If you owe more than the property is worth then you need to do the following;

Price the property aggressively with a realtor.
Keep dropping the price ever 2 weeks untill you start receiving offers.
Use a 3rd party that works with the lender and only gets paid from the lender if there is a short sale.

Very important to work with a realtor who knows what they are doing.

M Noren :

First you need to get a current market analysis of the value of your home in todays market place.
Second you need to call your lendor and let them know your husband has been laid off and you may be late with your monthly payment and you would like to modify your loan.
Third, start get home ready to show to buyers .
last get a full time agent that will work with you both on the marketing and relocation of your home.
You will have many quesitons and we can go over all of them together. Walter

I would suggest you contact a real estate attorney. There's a great attorney that handles a lot of short sales in this area. His name is Mike Weber. I have found him to be a valuable resource. His website is: http://www.weberandlayden.com/

All of us Realtors would be glad to list your home - but what you really need is some sound advice from someone who knows and will guide you through the process. Look him up - shoot him an email - give him a call. It's worth a phone call to get the info you need.

Hi M,

You probably will have to short sale the property. Once you relocate you might want to consider credit repair to repair and rebuild your credit rating so that you can be in a position to purchase a new home in your new state! Good luck.

http://www.hammeredcredit.com

Meet with a realtor who has some experience working with short sales. After some discussions, it should become clear which direction you should take in regards to your property.

Wayne Williams
Licensed Real Estate Agent

M Noren:

You first need a market analysis to see what the value of you home will sell for in todays market place.
Then we will look at your total mortgage and commission that needs to be paid off .
If selling you home to pay off mortgage and market will not support selling . Many lenders many work with you on a Short Sale after you supply them with your personal information.
Walter Meislohn

A short sale may be your best bet. However, if you are not late on your payments and you haven't listed your home so that you can show a history of trying to sell to cover all your expenses, you might have some difficulty. A lot will depend on your lender.

A short sale allows you to sell your home for less than you owe and the lender covers ALL fees--attorney and Realtor, too. You will need to be preapproved by your lender which will mean a lot of paperwork.

My advise is to get a few CMA's to see how much your home is worth in today's market. (By the way, median sales prices in Toms River have fallen 14% since the height of the market in 2006.) Then, compare that with what you owe on your mortgage(s), and include all closing costs--attorney fees, realty transfer fee, Realtor commissions. The agent you decide to list with (who I highly recommend has short sale experience) can provide that for you in a "sellers net." Once you know how you sit financially, you can better figure which route you want to take. A discussion with your accountant will also help you at this point. Then, if you decide to go with a "short sale" you absolutely must get an experienced short sale attorney. I have an excellent one in Brick I can recommend to you.
Other options might include renting out your home. Summer rentals are a bit weak this year, so far, but if you can get one, the $$$ is good! If you have never been a landlord and would like a copy of "Truth in Renting" contact me via Trulia. It is imperative you know your rights as well as what is expected of you as a landlord in NJ.
Finally, know that home prices are not expected to increase or even level out until the end of the year and predictions are for a 10% overall average decline in prices in NJ for 2009. Of course, all real estate is local and your area may not be hit as hard.
I am currently selling a short sale property that I own and would be happy to discuss any further questions you may have. Feel free to contact me via Trulia or my website, below. All the best to you.

You may need to consider doing a short sale. Before you speak to an attorney you must speak to an accountant to see if a short sale is even feasible. I have a an attorney who has handled over 50 short sales this year whom I work closely with. If you have any further questions or would like the attorney's contact information please feel free to contact me. I wish you luck and hope your situation turns out well.
Take care,
Laureen Coup
Broker-Manager
Crossroads Realty
Serving Ocean County
(732) 674-7506
LCoup@CrossroadsRealtyNJ.com

A short sale might be an option. Speak to a REALTOR that has dealt with short sales in Toms River, and is willing to put the time in to get the deal closed.

Laura Giannotta
Keller Williams Atlantic Shore

Hi M Noren,
As the others have said you may want to consider a short sale. My advice would be to get a CMA, so you know what your home is worth, speak with a real estate attorney, real estate agent and your lender to find out the short sale requirements. In order for your lender to consider a short sale you must be able to prove a hardship, they will inquire about all your assests (income, savings, retirement account, other properties, etc). A short sale will affect your credit but not as much as a foreclosure.

Once you decide whether or not a short sale is right for you....list your home with a real estate agent. Let me know if you have any additional questions, I have worked with short sales in the past.

Thanks,
Heather Daccurso
Weichert Realtors
732-580-5309
Email: heather@heatherdaccurso.com

Hello M Noren. Your question can not be answered without analyzing your situation. If you would like to give me a call at 347 658-4222 I would be glad to talk to you about it and will do my best to help you. I am an investor/realtor and have experience with these type of situations. I was in your situation back in 1994 and unfortunately I lost my home to the bank because I did not know at that time what steps to take to save my home. So I learned the hard way. Feel comfortable and give me a call, I will help you to find a solution. Tom Halkias

M
Your question is a common one. We have been in the same position ourselves.

A couple of suggestions:
1. If you have to move, that does not mean "have to sell". Look into alternatives - can you rent your home? Find out what the market rent value might be. Talk with a CPA regarding the tax consequences may be.
2. If you are moving due to a company transfer, ask for their "relocation department". Find out what sort of relocation assistance they have for employees.
3. You might be able to do a "short re-fi" what would help you adjust the cost of your mortgage. Talk with your lender about that possibility.

Good luck.

M Noren,

You may have to "sell short"! That means we will need approval from your lender to accept a price that is less than the amount owed. Today, it is not uncommon for lenders to approve "short sales". Of course, the amount of the shortage ir relevant. And, if there was ever a time to take advantage of a possible "short sale", that time would be now as recent legislation has loosened the tax penalties on "short sales" and you and your husbands credit will be less affected!

We would be more than happy to explain the whole process as well as have our "Loss Mitigation Specialist" speak with your lender for you!

Sincerely,

Jim

This is a very serious situation. I would seek legal advice from an attorney that handles what is called 'short sales". But first call three REALTORS and get a CMA on your home. Tell them what the issue is and you need a real selling price not a listing value. Compare their valuation to mortgage balance.
Not all mortgage lenders act the same way. Some will not talk to you until you have missed a payment. Others won't talk to you IF you miss a payment. That's why you need to seek legal advice. Some REALTORS do short sales and can also help you with writing a hardship letter.
My office is in Barnegat so I would not handle your property but i know several agents you could talk to and a couple of attorneys that would help. Let me know if you want some name and numbers.
It is good he has a job in another state. Ever think of renting the property?

hi
you can speak to your lender about a "short sale" which is when the mortgage company is willing to take less, or "short" of what they are owed. your best bet is to ask a realtor for a recent market analysis of homes that have closed in your area that are comparable to yours to have some idea of what the best list price would be. that way you can have some idea of what the loss when compared to what you owe on the property. the banks realize a commission needs to be paid on the short sales and they don't often penalize you for that. keep me posted if you need more info and good luck!!
Nancy