How to Avoid Foreclosure in Bradley Beach NJ

By now you have certainly heard or read about the ongoing rise in the foreclosure rate across America, thanks in part to rising interest rates and increasingly tight credit standards.

 Lulled into a false sense of security, many homeowners tend to think it can or will not happen to them, but would you know what to do if you were actually faced with foreclosure?  It is important to be familiar with the terminology and your options so that that you can make an informed decision on the best way to move forward in a stressful situation such as foreclosure.

This article from FreddieMac.com is a good resource that clearly defines the terminology associated with foreclosure and walks through some of the financing options you may want to consider.  Among the topics covered in this helpful article:

• What to do if you can not pay your mortgage
• What if you can no longer afford to keep your home
• Beware of scam artists

I would also add to the list of steps to take when facing foreclosure – contact an experienced Realtor!  Along with a reputable lender, an experienced Realtor can help explain your options and guide you through the choice that is right for you. 

For more information about Bradley Beach NJ real estate, please call me at 732-775-2774 or visit PatrickParkerHomes.com, I would be happy to help you.  To receive automated emails of new listings that match your criteria please click here!

Write Off Your Move to Bradley Beach NJ!

Did you know that if you are moving because of your job, most moving expenses are tax deductible?  This is why it is so important to keep detailed records of all moving expenses, including house-hunting trips.   

If you are moving 35 miles or more from your current home, you can deduct your family’s travel expenses, including meals and lodging; the cost of transporting furniture, other household goods, and personal belongings; food and hotel bills for up to 30 days in the new city if you have to wait to move into your new home; and the costs associated with selling your old home or leasing your new home. 

Of course, there is a ceiling on deductions and guidelines which must be followed.  Everything you need to know is outlined in detail in the IRS’s Publication 521, “Tax Information on Moving Expenses,” which you can download at the link provided or you can pick up at any IRS office. 

Are you thinking about moving to the Jersey Shore?  Start by requesting a free relocation package, or call me at 732-775-2774 for all of your Bradley Beach NJ real estate needs!

What’s The Dirt In Bradley Beach NJ?

When was the last time you really thought about the soil that your home is sitting on?  It may seem like just an afterthought when you’re in the market for a new home or adding on to your existing one, but investigating the soil upon which your home is built can tell you a great deal about the history and future of the property that you have invested in and live on. 

No need to go out shopping for test tubes, Petri dishes, and microscopes!  The US Department of Agriculture has already done the “dirty” work and has put together an extremely comprehensive Web Soil Survey website that contains digital maps and unbelievable amounts of digital soil data that has been methodically collected.  Just type in your address and then explore almost anything you ever wanted to know about the soil upon which your home is sitting including chemical properties, erosion factors and likelihood, and its drainage class. 

This is truly invaluable information if you are considering building an addition to your existing home or are concerned about the dirt that your little ones inevitably become covered in after playing outside. 

To get a complimentary comparative analysis of your home’s value, please click here – or feel free to visit my website or email me if you would like to learn more about Jersey Shore real estate.  I would love to help you invest in your future.

Items Needed For A Loan Application in Bradley Beach NJ

You may feel like you are drowning in paperwork when you head to your lender’s office to apply for your next home loan.  This is thanks in part to tightening credit standards that are causing lenders to require more proof than ever of borrowers’ income and expenses.  To try to help with the process, I’ve put together a list of items you may be required to bring along when are ready begin the loan application process:  (please note, all lenders are different and may require more or less paperwork!) 

Employment/Income
-          Addresses of employers for two full years
-          Gross monthly income, proven by last two pay stubs
-          W-2’s, if available
-          Proof of pensions, retirement, disability, or Social Security
-          Proof of income from rentals, investments, etc.
-          Proof of child support or alimony paid/received
-          Self-employed: two years 1040 tax returns and current year profit and loss statement 

Creditors
-          Each creditor’s name, type of account, and account numbers
-          Monthly payments and approximate balances
-          Amount of child care expenses and other fixed monthly expenses 

Banking
-          Names of checking & savings institutions, along with account numbers and current balances
-          Last two months bank and savings statements 

Miscellaneous
-          List of assets in stocks, bonds, land
-          Life insurance cash value
-          Social Security numbers for all parties
-          Veterans: Certificate of Eligibility & DD-214 or Statement of Service
-          Divorce Decree and/or Separation Agreement if applicable
-          Child support documentation if applicable
-          Bankruptcy papers if applicable 

This may seem like a lot of personal information to have to provide just to apply for a home loan.  But imagine if you were about to lend hundreds of thousands of dollars to somebody – you’d probably want a pretty good idea of that person’s ability to pay you back! 

Please click here to get started searching for homes on the Jersey Shore.  You can also visit my website or email me to learn more about Bradley Beach NJ real estate.  I’m here to help!