Real Estate in West Orange
Marsha Bowen Washington

Eight Reasons You Should Consider A Short Sale in New Jersey

Now that the National Settlements from lenders are coming to an end.  Lenders are re-filing foreclosure actions that couldn’t happen before.  This time around, the NJ courts are allowing them to go through if their are no discrepancies.  The once time lapse of two years to a sheriff action is now dwindling down to 12 months.  With that being said, homeowners that are refusing to open their mail or to deal with the foreclosure action are only setting themselves up for the worst to come.  Homeowners with foreclosures on their credit are having the most difficulty time recovering from the economic tsunami that started in 2008.

If you’re still sitting on the fence, here are some reasons you might want to jump off:

  • Long term illness – Your health is more important and if you’re stressed about your home and health, this can take a larger toll on your health recovery.
  • Divorce – If one spouse cannot handle the mortgage and maintenance of the home or get a mortgage modification due to insufficient income, then both parties should consider getting from under the death to move on with their prospective lives.
  • Defaulting on a MHA modification – If a homeowner has received a HAMP modification and cannot make the payments with the lowest interest rate available, chances are you cannot afford to keep the home.
  • Approaching a sheriff sale – If after three years you are still in the sheriff sale stage and your lender cannot offer you a loan modification, it’s time to consider moving on.
  • Lender has initiated a foreclosure action for the second time after two or more years of delinquency. Depending on the lender, an affordable modification might not be feasible.
  • Denied a mortgage modification – If after making several attempts you continue to be denied with reason, it’s time to consider other options.
  • Mortgage is Underwater – If the mortgage is seriously underwater (owing more on the house than what it is currently worth) and a principal reduction is not possible with the mortgage lender to reduce to affordable mortgage payments, then a short sale should be considered.
  • Lastly, the Debt forgiveness Act for mortgage deficiency tax relief is set to expire December 31st, 2013.
For more on options to avoid foreclosure visit

Marsha B. Washington
Realtor/Real Estate Consultant
Coldwell Banker Residential Brokerage
ABR – Accredited Buyer Representative
SFR – Short sale/Foreclosure Resource
CDPE – Certified Distressed Property Expert

“Helping Distressed homeowners with new beginnings”

About Marsha Bowen Washington

Picture of Marsha Bowen Washington

Marsha Bowen Washington

Realtor/Sales Associate

973-510-0014973-510-0014 main

Coldwell Banker Residential Brokerage

2 E. Mt. Pleasant Avenue Livingston, NJ 07039



Marsha was highly professional and knowledgeable about the real estate market. She made me feel very confident that I was in good hands. When I began to feel nervous and stressed, she stepped in and assisted with following up with my lender and attorney to... (more)

5Yetta Armstrong

Marsha Bowen Washington is the real deal! She's knowledgeable, friendly, patient, committed, and caring. My real estate venture was very challenging and Marsha stuck with me throughout the whole process even though I extended my search outside of her... (more)


if Marsha had anyother skills besides real estate, my husband and I would use her in those areas as well. She has such calmness that the worst clamity, seems nothing when she is dealing with things. It was the most effortless journey and a pleasure working... (more)

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