Once you have that information, you can make a more informed decision as to how to move forward.
I've been a realtor in Jersey City for over 10 years now, and have lived here for over 15. As you know Jersey City has many different neighborhoods and that will make a difference in your resale value. 2010 was one of the lowest for property values In the area so you bought at a very smart time. Values have started to appreciate again in certain locations and you may be pleasantly surprised. I would say it's most important to find an experienced agent who will give it to you straight and who knows the area and understands how to sell all the features and benefits of your home. Feel free to contact me or my team to help you.
There's probably no equity in your home so what you want to look at is HARP which stands for Home Affordable Refinance program. A lot of homeowners are unaware of HARP. This is for people that have NEVER been more than 30 days late on their mortgage payments, have no equity in their home to do a traditional refinance, and after all shouldn't be penalized otherwise. No appraisal is required or tax returns reviewed. I did one personally earlier this summer and went from a 5.8% to 3.75%. The one catch is that your current loan must be Fannie Mae or Freddie Mac and you want to make sure you do this, if eligible. while your current home is your primary residence. Maybe the future rent you collect can cover your decrease mortgage expense. Check with your lender or to see if you have a Fannie Mae or Freddie loan or click on the following link http://harpprogram.org, Iâ€™m crossing my fingers for you.
One of my team members is the wife of a recently retired police officer from Morris County & we were just discussing your dilemma which we completely understand. you may have seen our ad in NJ COPS Magazine as we have close ties with, and highly support the law enforcement community.
In NJ a short sale usually refers to an alternative to foreclosure which is not the situation for you. Step one is to have a market analysis done and we would be happy to refer you to an expert agent from your area. There are many variables to consider that could effect the listing price in either direction, i.e., any improvements you've made, issues with the home etc, and a qualified agent will be THE best protection for you. With regards to refinancing, the answer is yes, again with some mitigating factors. The right bank is your ally and we can give you a recommendation for that as well.
Until you have a qualified Realtor preview your property everything else is just speculation.
Please do not hesitate to contact us directly at Deborah@TheHerridgeGroup.com or Michele@TheHerridgeGroup.com, or you are welcome to call us directly at 201-400-2980
Best of luck to you!
Unless you purchased your home at a deep discount, the chances of you breaking even are slim. This would mean you would be forced to do a short sale and walk away with nothing. You do not have to be behind on your mortgage payment to do a short sale. Your hardship would your inability to carry two mortgages because your job requires you to relocate for example.
To find the right agent for you, ask friends, family members, coworkers and/or neighbors who they have used in the past and was happy with the service provided. Recently sold comps mean little in an agent's skill set. As a matter of fact, you mght really want to consider an agent with short sale experience because unfortunately you mgiht be heading in that direction. All the best.