Foreclosure Presentation

Foreclosures in New Jersey

Let's talk about

Process, Alternatives and Solutions.

Hi! I'm Michael Mary

As a lifelong resident of southern Monmouth and northern Ocean counties, I am passionate about helping my clients buy and sell their homes at the Jersey Shore. I combine my extensive local market knowledge with consummate professionalism to exceed expectations and provide thorough care to each of my clients.

I first began working in real estate marketing in 2011, but I've been licensed as a real estate agent since 2018. I am extremely proud to bring a bespoke real estate experience to each of my clients, from dynamic marketing on listings to an aggressive and thoughtful approach to representing my buyers.

I hold a BA in Psychology from George Washington University, which affords me the skillset to collaboratively work with my fellow agents, negotiate shrewdly and anticipate my client's needs and concerns. I also have many years of experience in flipping homes and working with real estate investors.

I currently live in South Wall, with my husband of ten years, Stephen and our two children, Madelyn and Teddy.

Real Estate is my full-time career and in my spare time, I enjoy running, reading, the beach, and true-crime podcasts.

I'm a REALTOR® that truly cares.

I love my career because it allows me to connect with so many people and help them achieve their goals.

Which brings us to the topic of foreclosure. If this is currently a concern for you, I'm here to help. I hold no judgment toward my clients that find themselves in situations like these. We are all human, and we all need support and kindness during the most trying times.

Keep in mind, I am a REALTOR®, not an attorney - so this presentation is never to be taken in lieu of legal advice.

I encourage you to contact a foreclosure attorney if you are at risk of foreclosure or have received a lis pendens on your property.

Divorce Property Law And House Foreclosure

What is the foreclosure process?

Foreclosure is a legal process instituted by a mortgager or any lien holder, to have real property sold by the sheriff of the county in which the property is located to satisfy an unpaid debt.

An attorney for the lender will file suit seeking to foreclose and a lis pendens (or notice of the suit) is recorded.

If the court determines the property is to be sold, the sheriff advertises the upcoming auction for the property.

The notice of sale will be advertised in local papers for four consecutive weeks, and a notice of sale is posted in the sheriff's office and the property in question for three weeks prior.

A notice must be mailed to the owner of record and every party named as a defendant at least 10 days prior to the sale.

Prior to the sale, the oqner may redeem the property by paying the full amount of the judgments and all charges.

If the sale proceeds and satisfies the first mortgage and there is an excess remaining, that equity will be returned to the owner.

If the sale does not cover the debt, the lender may seek a deficiency judgment to recover the additional monies owed.

If a successful bid is not received on the property, the lender will receive the title and then sell the property to try to recover the balance.

Source: "Principles and Practices of New Jersey Real Estate", Frank W. Kovats (2017)

Alternatives to Foreclosure

Short Sale

A short sale, in which the proceeds from the sale of a house fall short of the balance owned on the mortgage, can be accomplished without court action and from an agreement between the lender and the property owner.

Short sales can impact your credit, but often not as greatly as a foreclosure can. Typically you need to demonstrate clear economic hardship to have a short sale approved by a lender.

A home can be successfully marketed as a short sale and listed for sale by a REALTOR®. These types of listings are considered subject to third party approval, meaning the lender will have to approve all contracts for sale.

The process of approval can take more time than a typical real estate transaction, but I have attorneys I work closely with who aggressively follow up with lenders to ensure the closing takes place as quickly as possible.

Alternatives to Foreclosure

Service Members Civil Relief Act

Signed into law on December 19, 2003, the Service Members Civil Relief Act (SCRA) recognizes the ability of service members to fulfill financial obligations due to their military service.

SCRA protects servicemen and women, including members of the National Guard.

Benefits of the act include:

The ability to request interest rate reductions prior to being activated
Stopping eviction proceedings if the rent is below a preset amount
Delay civil lawsuits (collection cases, bankruptcy, foreclosure, child custody, paternity and divorce proceedings) until after the service member is able to attend such proceedings.

Military soldier greets bank loan officer

Portrait of couple during military wife's homecoming

Where to start?

Have you received a lis pendens or know you are in default?

Contact an attorney to communicate your concerns. Have your mortgage documents available.

Once you have a clear picture of your legal options, look into a possible short sale.

If the lender agrees to a short sale, contact your trusted REALTOR® ASAP to prepare to list your home.

We will work together to get your home sold as quickly as possible and ensure you have options for housing once the closing is complete.

I will hold your hand throughout the process and guide you.

You are not alone!

Preparing for the Marlet

Prep Work

I will consult with you on maximizing the marketability of your home, from decluttering, staging and cleaning.

I will ensure your home is presented beautifully in order to attract the most buyers quickly

Marketing

I will use my full arsenal of marketing tools to get your home in front of as many buyers as possible

Learn More

Showings

We will collaborate on a schedule for showings that minimizes your discomfort and stress.

I will remain highly attuned to the stress you are facing and work tirelessly to prevent additional stress on you and your family.

Together we will work to overcome this challenging chapter in your life.

Real Estate Presentation

eXp is one of the world’s fastest-growing real estate brokerages. Founded in 2009, we are now in 26 countries around the world with a community of over 86,000+ real estate professionals, all connected through our unique cloud-based platform, eXp World.

While we benefit greatly from being a cloud-based brokerage, eXp has over 3,000 agents in New Jersey, 700 of whom service Monmouth and Ocean Counties. I am able to work from home while having full access to a virtual office and my brokers.

Between networking events and our technology tools, NJ eXp agents stay thoroughly educated on our market conditions and work cohesively together to best serve our clients.

Cloud based with a local focus

The future

of real estate.

I have worked very complicated transactions with both these attorneys and feel very strongly about recommending them to future clients.