My name is MONIS YOUNG, I am an expert at what I do.
I am here to help you find the right solution.
In 1983, I graduated Cum Laude with a degree in civil engineering from CCNY and in 1986, I opened my own real estate company, which after just a few years, grew to be a top leading real estate company, with over 250 top agents in four key locations in Bergen County, New Jersey.
In the early 1990s, I started my own construction company which was involved in the development of High-End Luxury Multi-Million Dollar Estates, including the construction of the most lavish 18,000 sqft. home in Wyckoff, NJ. I bought properties, built new homes, sold them and accumulated millions of dollars in net worth and equity. In the real estate business, I have always focused my passion and dedication on helping people buy, sell and flip homes in order to make money. I sold millions of dollars in residential homes allowing me to be recognized as a top successful real estate broker and manager in the state of New Jersey.
In 2007, I was personally affected by the recession and the financial crisis that hit this country and the rest of the world. There was no notice. It came as a complete surprise. Starting with a personal net worth in the millions and with personal, commercial and investment loans of well over $12 million, I LOST IT ALL!!! It came so suddenly. There was nowhere to run and nowhere to hide. My life was flipped upside down. Everything I owned and worked so hard for all my life, washed away right in front of my eyes, leaving all of my properties and equity to sink “underwater”!!!
At that time (2007) there were not many OPTIONS. The term “Short-Sale” was not known and was totally uncommon in the state of New Jersey. The largest banks and lending institutions such as Wachovia, Washington Mutual and Countrywide Mortgage closed their doors practically overnight, leaving a huge mass of billions upon billions of dollars worth of loans being “lost” with no paper trail to follow. Other major banks such as Chase, Bank of America, Wells Fargo and many others with losses in the trillions of dollars were left hanging on their fingertips to survive, and they would have definitely collapsed if it weren’t for the bail out intervention of the US federal government!!! In turn, those banks developed ways to help their borrowers get through their crisis by offering them better options to avoid foreclosure!!! Options such as Loan Modifications, Short-Sale and Deed-in-Lieu.
I took full advantage of the options given to me. I modified some properties, lost some as well, but I survived the storm!!! Today, I am back on my way up to the top!!! Now, I am here to help you do the same. THERE ARE OPTIONS and I want you to take advantage of them too!!!
LOSING IS NOT AN OPTION!!! I know the feeling of being down. I know the feeling of not being able to pay the mortgage. I know the feeling of creditors’ “damn” phone calls. I know the feeling of hiding in the darkness of your own home. I went through it. I completely understand your sense of embarrassment as a homeowner going through a Short-Sale. I understand that going through a Short-Sale can be di- cult for some sellers to handle, but ultimately this is a business decision that is essential for you to make in order to ensure the long-term financial health for you and your family.
Completing a Short-Sale will definitely give you a sense of pride and satisfaction from selling your home and ensure that you do not lose it in a foreclosure!!! Now, I am here to help you navigate out of this mess and encourage you to pick the best option for you to get BACK ON TRACK!!!
I am not here to purchase your home, I am here to help you choose your best option and move on!!! My mission is to provide honest, free assistance to families facing Foreclosure in the state of New Jersey, to help them keep their home (Home Modification) or sell their home (Short Sale).
Attempting a Short Sale as a seller is complicated and requires a comprehensive plan and the ability to avoid common pitfalls. Obtaining strategic advice from a realtor with experience in Short Sales is absolutely crucial.
LOAN MODIFICATION: We will always try first to qualify you for loan modification which is a permanent reconstruction of the mortgage which provides more affordable terms and payments.
FORBEARANCE: If you are going through a temporary short term hardship, a forbearance option might be possible, where you will be approved for a temporary reduction or suspension of your payment for that period of time. At that time, you might even get an EXTENSION which will extend the past due payment to a later date or to the end of a mortgage contract.
DEED IN LIEU OF FORECLOSURE: It is an option where you voluntarily offer to give your property to the bank, that will have to agree to take it back from you.
SHORT SALE: It is the option where the bank agrees for you to sell your property for an amount less than the amount of your outstanding mortgage loan.
BANKRUPTCY: It will stall Foreclosure, but NOT prevent it.
