Using a Short Sale Agent that Knows Your Rights
Using a Short Sale Agent that knows your rights. NJ Law Establishes New Short Sale Process for Residential Mortgage Foreclosures
When considering a short sale, using a short sale agent that knows your rights is key.
A short sale is usually a mutually beneficial process and outcome for both the lender and the borrower whereby the lender agrees to accept less than the loan amount to settle the debt and the borrower is able to rid himself of the debt burden and property. However the long process has sometimes become a frustration for borrowers.
The New Assembly Bill 2060 specifically amends and supplements New Jersey’s “Fair Foreclosure Act” and requires a mortgage loan servicer to respond to a good faith offer from a seller, seller’s agent, or authorized third party to purchase the property through a short sale within 60 days of the date of the offer. A response would include an approval, a denial, or a request for further information. If the servicer decides not to approve a short sale, or fails to respond to the seller’s, seller’s agent’s, or authorized third party’s offer within 60 days.
Hopefully this bill will enhance the speed and efficiency of allowing a borrower the many benefits of doing a short sale. Please contact New Jerseys Short Sale agents and specialists at Westmarq for more information 732-630-2383