Real estate short sale is a type of understanding between the merchant of a home and their moneylender in the first place phases of abandonment, permitting the home to be sold for less than the current loan balance outstanding. The mortgage would acknowledge less than the loan amount keeping in mind the end goal to maintain a strategic distance from an abandonment continuing. This short sale would bring about a generously marked down price tag for the purchaser of the home. The buyer would then continue with the purchasing of the home much the same as in any ordinary realty exchange.
How late in the pre-foreclosure procedure would you be able to begin a short sale?
Depending upon individual state law and directions, a dispossession can continue as fast as 35 days from the date the notification to the borrower is documented. Therefore, time is of the embodiment and you ought to permit a window of close to 60 days to effectuate a lender endorsed short deal.
Will a bank permit a short sale when the merchant has somewhere in the range of a decent measure of value?
If home has some impressive measure of value, the moneylender may proceed with a conventional dispossession to recover title to the property and discard it at a business sector cost. Given the present situation with the real estate market, the home will doubtlessly be over hampered, subsequently the purpose behind the short sale in any case. An excess of homes available to be purchased in the business sector zone of the home may make the loan specialist think twice over taking title to the property.
What records are important to continue with a short sale?
The individual records important to continue with the short sale will rely upon the moneylender. Ordinarily the moneylender will require hardship letter itemizing the circumstances behind the short deal. A signed, valid purchase and sales contract, preliminary HUD-1 settlement statement and a preliminary estimate of proceeds to the lender. There might be extra demands for more itemized data on the monetary state of the merchant, i.e., pay check stubs, bank statements, a personal financial statement and monthly budget assessment, amongst different things.
Will the merchant’s credit rating be influenced on the off chance that they permit a short sale on their property to happen?
While it is up to the individual moneylender to choose what to report what regularly happens is that the advance will report as “paid” on their credit report. While this is good news, the bad news is that there will probably be a reference that says “settled for not exactly initially owed” or something similar. It is unquestionably more beneficial to have the short deal referenced than to have a dispossession on their credit report.
Will a loan specialist permit the vender to make a benefit on a short sale?
By the nature of transaction, the dealer is not going to make a benefit on the short sale. They may have extricated value from a past refinance of the home; however their present loan balance will be higher than the selling cost of the home.
On the off chance that a vendor is in bankruptcy, will that influence the short sale of the property?
Totally, as most loan specialist would not consider a short sale if the property holder is amidst a bankruptcy proceeding. Negotiating a short sale between the parties is viewed as an accumulation activity which is prohibited in bankruptcy.
Will the bank or loan specialist require an appraisal on the home in a short sale?
Most of the lenders require that a full appraisal must be submitted in the short sale package or only require a BRP or broker’s price opinion. The lender will require some formal appraisal of the estimation of the home so as to settle on a choice as to accept or reject the short sale offer.
Are there tax implications in the short of real estate?
Much like the issue of credit reporting, the circumstances are individual to the bank. As a short sale represents a loss for the lender, they can report the amount lost debt forgiveness to the seller. If a formal tax form 1099 is filed, the seller may be responsible for paying taxes on the amount of debt forgiveness.
Why might a loan specialist permit a short sale to happen?
Simply, it might advantage all the parties involved in the exchange. The seller is relieved of the home they can’t afford. An exorbitant foreclosure proceeding by the lender is eluded and the buyer purchases the home at an alluring cost.