My team of experts and I will help determine which of these alternatives may be available for you.
Always remember, most banks would go the extra mile to help you work out a solution for you to stay away from Foreclosure!!!
You should always try to avoid Foreclosure if it is at all possible!!!
My team of experts and I will help determine which of these alternatives may be available for you.
Do not wait! Call me as soon as you get this brochure. The sooner you call me the better and easier it is for me to help you.
I am not allowed to offer you any legal advice, however, I will connect you to the best team of people that have the best chance of carrying you successfully through the process of loan modification and/or short sale negotiation with the banks.
Success: Our team of experts performs at a high rate of success, helping hundreds of homeowners through the process! We can’t guarantee that we can stop a Foreclosure, but we will guarantee to do our best to avoid it!!! We promise to work hard to represent your best interest.
Every homeowner undergoes different circumstances. We recommend that you speak with your attorney and your CPA, who can advise you on the legal and tax implication, concerning your situation. We can and will be happy to refer you to our team of experts, which includes; great tax professionals, real estate attorneys, and bankruptcy attorneys if needed. Our experts are experienced New Jersey professionals with extensive knowledge of a loan modification and the Short Sale process in the state of New Jersey.
Your short sale consultation is always confidential and free.
Monis Young and Exclusive Properties Realty LLC. assume no responsibility nor guarantees the accuracy of this document and they are not to engage in the practice of law nor give any legal advice. You should always consult with an attorney for all legal advice and your accountant that understand your potential tax consequences.
When debts kept piling up, and homeowners seem unable to find a way to meet their mortgage obligations, frustration sets in which could be very destabilizing. Most homeowners usually want to find a way out of their mortgage when they are getting behind with their payments and the mortgage seems to be worth more than their property. With new lenders and banking rules in New Jersey, a short sale is the easiest and most convenient way out of a mortgage for a cash-strapped home owner.
A short sale is a process in which the homeowner sells the property for a value that is less than the original amount of their current mortgage in exchange for the bank writing off the loan balance. A short sale makes it possible for a property owner to disengage from future mortgage payments legally. Even when a foreclosure process has started, a short sale agent with good experience about New Jersey real estate can still negotiate a short sale successfully on the owners’ behalf.
When the homeowner can find a good real estate agent to negotiate the process of a short sale, no cost would be incurred during this process. In New Jersey, the banks or lenders are responsible for paying the fees of a short sale agent which is paid out of the closing proceeds.
The first step in the short sale process in New Jersey is to choose a licensed and experienced agent, who will assess the property and the owner’s financial situation before drawing out a clear short sale plan that would be acceptable to the lending bank. The agent would advise the owner on the necessary documentations needed to start the process.
Your short sale agent will be responsible for the listing of your property. Most of the time, the property is listed at a value that is less than the loan amount. Your agent will guide you through on how to fill the short sale application and how to obtain the necessary documentations. Some of the documents you may need to provide during a short sale process in New Jersey include:
This is where the experience of a good agent comes into play. The duration of the process of a short sale depends largely on many factors. One of these factors is how long it takes to receive an offer. A good and versatile New Jersey agent would have a huge contact base that makes the process faster and easier to get a good offer. A good agent should be able to get an offer that does not require any repairs on the property.
After the acceptance of an offer, your short sale agent will draft a contract. Along with all necessary documentations, the agent would submit everything to the lending bank for consideration. Before the bank submits your application to underwriting for approval, they will send an appraiser to the property. If the bank agrees during the negotiation process, they will issue the owner a short sale approval letter stating the amount they eventually will settle for. A short sale approval means you are no longer responsible for mortgage payments and that your remaining loan balance has been written off.
After the coordination of the closing process by your agent, you are now free from the mortgage and debt.
While foreclosures will continue to appear in one’s credit history, a short sale will not. Avoiding foreclosures will also improve the employment chances of the owner when a would be employer runs a credit history check.
A seller may also be eligible for compensation to assist with relocation expenses. Your agent should be able to find out if you have any benefits financially from the closing proceeds.
Get personal assistance from Miriam Bashan. Miriam Bashan is a licensed Real Estate professional.