I have seen people fill out application after application just to be turned down for modification loans. Unfortunately the only people I have seen succeed in a scenario such as yours are those that completely stop paying their mortgages therefore forcing their banks to the table. There are many factors to analyze and in my opinion those loan modification agencies are not the way to go, as I have seen for myself. Short sales are another option, and although it is not always require to be in default before a bank will consider you for a short sale, those that get priority are those in default.
My advise, seek an attorney with this type of expertise since he will guide you wisely. Nobody, outside of a attorney, can tell you whether to stop making your mortgage payments. While many Brokers are quite experts at these we cannot give legal advice. This goes especially for real estate salespeople that may be eager to help. The lawyer will be able to explain all the pros and cons of any decision you make, becayse after all, this is a very personal decision.... more
The market is fairly steady. If you price your home well, it will sell in a normal marketing time of 60-90 days. This is the case for most of New Jersey, so we are lucky compared with many other states. Although it's going to be a calmer Spring market than in the past, it shouldn't be too bad.... more