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Foreclosure Vs Short Sale

Losing

Is Not An Option!

There are other solutions!

My name is MONIS YOUNG.
I am an expert at what I do.
I am here to help you find the right solution, pick the best option to get BACK ON TRACK!

In 1983, I graduated Cum Laude with a degree in civil engineering from CONY and in 1986, I opened my engineering from CONY and in 1986, I opened my own real estate company, which after just a few years, grew up 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 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 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 wag totally uncommon in the state of New Jersey. The largest banks and lending institutions such as Wachovia, Washington Mutual and Country%'ide 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 ag Chase, Bank of America, Wells Fargo and many others with losses in the trillions of dollars were letl hanging on their fingertips to survive, and they would've 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 gel through Wei' crisis by offering them better options to avoid foreclosure!!! Options such as Loan Modifications, Short-Sale and Deed-in-Lleu. I took full advantage of the options given to me I modified some properties, lost gome ag well, but I survived the storm!!! Today, I am back on my way up to the top!!! Now, I am here 10 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 difficult 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.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 Your Local Short Sale Expert!

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.

Load 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 Lleu of Foreclosure:

It is n option whcrc you voluntarily offcr to givc your property to the bank that will have to agree to take it back f om 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 mortg ge 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 from 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!!!

Do not wait! Call me as soon as you gat this brochure. The sooner you call me the better and easier it is for me to help you.

Our Team

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.

Short Sale Vs. Foreclosure

Item

Short Sale

Foreclosure

Definition

A short sale is a sales transaction where the seller's lender voluntarily agrees to recieve a loan payo- for less than what is owed

If you default on your loan, foreclosure is the legal process that your lender may use to sell your property to satisfy the debt you owe.

Fannie Mae Guideline for Future Ability to Purchase a Primary Residence Home

A home owner who successfully negotiates and closes a Short Sale will be elgible for a Fannie Mae insured investment loan (mort-gage) after only 2 years.

Fannie Mae Guideline for Future Ability to Purchase a non Primary Residence Home (investments)

An investor who successfully negotiates and closes a Short Sale will be elgible for a Fannie Mae insured investment loan (mortgage) after only 2 years.

An investor who loses a home to foreclosure is ineligible for a Fannie Mae insured Loan (mortgage) for a period of seven years.

Future Ability to Purchase with any other Mortgage Lender

There is no question regarding a short sale, however, FHA Loans require a 3 year grace period.

On any future loan an applicant will be asked on form 1003 (credit application), if they had a property foreclosed within the last 7 years, a yes answer will greatly a-ect ability to borrow, as well as future rates.

Impact on Credit Score

Only late payments on mortgage will show after completion of the short-sale.The e-ect can be as short as 12 to 18 months. Depending on how lender reports it, credit scores a-ected negatively by 50 to 100 points. Which is normally reported as fipaid, agreed, or settledfl

Typically will a-ect credit score for at least 3 years. Scores could be negatively impacted by 200 to 300 points.

Impact on Credit History

A short sale is not reported on a credit history report.

Foreclosure will remain on public record permanently and on personal credit history for 10 years or more.

Credit History

Depending on how lender reports it, short-sales may not be reported to credit history.

Remains as a public record for 10 years or more.

Why use Short Sale Over Foreclosure Although it may be upsetting, it looks and feels like a regular sale, it also makes it easier to move on with life.

Although it may be upsetting, it looks and feels like a regular sale, it also makes it easier to move on with life.

Forclosure could be humiliating; embarassing, being forced out of your own home, adver-tised in local paper, social media and public record.

De-ciency Judgement

In a successful short salait is possible to convince the lender to give up the right to pursue a deciency judgement against the homeowner.

No negotiations between Homeowner and lending institution. It is up to the lender (or lenders) whether to le a de-ciency judge-ment. Even though it rarely happens, the lender can place judgements for money they didnt receive in the sale.

Current Employment

Employers have the right and are actively checking into the credit of all employees who are in sensitive positions, in many cases a foreclosure may be the grounds for immediate reassignment or termination.

A short sale is not reported on a credit report.

Future Employment

Many employers require credit checks for all aplicants and a foreclosure shown on a credit history report could be detrimental to a job search.

A short sale is not reported on a credit report.

Security Clearance

On its own, a short sale does not challenge most security clearances.

Foreclosure is the most challenging issue against a security clearance. In most sensitive jobs where a security clearance is required a foreclosure may revoke the clearance and even terminate the position.

How may we Assist You?

Get personal assistance from Monis Young,
Monis Young is a licensed
Real Estate Professional.

Monis Young

Phone: 201.803.2864

monisyoung@aol.com