new listing that has a second lien that is held by USAA, so we would like to discuss our experiences with them. As soon as I sent USAA the initial paperwork, I received a fax from USAA laying out guidelines about how they operate in regards to short sales. They make it more difficult to complete the short sale process. Our homeowner even called them ahead of time to inform them that he was thinking about short selling his house and they weren't very polite to him.

We have run into situations like this before, where the guidelines for a short sale are so rigid. A few of USAA's guidelines are: they'll negotiate the realtor's commissions down, they are going to ensure the member will pay back the deficiency and won't permit any buyer credits on the file; the list goes on from there. This is just an example of things you may run into with lesser known financial institutions.

The reality is with the smaller financial institutions, you may have to embrace foreclosure a little bit more. If we're going to have any leverage at all, they have to be aware that foreclosure is an option and it nets them zero dollars. What we will offer them is an alternative, which is some percentage of the balance being paid off. It does not matter that they sent us this sheet saying what their terms and expectations are. We have expectations, too and we're going to ensure we can do what we can to get that deficiency balance forgiven.

This is just an example that sometimes it's going to be a bit more challenging. That is why it is important to have realtors that aren't frightened by a bank's guidelines and will relentlessly work to short sell your house. Pickett Street Properties in Seattle can provide you with the willingness and determination you deserve when it comes to short selling your house with a smaller bank. Please talk to us today to get started on the path to successfully short selling your house.

For more information on short sales and how to avoid foreclosure, visit the Pickett Street Properties blog or you can also contact Pickett Street and get started today.

Hi, I'm Sherri Foster and this is Kimberly Sherrod and we are the Real Estate Group 3:16 at Keller Williams. We are certainly one of Ohio's main short sale teams.

Right now we're going to speak about how you know for those who owe more than your home is worth. Lots of people notice their house is not worth what it was 5 or 10 years in the past, however they do not know how much they are surely under water on that mortgage. We want to share our new web site and it's www.sosreg316.com or you can go to our regular website, www.realestate316.com. What it is known as is the SOS calculator. Follow the instructions on the web site and enter some info, click on the submit button and you'll get a report sent to your e-mail that gives you an idea of what you owe on your home. It can also provide you with a one 12 months projection, a 3 12 months and a 5 year projection as well on once you would finally break even.

Now simply keep in mind it is simply an estimate it is not an actual science, simply an estimate of what your property is worth. It doesn't include any promoting costs. So in the event you owe $150,000 in your mortgage and that report brings you back at $150,000 and you should sell, you are underwater as a result of that doesn't include any prices to sell.

So when you've got any questions, please give us a call. Once more, we're Real Estate Group 316, considered one of Ohio's leading short sale groups and we hope to hear from you soon. We are available Monday through Sunday and our number is 614-944-5960 or find us on the net at www.realestategroup316.com. Thanks so much and have an amazing day.

For more information on short sales and how to avoid foreclosure, visit the Real Estate Group 316 blog or you can also contact the Kimberly Sherrod team and get started today.

Do you have a loan with Bank of America and you're struggling to keep up with the payments? My name is Kevin Kauffman with Group 46:10, one of the country's top real estate businesses and the top short sale team in Arizona.

Bank of America is the nation's top home loan servicer; almost 1 out of every 4 people has a home loan with them. Because they're so huge, they have a lot of struggles and because of this, it's usually not easy to do business with them. In fact, maybe you have tried a loan modification with them and you felt like you got the run around or they just strung you along. It's not that they're doing this intentionally, they are just so big and they do not have the systems or the manpower to manage everything they should be able to handle.

The good news is that if you would like to do a short sale with them, there's no reason to worry if you allow us to work with you. My team and I have a great success rate in doing short sales with Bank of America. We've developed wonderful relationships and have several contacts established with them. We get the majority of our short sales with Bank of America approved within 45 days, which is uncommonly fast for a short sale. Short selling your house can be a scary thing if you do not hire a knowledgable realtor, but at Group 46:10, we have the experience that you want and deserve.

If your house is underwater and your bank is Bank of America, please contact us. You can either give us a call or fill out the getting started form on our website, group4610shortsale.com. We can help you alleviate some of your financial struggles and guide you through the process of short selling your home. Please contact Group 46:10 today; we look forward to doing business with you.

For more information on short sales and how to avoid foreclosure, visit the Group 46:10 blog or you can also contact the Group 46:10 team and get started today.

Have you been wondering what the costs are of doing a short sale on your property? Maybe you're a homeowner that's considering taking a big leap into letting your home go, whether it's via foreclosure or a short sale. My name is Fred Weaver and I am a co-owner of Group 46:10, one of the Phoenix area's and the nation's top real estate teams specializing in short sales. In fact, we've completed over 500 short sales in the past four years with a 91% success rate. We seem to know a little bit about what we're talking about.

We have many homeowners that feel they could never afford us since we are so successful. Here is the good news for you: you can afford us because our services are free. We work directly with your bank to get paid commission on your property, unlike a traditional real estate transaction where you have to pay a your realtors commission. Generally speaking we get paid a 5-6% commission, but the good news for you is there are no other fees that you have to pay to us or to the lienholder when doing a short sale.

