Short Sales New Jersey

Kristen E. Johnson, Esq. is a highly experienced real estate attorney based in New Jersey. She has over 20 years of experience representing clients in a wide range of real estate transactions, including short sales.

What is a Short Sale?

A short sale is a real estate transaction where the property is sold for a price that is less than the amount owed on the mortgage. This type of sale is typically used by homeowners who need to sell their homes but are unable to pay off the entire mortgage. In a short sale, the lender agrees to accept a lower amount than what is owed on the mortgage in order to avoid a foreclosure and recoup some of its losses.

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What Are The Requirements For A Real Estate Short Sale?

Short sales can be difficult to achieve due to the complex and varying processes of different lenders. However, lenders may accept a request for a short sale if certain conditions are met. These conditions include that the price requested by the owner for the short sale must be in line with the actual market value of the property, the owner must demonstrate an inability to pay off the mortgage balance through financial statements, tax returns, or W-2 forms, and there must be a buyer who is ready, willing, and able to purchase the property.

It’s important to note that none of the proceeds from the sale can go to the seller, and the lender will require a settlement statement from the Housing and Urban Development to determine the net amount it will receive from the short sale. With her extensive knowledge and experience in real estate law, Kristen E. Johnson, Esq. can help guide clients through the complexities of short sales and other real estate transactions.

Why Choose Kristen E. Johnson, Esq. To Handle Your Short Sale legal matters

Kristen E. Johnson, Esq. has a keen understanding of the short sale process and, the ability to negotiate with lenders and other lien holders. Her approach is professional and comforting for the homeowners and keeps the realtors in the loop as valuable team players.

When achieved, a short sale enables the homeowner to avoid foreclosure and bankruptcy, to achieve debt forgiveness for the lender’s loss (usually), and to allow the homeowner to move forward.

A lawyer should be consulted as soon as feasible in a short sale for a number of reasons:

  • Lenders need an official contract in order to start the process.
  • An real estate attorney will expertly convey significant information to the lender.
  • Demonstrate with documentation the use of the proceeds and explain the homeowner’s hardship.
  • A successful short sale may depend on nuanced matters that the attorney can explain to the client.

All potential short sale clients meet personally with Kristen E. Johnson, Esq. in order to discuss their unique situation in full and to determine whether they believe that a short sale is realistically possible. The legal fee comes from the sale proceeds, so it’s essentially paid by the lender, and not the homeowner/client.

short sale attorney new jersey

Real Estate Short Sale Lawyer Representing Clients with Upside-Down Mortgages

It can be very challenging to keep up with mortgage payments for those who have lost their employment or are experiencing other types of financial difficulties, and many face foreclosure. These people frequently discover that selling their house is a better choice than allowing the lender to foreclose on the house.

However, when the real estate market is weak, many people find themselves in a situation where they owe more on their home than it is currently worth, a situation known as being “upside down” on their mortgage or having a “underwater” property. It is not possible to sell a home for enough money to pay off the mortgage under certain circumstances.

Helping Your Avoid Foreclosure

A common misconception among those with upside-down mortgages is that they are forced to give up their homes and suffer with the negative effects a foreclosure will have on their credit. A short sale is a choice in which your lender consents to accept a sum less than the outstanding balance as full payment for the loan. These are intricate processes that need the assistance of a skilled New Jersey short sale lawyer.

Short sales involve much more than the average sale

If you have decided a short sale is for you, it is absolutely critical to your success to have the right lawyer working on your behalf. You will need an attorney experienced specifically in New Jersey short sales to make sure your sale gets approved and gets to closing smoothly. At our New Jersey real estate law firm, NJ short sales are our specific area of expertise. Contact Our New Jersey Real Estate and Mortgage Law Office Today.

Call 732-477-4921 or Contact our law office today to learn more about our real estate short sale services and what we can do to help you