Foreclosure Activity

U.S. foreclosure activity refers to the legal process by which a lender attempts to recover the amount owed on a defaulted loan by taking ownership of and selling the mortgaged property. Typically, this activity is monitored as an indicator of the health of the housing market and the economy at large.

2023 New Jersey Foreclosures
Percent Change From Jan-Jun 2022
Percent Change From Jan-Jun 2024
Total US Properties With Filings
Percent Change From Jan-Jun 2022
Percent Change From Jan-Jun 2021

Short Sale Process

¬†Engaging a real estate agent experienced in short sales can streamline the process, provide the necessary expertise, and increase the chances of a successful sale. Here’s a detailed step-by-step breakdown of the short sale process with a real estate agent:


Consult a Real Estate Agent

Choose a real estate agent experienced in short sales. They’ll have a deeper understanding of the process, requirements, and potential pitfalls.


List the Property:

With the real estate agent’s help, list the property for sale. Your agent will advise on setting the right price, considering the current market conditions.


Preliminary Net Sheet:

Your agent will prepare this document to give an estimated closing statement showing the sales price you expect and all the costs of sale, unpaid loan balances, and outstanding payments due.


Contact the Lender:

With guidance from your agent, initiate a conversation with your mortgage lender or servicer. You’ll typically want to speak with the lender’s loss mitigation department.


Negotiate a Relocation Fee:

With your agent’s assistance, negotiate a relocation fee with the lender. This incentive can help cover your moving expenses. Make sure to get any agreement in writing.


Review Offers:

Once you receive offers, review them with your agent. Remember, in a short sale, the lender must also approve the offer, as they’ll be receiving less than the owed amount.



If the lender counters or rejects, there might be room for negotiation. Your agent will handle this, leveraging their experience to strive for the best outcome.



Once the lender agrees to the short sale terms, they’ll issue a short sale approval letter, detailing the terms and conditions.


Finalize the Sale:

With the lender’s approval in hand, you and the buyer can close the deal. Your real estate agent and possibly a real estate attorney will guide you through the closing process.


Release of Liability:

Ensure that the short sale terms release you from any future liability for the debt. Otherwise, the lender might pursue a deficiency judgment for the difference between the sale price and the loan amount.

Engaging a real estate agent familiar with short sales is crucial as they can guide you through the intricacies of the process, liaise with the lender, and advocate for your best interests.

Eligibility Criteria:

  • Financial hardship reasons such as job loss, medical bills, divorce, or mortgage interest rate resets.
  • Mortgage is underwater (home’s value is less than the owed amount).
  • Evidence that the home’s market value has declined.
  • The homeowner’s inability to afford the current mortgage.

Ready for Relief?

Begin Your Short Sale Consultation. Navigate the complexities with expert guidance and regain control of your financial future.