Legal Question in Real Estate Law in New Jersey

We have a house that is currently worth $120,000 and we owe $220,000 on our mortgage. We have out grown the house and need to move. Can we do a short sale even if we are current on our mortgage.


Asked on 7/15/11, 3:15 pm

2 Answer from Attorneys
Tina Amodeo Law Office of Tina Nielsen Amodeo, LLC

Hello. The simplistic answer to your question is, "Yes". A short sale involves selling a property for an amount that is less than the amount needed to pay the entire mortgage obligation in full. The fact that you are current on your payments should not be an impediment to selling the house as a short sale. The relevant fact is that the house is apparently now worth way less than the amount borrowed to purchase or refinance it. Please feel free to contact me for a consultation if you wish to discuss this matter. And congratulations for paying your mortgage current in these tough economic times.

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Answered on 7/17/11, 8:52 am


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