Help with Foreclosure

If you are in the midst of a foreclosure crisis, there are several options to consider. A deed-in-lieu, short sale or a combination of both is a very common practice. By considering these options will give the Hoboken homeowner more control and time to prepare for the process that is ahead. To complete any of these options you will need lender approval and the homeowner will need to negotiate the liability for the difference between what is owed to the bank and what the home sells for.

If you are facing a possible foreclosure, following are a few thoughts you should consider:

  • It’s a good idea to hire an attorney to review the bank contracts and to negotiate for the homeowner. It is possible that the attorney may even be able to negotiate a “cash-for-keys” from the bank as long as the homeowner leaves the home in good condition. Cash-for-Keys should be available for FHA and VA loans.
  • The Mortgage Debt Relief Act of 2007 usually allows taxpayers to exclude up to $2 million as income from the discharge of debt on their principal residence in correlation with a foreclosure or mortgage forgiveness by the lender. If you fall into this category it would be a good ideas to consult a tax professional to be certain of any potential tax issues.
  • For a list of approved housing counselors, go to www.HUD.gov. Your local Hoboken United Way Office also has resources for homeowners facing foreclosure.
  • Help for the Unemployed: Check your community resources for non-profit programs that can help you keep your home, find a job, build your career and manage your credit. If you have been considering starting a new business but are worried about poor credit due to foreclosure go to www.workingsolutions.org.

For help in finding and closing on your perfect Hoboken home, even if it’s a foreclosure, contact Eddie Perez, Broker-REALTOR, CDPE. Eddie’s market includes Hoboken, a progressive city  where they’re always coming up with new ways of making it a better place to live, Jersey City, Weehawken and Union City. Eddie can also be reached by phone at 201-344-2886.

 

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Explore posts in the same categories: Hoboken Homes, Home Sales, Live in Hoboken

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