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Frequently Asked Questions

COMMON QUESTIONS ABOUT SHORT SALES

Q. What is a short sale?

A short sale is a negotiated settlement where a bank agrees to accept less than the total amount owed as a payoff on a mortgage loan.

Q. Will it cost me anything to work with your company?

You have no obligations when you work with Performance Property. There are no fees or commissions. Our work is free to our short sale clients.

Q. Why should I choose Performance Property?

Performance Property has almost 10 years of experience negotiating with banks. Chances are we have negotiated many times with your lender so we already know all of their policies, procedures and requirements. This gives us a better chance than anyone else to negotiate in your favor. Performance Property’s services are free to our short sale clients. Performance Property is a longtime member of the Hudson County Chamber of Commerce. Call us today at (201) 222-2979.

Q. What are my options for avoiding foreclosure?

1. Refinance your loan(s) with another bank
2. Contact your bank to restructure or modify your existing loan(s)
3. Negotiate a forbearance agreement with your bank
4. Make all back payments and penalties to your bank and reinstate your loan(s)
5. Sell the property yourself or hire a Realtor to sell it for you
6. Declare bankruptcy
7. Do nothing and allow the bank to foreclose on your house
8. Call Performance Property and get a free short sale assessment and see if we can negotiate with your bank

Q. How long after a foreclosure or short sale until I can buy a home?

–After a foreclosure: 5 to 7 years

–After a short sale: 0 to 2 years

Q. Is it beneficial to work with multiple companies or services to avoid foreclosure?

Unfortunately, the clock is ticking and when multiple queries from different parties are made to your bank it confuses the people working on your loan. This can potentially result in unnecessary delays and reduce the likelihood that your bank will make a decision in your favor. It is important to choose a company that you feel comfortable with and stick with them throughout the process.