When you do business with a team like ours, we ensure that no money comes out of your pocket when doing a short sale transaction. A couple of things I would like you to be aware of: we do request that you keep paying your homeowner's association fees and your utilities during the process to assure the kind of success that we're used to getting. We would like to answer more of your questions if you're wondering if this is too good to be true. Please give us a call or fill out the getting started form on our website allowing us to contact you. We can put our skills to good use and successfully walk you through the process of short selling your property.

For more information on short sales and how to avoid foreclosure, visit the Group 46:10 blog or you can also contact the Group 46:10 team and get started today.

Hello and thanks for joining me today on Group 46:10's video blog. Group 46:10 is your short sale specialist, not only in the Phoenix area, but also in the entire nation. I am Kevin Kaufmann, and along with my business partner, Fred Weaver, we make up Group 46:10. In the last couple of years, we've assisted hundreds of individuals that had upside down mortgages or were facing foreclosure and helped them short sell their homes. Group 46:10 can help you, also.

Are you wondering if you have to be late on your mortgage to do a short sale? Technically, the answer is no, you don't have to be delinquent on your home loan, but there are hardly any instances in which a bank will permit you to be up-to-date on your mortgage and still do a short sale. In a majority of cases, they won't allow you to do a short sale if you are current on your mortgage payments. Every case is different, so in order for us to give you the most precise advice possible, please call us or fill out the form on our website.

By letting us find out more about your situation, whether it is a job transfer, increasing medical bills, or if you have the money to pay now but you won't have the money in the foreseeable future, each case is unique. To be able for us to give you a straight answer to your questions, we need to sit down and discuss the circumstances with you. Please give Group 46:10 a call today. Fred, our listing agent, Stephanie, and I are always happy to help you with your short sale desires and are devoted to keeping our customers educated and informed. We would like to walk you through the process of short selling your property, so please call Group 46:10 today.

For more information on short sales and how to avoid foreclosure, visit the Group 46:10 blog or you can also contact the Group 46:10 team and get started today.

Hi, are you considering doing a short sale but you're not sure of the tax consequence you're going to undergo? Well my identify is Kevin Kauffman, I am co-owner of Group 46:10, the nation's primary short sale team. I am here to tell you there's help for folks such as you in terms of your tax scenario even for those who do a short sale. Even whether it is an funding property, there's assistance for individuals like you.

There may be more than one strategy to avoid paying taxes. One of them, the most common one is the mortgage debt relief forgiveness act. Now, that is solely going that will help you if it's your primary residence. You could be an investor or maybe have a second home in Arizona and you simply do not know what to do and also you're fearful about paying the taxes. Well, don’t fear any longer. There are alternatives for folks such as you too. There is something called insolvency or form 982. It is a form utilized by the IRS that can assist you keep away from paying taxes on a state of affairs the place you would lose your property whether or not it's a foreclosure or short sale.

So if you need some extra information about that or just the short sale process on the whole, give us a call at the office. Our number is 480-449-6642. Again, I am Kevin Kauffman, from Group 46:10, the nation’s primary short sale crew, and we’re here to help. Certainly one of us would love to talk to you about your choices and let you know what we will do that can assist you out in your situation. Thanks so much and have an excellent day.

For more information on short sales and how to avoid foreclosure, visit the Group 46:10 blog or you can also contact the Group 46:10 team and get started today.

Foreclosure properties have turned out to be an indication of our time, specially in the Us where foreclosure houses are plentiful. Canadian speculators have already been acquiring damaged houses in bulk south of the border. They're frequently purchasing at 75 percent below current market  price. Nonetheless in Canada, the deals usually are not as significant.

Tv renovation shows have developed a buzz about foreclosure houses. This can be particularly accurate in healthier markets for example Ontario, Quebec and Vancouver. The attraction is so big that a bank-owned property can get lots of visitors just as it gets to the market. However the truth is, the deals aren't as important as you might think. The greatest discounts will occur from Toronto houses for sale that were utilized as drug dens or others that need important repairs. And since these sorts of properties do not possess guarantees, the risks and the costs for the purchaser may be very substantial.

You can forget acquiring a residence for fifty percent of its marketplace valuation. In Canada, banks will do everything within their capability to receive as much funds as they are able to. Actually, many power of sale houses will only offer you a 10 to 20 percent reduction. And bear in mind that you will need to spend for a survey on your own and any construction or fences problems that are exposed will need to have an extra encroachment contract. There's also the chance of uncovering structural problems or perhaps mold right after the fact.

Power of sales can nonetheless be a good purchase, particularly is you're a manual individual. If you can look beyond the superficial deterioration, negligence and aged home decor, it is possible to acquire a good deal from a power of sale property. Call in a specialist to do a house assessment so you understand what you're coping with. Investigate comparable properties within the area to obtain a much better idea of market value. If you are purchasing the residence to turnover, or even for your own use, generate a sensible budget and follow it. It really is extremely simple to get overly enthusiastic on finishes when undertaking a reno. Possess a cushion in position for unforeseen fees and adhere to your program and spending budget.

In case you have a great understanding of the risks involved, power of sales can signify a superb deal. If you are prepared to refurbish and have the funds available to do so, you could finish ahead.