Firm Handles Short Sales in Sussex, Passaic, Bergen and Essex Counties

Skillful New Jersey attorney helps when a mortgage exceeds a home’s value

If someone’s mortgage exceeds the market value of their home, a short sale might be in order. In these transactions, the seller declares that they cannot repay the mortgage loan and seeks the bank’s permission to use sale proceeds as repayment so that they can avoid foreclosure.

Dedicated lawyer works with lenders to gain required approvals

Residential real estate transactions where the proceeds aren’t sufficient to satisfy the homeowner’s loan balance require extra attention. These short sales must be submitted to the relevant financial institution, and a qualified mortgage debt relief attorney significantly improves the likelihood that you will receive a short-sale approval with fair terms. Our firm, the Law Offices of James C. Zimmermann advises New Jersey clients on short sales and other foreclosure defense methods. Serving clients from offices in Vernon, Wayne, Pompton Lakes, Hackensack and Nutley, we’ll give you high-level advice and advocacy at every stage of your short sale, taking the time to explain:

• Process and duration — In the application process, our firm submits a valid offer for the home that can help you avoid the legal action connected with foreclosure. This is not like a regular property transaction because strict rules must be followed, so the sale period might be extended.
• Requirements — Financial institutions have individuals and departments dedicated to limiting losses associated with underwater mortgages. To prove that a short sale is warranted, we’ll gather the necessary information and prepare required statements regarding your situation.
• Deficiency judgments — Unless a waiver is secured, your lender has the legal ability to seek a deficiency judgment that awards them the amount still owed after a home sale. We aggressively negotiate with mortgage providers to ensure that the proceeds from the transaction will completely fulfill your loan obligation.

When the balance on your mortgage is higher than the fair market value of your home, there is no need to despair. It takes time, money and effort for banks to go through the foreclosure and resale process, so they are often willing to consider a well-crafted short sale.

Contact an effective New Jersey lawyer for assistance with a short sale

The Law Offices of James C. Zimmermann negotiates short sales and other mortgage debt relief solutions for clients in Sussex, Passaic, Bergen and Essex counties. Please call 973-764-1633 or contact us online to schedule a consultation at one of our five offices. We have locations in Vernon, Wayne, Pompton Lakes, Hackensack and Nutley.