Foreclosure Solutions is a subsidiary of Nicholas Real Estate. Nicholas Real Estate and its representatives may not provide legal, tax or financial advice. Homeowners should consider all alternatives and consult with their attorney, accountant or other financial advisor before making this important decision.
The following is a list of some of the items that homeowners may wish to consider when deciding whether to proceed with a short sale arrangement under which the bank agrees to settle for less than the amount due on the mortgage. The alternative is the loss of the house through a judicial foreclosure.
1. RELIEF FROM STRESS For some homeowners, the stress of being unable to pay the mortgage and the receipt of threatening letters and calls becomes unbearable. A short sale, if agreed by the bank or mortgage company, ENDS THIS. The homeowner and their family can move on and start fresh. 2. INTEREST & PENALTIES STOP A short sale, if agreed by the bank or mortgage company may stop the accumulation of interest and penalties. If the short sale involves property which is not your principal residence, the avoidance of additional interest and penalties can result in a reduction in the income taxes you may owe because of the forgiveness of debt.
3. NO DEFICIENCY JUDGMENT Some banks or mortgage companies may proceed to obtain a deficiency judgment against the homeowners. A short sale may eliminate that possibility.
In order to begin the SHORT SALE process listed below are some of the items you will need:
1. Handwritten Hardship Letter 2. Copy oy Photo ID 3. Mortgage Statement(s) (Statements will be needed for each mortgage that is on the property, including equity loans) 4. Two (2) most recent pay stubs 5. Two (2) most recent bank statements 6. Last Two (2) years of income tax returns with W2's
* Submit as soon as possible
FORECLOSURE SOLUTIONS "Helping People Find Solutions" 1624 Main Avenue, Clifton, NJ. 07011 Phone: 973-859-2315 ♦ Fax: 973-340-9482 Staff@ForeclosureSolutionsNJ.net
* Disclaimer: Foreclosure Solutions is a subsidiary of Nicholas Real Estate. Nicholas Real Estate and its representatives may not provide legal, tax or financial advice. Homeowners should consider all alternatives and consult with their attorney, accountant or other tax and financial advisor before making this important decision.
