A Short Sale Is Too Much Work...I'll Wait for the Bank to Foreclose

A Short Sale Is Too Much Work...I'll Wait for the Bank to Foreclose

You might wonder why you should consider a short sale on your Jersey Shore home...your credit score has already ready taken a hit due to late payments. So what's the point you might ask.

I'm not an attorney, nor can I tell you what your lender will do.

I can tell you in New Jersey, your lender may obtain a deficiency judgment if the property is sold at a sheriff's auction for less than the loan amount. Under New Jersey’s Fair Market Credit Doctrine your lender has three years to come after you for the difference between the auction sale price and the market value of the home at the time of the sale.

Negotiating a short sale might sound like a lot of work...but don't you want a fresh start?

If you'd like more information on short sales contact Jersey Shore REALTOR® Laura Giannotta 609-384-6121.

A Short Sale Is Too Much Work...I'll Wait for the Bank to Foreclose