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What Is A Short Sale And How Does It Benefit You In Bridgewater NJ?

What is a short sale home and how does it benefit you here in Bridgewater NJ?

We Buy Houses In Bridgewater New Jersey. If you’re thinking that question about yourself, great question! We are homebuyers in NJ and in this article, we’ll dive into that question so you as a Bridgewater NJ homeowner can tell what your options are during foreclosure or just if your home mortgage is underwater.

What Is A Short Sale And How Does It Benefit You In Bridgewater NJ?

A short sale can be a smart way to mitigate foreclosure (here’s a great definition of what a foreclosure is in case you’re not sure) on a mortgage, although they can be difficult to attain in today’s market, they often prove to be a simpler way to resolve any debt leftover from a loan.

Short sales were really common in the market a couple of years back when the flood of foreclosures hit the Bridgewater NJ market but as foreclosures have slowed down and home values have climbed back up a bit, lenders are a little less likely to offer a short sale as an option as they used to be (but they are still doing a lot of them!).

Here Are A Few Reasons You May Want To Consider a Short Sale On Your Bridgewater NJ Home

Considering a short sale on your Bridgewater NJ home can offer several compelling reasons to explore this option:

You Avoid Foreclosure In New Jersey And The Harmful Effects Of It

The best benefit of a short sale is that you avoid foreclosure on your home. Your mortgage lender accepts less than what is owed on your mortgage, leaving you without the debt that you cannot afford.

Foreclosure can lead to all kinds of financial problems, starting with the inability to obtain a new loan for a home because a foreclosure stays on your credit record usually for up to 7 years.

Even renting will become more difficult as your credit score would be affected, and you often have to disclose a foreclosure on a rental application. Foreclosures can also last a long time (up to 7 years as mentioned above), making you wait years to even qualify for a new mortgage.

Credit Worries In New Jersey

With a foreclosure, you face all kinds of ramifications with your credit. Buying a car and renting a house may be impossible through the normal bank loan routes.

If you work with money at your job you could even face termination if your employer puts a lot of stock in that kind of thing (most employers won’t but it has been done before).

A short sale relieves the debt that is leftover from what is owed on the mortgage, letting both the bank and the seller move on. A short sale is also easier on your credit score, which can allow a homeowner the ability to recover in the long run. Your credit report will only show a pre-foreclosure status, which reduces your credit rating minimally compared to a foreclosure.

Buying A New House In Bridgewater NJ

A foreclosure can last for a long time, making it impossible to purchase a mortgage again for up to 7 years.

Short sales offer a little more flexibility for the seller, allowing new home applications only 2 years after the filing depending on the bank. It also makes a mortgage lender more likely to approve your loan than if you had a full foreclosure, getting you back into a home faster.

Again, this all depends on the actual bank/lender you’re working with so if they’re giving you a hard time a year or two after a short sale, shop around and find another bank to work with.

Usually, No Fees Involved In New Jersey

One potential benefit of the short sale is there are usually no fees associated with the process from the bank.  The banks just want to get the note off of their books and if it can be proven that your house is “underwater” (you owe more than your house is worth) and you’re at risk of walking away from the house, the bank may rather work out a short sale instead of going through a costly foreclosure.

With a foreclosure, your mortgage lender may tack on extra fees that only make the damage worse.

Some real estate consultants may charge a fee for helping facilitate the foreclosure with your bank, so check with them before you enlist a real estate agent or firm in helping you with this.

Our company, DNT Home Buyers may be able to guide you in the right direction on how to give yourself the best shot at a bank approving a short sale with your Bridgewater NJ area house, so connect with us by calling (732) 352-9065 or shoot an email to us through our contact page here.

Getting A Short Sale In Bridgewater NJ- What You May Need To Provide

You will have to provide the bank with proof of being unable to pay your mortgage payments. This can be difficult and is best resolved by finding a good real estate attorney in your area that has experience dealing with this type of law.

If you don’t know who to contact or where to turn to see if a short sale may be a good option for you, get a hold of us.

We won’t charge a thing to discuss your situation with you and let you know your options. We can even give you guidance and pointers at absolutely no cost or obligation.

Sometimes we’re actually able to do the work for you or even purchase the home from you to get you out from under that mortgage, so that may be a viable option for you.

The Short Sale Advantage: How Bridgewater NJ Homeowners Can Escape Foreclosure.

Are you a Bridgewater NJ homeowner facing the threat of foreclosure or dealing with an underwater mortgage? If so, understanding the short sale advantage could be your key to financial relief. A short sale home can be a strategic way to avoid the harmful effects of foreclosure and resolve lingering debts from your mortgage. While short sales might not be as common as they once were, lenders still consider them as a viable option. In this article, we will delve into the benefits of a short sale and how it can provide you with a lifeline to escape foreclosure and secure a better financial future.

Securing Your Financial Future: Why Choosing a Short Sale Home in Bridgewater NJ Matters

In the face of foreclosure, securing your financial future becomes a top priority. For Bridgewater NJ homeowners, choosing a short-sale home could be a critical decision that shapes your financial well-being. The advantages of a short sale are significant, enabling you to steer clear of the devastating consequences of foreclosure. By accepting less than the outstanding mortgage, a short sale allows you to break free from an insurmountable debt burden. Unlike foreclosures that can severely damage your credit for years, a short sale minimally impacts your credit score. Moreover, a short sale provides more flexibility for sellers, making it easier to apply for a new mortgage and pave the way towards homeownership again. Delve into the benefits of a short sale in Bridgewater NJ and learn why it can be a vital step in securing your financial future.

Sell My House In Bridgewater NJ

If you have decided to sell your house in NJ to avoid foreclosure, you can call professional home investors like DNT Home Buyers. We are your local Bridgewater home buyers and we offer cash for houses in New Jersey. We’re passionate people and we’re happy to help you find answers to your toughest questions about your situation.

Get A Cash Offer On Your Bridgewater NJ Area House Here >>

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