Tip:
Highlight text to annotate it
X
Hi, I'm Keith Lutz from Keller Williams Realty Metropolitan of Morristown. I service all
of Morris County for New Jersey Home Relief dot com.
You have to excuse me, I have some notes here that I am going to read from, and I am not
afraid to use them! First off, I want you to know you are making
a positive and impactful first step just by watching this video and visiting NewJerseyHomeRelief.com.
You�re taking the first steps to gain knowledge and make informed decisions and also take
the time to read the "New Jersey Foreclosure Process" and the "8 ways to stop foreclosure"
on the website. Now let me just give you some background on
foreclosures. In nationwide we are starting to go down from like 21 point something percent
to 19.8% in the last quarter. Alright? Now in a healthy market, typically you are only
at 5%. So right now we are at 20% and in New Jersey we are starting to rise back up. Every
1 in 864 homes are have received a foreclosure notice and that�s a ranking of 11th in the
whole US. Now, why did this happen in New Jersey? Because
in 2010, the New Jersey State Supreme Court asked for a review from banks for the robo-signings
that violated the "Fair Foreclosure Act" and the result was we went from 58,000 foreclosure
filings in 2010 to less than 6,000 by July of 2011. So what�s happened now we have
a logjam or a backlog of homes. So now the other important thing I want to touch on here
is the "The Mortgage Debt Relief Act of 2007 to 2012". And what this essentially did was
if you had $100,000 worth of, (I am just throwing out a number here), a $100,000 worth of debt
forgiven by the bank, well our country here sees that, the IRS sees that as "INCOME" to
you. So on that Hundred Thousand you would owe whatever you typically fall in a tax bracket
for that year, so let�s say thirty thousand dollars you would owe them or something like
that. Ummm, in 2013 Congress enacted that, but it took them a couple of months to get
that going, so they did not enact that till late February or early March. Of course it
was retro-active. But we don't know what they�re going to do in 2014 and that is where the
problem lies. So if you�re thinking about having a short sale or doing a short sale,
it is VERY important that you do it now! And the great thing about New Jersey Home
Relief is that we are going to make an offer on your home right away, and we are going
to have some of the best negotiators working on this, that's all they do. Whereas a regular
REALTOR may do 5 or 10 a year, these people are doing 50-100 negotiations a year, probably
more, anyway the point is, if you are thinking of foreclosing on your home, that's not good
on your credit score, that's an easy knock of 250 points. If you get a short sale on
your credit it is only like 150 points and you can be buying a home again in like 2 years
again, roughly. With a foreclosure it�s going to take you more. So the bottom line
is, our services are FREE! We will have you an offer in 5 days, and you will be working
with a licensed NJ REALTOR. Alright, thank you and good bye.