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JUST WOW!! Mr. Merenoff is a true professional and class businessman. His service was right on point! I had the banks coming down my throat for a huge payment, that at the present time I could not handle due to some economical hardship. I called Mr. Merenoff and we spoke for a least 10 mins and he provided me with a full detail of what he would provide for me to stop any drastic actions that my lender was imposing to do in a matter of days. I had seen his videos and facebook post and I never hesitated to if whenever I needed such help to reach out to him. AND he DELIVERED. His cost and for what he said he had in mind to do I did not ask another question and hired Mr. Merenoff right away. After a day of crossing my fingers and hoping for the best my lender called and informed me that my case with them was back on normal track and to proceed with making my remaining stipulation payments and then return to my regular monthly payments. Mr. Merenoff saved my HOME and family from a very bad, bad situation. I would recommend him to any of my family and friends dealing with some sort of mortgage issues. If I may “Matt” is the REAL DEAL. I think no lawyer cost or time can compare!! Matt ….. THANK YOU from my family and myself for your hard work. I could not have done this without your assistance and service. Thank you!OL , Hackensack NJ
Talk about teamwork & putting the homeowner first. You're talking about RRG!Your company handled all aspects from beginning to the end providing full service customer service. I have been friendly with Matt for a few months and watching his videos really shows how down to earth he is . If you don't follow him you should! He tells it like it is.Services were charged to the buyer as a buyer's premium based on the purchase price. This was great because the lower price made sense even with the fee for services. Everything was disclosed on my listing on the mls and the RRG paperwork disclosed everything in detail.We did have issues with the value. After the RRG team was done doing their thing with their magic tools we received a significant price adjustment. We were all happy with the end results .I will be using this company's services going forward for all my short sale listings. They even will speak to the homeowners to make sure they understand they have options! This is a great service Matt and his team offer. From the processing with Will to the tag team efforts with Lia and Matt against the bank.Matt , Lia , & Will made an ok deal into a great deal as the seller was going to lose his home to sheriff sale. But like Matt always talks about ( joking of course) Its not a NO until you get a restraining order. Without question that's how he runs the company. If you are on the fence with using his company services ? Don't think twice as they made my job as the listing agent very easy.Until the next deal,Jeremy M - New Jersey
My wife and I were looking on line to buy or even rent a home as the property we were renting was going to sheriff sale . Not sure what to look for so we had asked around and a friend of mine who buys and sells homes ,said we should reach out to this guy Matt Merenoff from RRG. After looking him up and going on to his website www.stopforeclosure.co my wife and I started to do some more research on what this guy Matt was doing. We checked on his face book page on his website and we watched some of his videos on what he does / I have to tell you he is a pretty funny guy also . We also looked at some of the testimonials that were on the website. The funny thing is we were like how is this going to work for us as we wanted to rent or maybe buy a home . Remember we were not the ones in trouble. Within the first few moments of the phone call we understood why our friend told us to reach out to Matt. We explained what we wanted to do and he was so understanding and explained what we would need to do. “ This is when our eyes opened up wide .” We explained to him that the property we lived in was going to sheriff sale and that we needed a place to live. Without any type of pause Matt asked simply , do you like where you live ? Yes but the homeowner / land lord house is going to sheriff sale. The landlord was giving up as they were not paying the mortgage so we need a place to live. Not understanding the whole process within 6 months we finally owned the house we once rented. Funny how things worked out. Reaching out to Matt and his team was the best thing for us. Not one person even mentioned to talk to the land lord about selling the property to us directly to make the house our home!Here is what happen behind the scenes of this short sale, seems that most of the testimonials I have read people were leaving out the juicy parts of what happen. The whole process was a mess with the mortgage we first had with the first person. We were told we qualified for the loan. In the end we were not because of the way the loan was written. The day of the closing we were devastated by what was going on. We were so afraid to tell Matt , Lia and Will what had happen. The bank closed out the short sale . Like closed it out because we waited to the day of the closing to tell anyone . This was so upsetting to us. Sheriff sale was now around the corner yet again. My whole family was so upset . The land lord was giving up but for some reason RRG team did not understand the word no! It took a few days and whatever Lia from Matt office did , but the file was reopen to move forward again. Lia and Will worked really hard on this short sale for both the seller and us as the buyers. There are no words that can describe what RRG did for my family and the family of the land lord so they could walk away with their heads held high in the air. We closed on 2nd week in November 2017 and we will never for get what Matt ,Lia and Will did for us. If you are reading this please know that this house would have gone to sheriff sale for sure and we would have lost the house of our dreams.TYA from Spotswood NJ
As a realtor I have personally seen Matt and his team grow throughout the years. Matt Lia and Will are truly dedicated professionals with expert knowledge of the foreclosure process. Matt Merenoff and his team are very responsive and always have your best interest in mind throughout the process. We highly recommend Matt Lia and will to all of our clients that need help where we know others can not. It is great having a company like Realestate Recovery Group to fall back on. Matt and his team offer a service that I have not seen in all my years as a realtor. We love that we can offer options to our clients.Keep up the great work !!Domingo Rodriguez ( Realtor NJ )
I want to give a big shout out to Matt and his team at Realestate Recovery Group LLC for handling the short sale of my house and being by my side every step of the way. We had a few road bumps along the way, and his team handled each one like a pro! I cannot thank you enough.... you’re the best!
