If you’re facing financial hardship and struggling to make mortgage payments on your New Jersey property, a short sale might be an option for you. In a short sale, your lender agrees to accept a sale price for your house that’s lower than the amount you still owe on your mortgage.

Benefits of a Short Sale:

• Avoids foreclosure: Short sales can help you escape the damaging consequences of foreclosure on your credit score and future ability to borrow money.
• Protects your future: Foreclosure can stay on your credit report for up to seven years, while a short sale typically only impacts your credit for two years.
• May qualify for relief: New Jersey offers programs that can help with some of the remaining mortgage debt after a short sale.

Things to Consider:

• Loan approval process: Short sales require approval from your lender, which can be a lengthy process. Be prepared to submit extensive documentation.
• Time commitment: Selling a short sale can take longer than a traditional sale.
• Impact on credit: While less severe than foreclosure, a short sale will still have a negative impact on your credit score.

Remember: Short sales are complex transactions, and it’s crucial to have professional guidance throughout the process.

Finding Help:

– Consult a qualified real estate agent experienced in short sales.
NJ Housing and Mortgage Finance Agency offers resources and assistance for homeowners facing foreclosure.