If you know someone who can’t afford their mortgage payments – Read This

This article contains a list of the first steps you should take if you’re falling behind on your mortgage payments. As a bankruptcy attorney we normally deal with clients who are in the midst of foreclosure, but as a real estate agent I can say that pursuing a short sale first can prove beneficial to many homeowners experiencing financial instability.

South Jersey Real Estate

1. Consider a loan modification. This makes your payment more affordable by permanently changing one or more of the terms of your original note and mortgage. Delinquent amounts can sometimes be added back into the loan balance. I am very experienced in all foreclosure prevention areas if you need advice.

2. Get a real estate agent, such as myself that specializes in short sales to handle it at no cost to you. A short sale allows you to sell your home for its current value, even if it is worth less than what you owe. Most lenders will allow you do this and it doesn’t do you any good to do it on your own. Contact me as soon as possible so I can work quickly to relieve the stress of the property from you and help your financial situation.

3. Begin gathering documentation to do the sale. Your…

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