Put Our Practical Knowledge Of Short Sales To Work For You

The housing market is volatile. Your home may now be worth less than what you owe on the mortgage. Combined with difficulty in meeting monthly payment obligations, it can seem as if you have few options.

Fortunately, in such circumstances banks may be willing to negotiate a short sale of your home. In a short sale, you agree to sell the home to a third party for less than the value of the mortgage. The bank then collects the proceeds to recover what losses they can. While the bank does not recover the full mortgage value, it can be a cheaper alternative for the bank, which then does not have to go through the costs of foreclosure.

Please note that New Jersey and New York do allow banks to file a "deficiency judgment" lawsuit to recover the unpaid portion of the mortgage. However, this is negotiable and should be addressed when agreeing to the short sale. Contact us with questions about avoiding a deficiency judgment so you can walk away from the home without any further financial obligations.

The Short Sale Process For Sellers

Getting out from an underwater home through a short sale begins by communicating and negotiating with your mortgage lender.

You will not be considered for a short sale unless you demonstrate financial hardship. This can be done by providing tax returns, bank statement, bills and other financial documentation. You will also have to show the lender that the home cannot be sold for the price remaining on the mortgage. Banks are not quick to lose money if it's on the table, so they require fairly extensive documentation that a short sale is in their best interests.

We Will Help You Gather Documentation

Every lender is different in the type of paperwork they require. Weber, Fabiyan & Associates, LLC, has worked with mortgage lenders and banks throughout New Jersey and New York. We know the evidence required to qualify for a short sale, and we know how to best compile the paperwork.

Our Lawyers Are Always Ready To Answer Questions

Short sales are complicated, and if you are considering a short sale you are already under considerable stress. Our attorneys make a point of being available to clients, including by phone and during off-business hours.

Give us a call at 732-639-1952, 732-895-0109 or reach us through email. Our office is conveniently located in Howell, New Jersey, but we can make accommodations to have our consultation from anywhere in New Jersey or New York.