I would give 10+ stars if possible! First and foremost, Matt, Lia and Will saved my clients from foreclosure w/ less than 5 weeks of having their home scheduled for sheriff sale. My clients contacted me the beginning of August & their home was scheduled to go to Auction on Sept 5. Initially, I reached out to a "short sale" attorney and was told chances are very slim and not to waste my time. I was told "Unfortunately the bank won't even consider short selling the property as they are within 37 days of a Sheriff's sale".I was not willing to accept that answer & I was determined to find a way to help these clients.. Fortunately, I had seen some posts on Facebook from Matthew Merenoff of Real Estate Recovery Group and decided to reach out to him. I felt I had nothing to loose. That night, I reached out to Matt and he contacted me back immediately. We both got on the phone w/the homeowner late at night to assess the situation. Matt informed me that although he couldn't guarantee me 100% that he could obtain a short sale approval and avoid the foreclosure, he was pretty certain that if my clients and I worked quickly and provided him with what was needed the outcome looked positive. My clients were wonderful in obtaining the requested documentation and together we provided Matt, Lia and Will with all the banks requirements. In less than 3 weeks, Matt called to tell me the short sale was APPROVED!!! Not only was the short sale approved, but he had also obtained approval from the bank to provide relocation money to the sellers! It was a win/win all the way around: My sellers avoided foreclosure and received money from the bank, I received a nice commission check and the buyer purchased a great home.I'll admit I was skeptical in the beginning......when a prominent attorney tells you that something can't be done, it makes you doubt the situation and having not worked w/Matt and his team prior to this I was hesitant. We just closed last week so I can now OFFICIALLY say - THEY ARE PRICELESS!!!! Don't let anyone tell you something can't be done. As Matt says: KNOW YOUR OPTIONS! Matt and his team are a wealth of knowledge, they give 110% to obtain a positive outcome & like me, do not like to hear the word "NO". To any realtor, homeowner, attorney etc... who is in need of assistance - PLEASE reach out to Real Estate Recovery Group - it was honestly the best decision I made in real estate this year.
I was in a state of panic as the walls were closing in and time was running out, I felt I had nowhere to turn. I thought I was “working” with the bank only to be declined at the last minute. I reluctantly responded to a personalized letter I received in the mail. It was from Matt Merenoff of Real Estate Recovery Group. After a series of calls and my own research I decided to hire Matt. My gut was correct as it was the best decision I’ve made in a while. Matt, Lia, and his team were experienced, true professionals, who knew exactly what to do. They walked me through every step of the way. My modification was favorable and my home was saved, something I couldn’t do on my own. I can’t stress enough how highly I recommend Matt and his team.MS , Green Brook NJ
Life is unpredictable. And when a person experiences hardship in life, the responsibilities become overwhelm in. It's very easy to sweep these responsibilities under a rug with a hope that they will be forgotten. Well, this has occurred in my life. The Sheriff's Sale of my home was a month away. I didn't know what to do. Well, thank goodness for Matt, Lia, and Will at Real Estate Recovery Group. They helped me dissect the situation, identify routes to recovery, and execute on a strategy to help me stay in my home. I'm now back on my feet. Thank you for helping me through this tumultuous time. Very Truly Yours, Mike
- Marlboro NJ
We started working with Matt and his team in November of 2015. The results have been nothing short of amazing! They know how to help you if you let them and you can trust them. We have avoided foreclosure since engaging them and our goal is a short sale. They care about helping and sometimes I don't think they sleep based on the time some emails were sent. They are worth every penny you pay them and feel free to contact me at 215-805-7508 if you are on the fence. I will be providing a final testimonial after our house nightmare is behind us but don't expect it soon since Matt will make sure we stay safe as long as possible.
My husband and I just wanted to come on and share our thoughts and express our gratitude to Matt and his team. They were so great from beginning to end we have nothing short of exceptional things to say. Matt and his team really were there for us through this hard time. They made the process so much easier on us, very tentative and informative. They worked with us through all hours of the evening and even on weekends! My family and I would like to express our greatest gratitude to them and would recommend them to anyone in need of help! Thanks again, Best of Luck! - North Haledon NJ