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Short sale

How much is the loan amount owed for the listing on 208 greylock pkwy, belleville nj 07109.. ty
  • November 28 2009 - Belleville
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Answers (3)

It really should not matter what the seller owes.  The banks typically base their numbers on the current fair market value of the home.  It 'used to be' the other way around... but ever since market values started plummeting that banks changed their course.
  • July 31 2010
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that infomation can be found on the state data base.
http://tax1.co.monmouth.nj.us/cgi-bin/sr.cgi?&district=0701&srnum=9103023&block=8301&lot=1&qual=
here is your answer but the home was refinance so the amount is not correct it shows 1.00- you have to go to hall of record in downtown newark or the tax assessor it should be on the tax card.
  • July 31 2010
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Dear Ty,
The only way you can find out how much is left on the loan is if the owner or the bank tells you.

The fact that it's a Short Sale tells you that the bank/lender is selling below what's owed on the mortgage. I know this because the owner of the property has to show the bank/lender all of their financials to prove they cannot contuinue to pay the mortgage (it's a process set up by the bank).

Once the bank agrees that the owner can't pay the existing mortgage then they have an appraiser appraise the property. This information is sent to the "Loss Mitigation" department of the bank, who set's a price which is alway's below what is owed on the property. That's why it's a called a "Short Sale" because the bank is selling it short of what's owed.

If you need anymore information, please contact me.
Regards,
JOE
  • November 30 2009
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