There are many things in life in which one does not succeed. Not all endeavors are meant to end in a triumph, and that's okay. But, there are some cases where a decision has taken one to the point of no return. Many times in such cases, a person's and their family's life are put at the stake.
Having a bad mortgage that is slowing moving towards a foreclosure is one such situation that can push one to the point of no return. At times like these, every decision one makes is crucial that can either take one to worse prospects or towards brighter horizons.
To have the latter in one's life at this, one must be wise and choose the path that is most likely to redeem the situation. Honestly, a person with an upside-down mortgage does not have many options that can help them escape unscathed. However, the best and the highly recommended way out is too short sell one's property.
To short-sell, one's property is to convince the mortgage lender (usually a bank) to let the homeowner sell the property at an amount less than the mortgage owed as quickly as possible. By agreeing to let the homeowner do so, the bank, in turn, is also allowing the homeowner to pay an amount less than the mortgage owed. In other words, the mortgage-lender is signing off an amount of the mortgage and letting the mortgage taker pay less.
This is a great way for the homeowner to take some of their financial burden off and have some breathing room to plan things for their future. In addition, a short sale comes with other benefits, such as the HAFA program.
The HAFA program
The Home Affordable Foreclosure Alternatives program offers more options and incentives to borrowers, servicers, and investors who opt for a short sale or a deed-in-lieu so as to avoid foreclosures. Under the care of the Home Affordable Foreclosure Alternatives program, one is allowed to pay less than one owes for their mortgage.
Other benefits
One of the other benefits of short-selling one's property is that one's credit scores are not affected as much as they would if one had to declare bankruptcy and move for foreclosure. A foreclosure can keep one out of the home mortgage market for as long as a decade. However, after short-selling a property, one can secure another mortgage with a few restrictions and purchase a home rather quickly. The demerit is not that bad, and things on the financial front can move on easily and naturally.
What to do to short sell your property?
Short-selling a property is a good option, but one needs to opt for it in the nick of time and do so after hiring a skilled pre-foreclosure real estate agent. As short sale negotiations can be tricky, taking help from the right foreclosure specialist agent with both skills and talent is imperative.
If one is located in New Jersey, they should try and locate a certified and highly experienced specialist. Also, there are many pre-foreclosure real estate agents and foreclosure specialist agents in Sparta or Sussex who provide their services in other counties such as Morris, Warren, and Passaic as well.
