Are you one of the millions of Americans for whom the economic crash was more than just a news story? Have you been struggling to pay your bills, including your mortgage? If so, then you may have found yourself wondering about foreclosure or short sale. Both have been happening throughout the state of New Jersey frequently in the last few years, and many are uncertain as to which provides them with a better alternative. The attorneys at Reinherz Law are Gloucester County short sale lawyers who are able to provide you with legal guidance, as well as representation to ensure that whichever you choose, you will do so with a compassionate and experienced legal representative making sure that your interests are well protected.

Though many people who are struggling to pay their mortgages end up forced into foreclosure, pursuing a short sale may be a better choice for you. A short sale is worth considering if your home’s mortgage is higher than the actual value of your house but you’re trying to keep your credit rating intact and don’t want to pursue a bankruptcy. In a short sale you arrange to sell your home for less money than your current mortgage and loan. It means that you not only have to find a buyer, but also have to convince your lender to agree to taking less money than what you originally agreed to pay them. Though this may seem like something that a lender would not do, it often is in the lender’s better interest to accept these terms, as it can be very expensive and time consuming for them to pursue foreclosure. Unfortunately, even though it can work out better for the lender, they are often slow to agree to the proposed terms. Having an experienced Gloucester County short sale lawyer working on your side can help to expedite the process and keep it on track.

There are both advantages and disadvantages to a short sale. If you are having trouble making your payments, a short sale heads off foreclosure, and enables you to get a mortgage for a new home in the future. It also gives you a psychological boost to know that you took care of your problems yourself instead of letting circumstances get out of your control. The disadvantage to a short sale is that you need to find a buyer and put together a short sell package to convince the bank that you are experiencing hardship. The bank may try to seek a deficiency amount of still take action to affect your credit rating, but if you work with a Gloucester County short sale lawyer, the chances of those negative impacts is minimized.

The Gloucester County short sale lawyers at Reinherz Law are dedicated to helping you find the best solution to your mortgage challenges. Contact us today to learn more about how we can help.

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