Bergen County NJ Real Estate Blog

We have all heard and read the daunting news about the ongoing rise in the foreclosure rate across America, thanks to increasingly tightening credit standards and rising interest rates.   

Many homeowners are lulled into believing that it can or will not happen to them, but would you know what to do if you could no longer pay your mortgage?  It is important to know your options so that you can make an informed decision on the best way to move forward in a stressful situation such as foreclosure. 

This article from FreddieMac.com does a great job outlining the terms associated with foreclosure and the steps to take if you think you may soon be facing foreclosure.  Among the topics covered in this helpful article:

• What to do if you can not pay your mortgage

• What if you can no longer afford to keep your home

• Beware of scam artists

I would also add to the list of steps to take when facing foreclosure – contact an experienced Realtor!  Along with a reputable lender, an experienced Realtor can help explain your options and guide you through whichever choice you decide to make.

 For more information about Bergen County NJ real estate, please call me at 201-930-3070 today or visit PaulaClarkRealtor.com, I would be happy to help you. 

Thanks to today’s tightening credit standards, you may need more paperwork than ever when applying for a new home loan.  To try to make the process less daunting, I’ve put together this list of items you may be required to bring along when you visit your lender to begin the loan application process:  (please note, all lenders are different and may require more or less paperwork!) 

Employment/Income-          Addresses of employers for two full years-          Gross monthly income, proven by last two pay stubs-          W-2’s, if available-          Proof of pensions, retirement, disability, or Social Security-          Proof of income from rentals, investments, etc.-          Proof of child support or alimony paid/received-          Self-employed: two years 1040 tax returns-          Current year profit and loss statement 

Creditors-          Each creditor’s name and type of account-          Account numbers-          Monthly payments and approximate balances-          Amount of child care expenses 

Banking-          Names of checking & savings institutions-          Account numbers and current balances-          Last two months bank and savings statements 

Miscellaneous-          List of assets in stocks, bonds, land-          Life insurance cash value-          Social Security numbers for all parties-          Veterans: Certificate of Eligibility & DD-214 or Statement of Service-          Divorce Decree and/or Separation Agreement if applicable-          Child support documentation if applicable-          Bankruptcy papers if applicable 

This may seem like an unreasonable amount of work to have to do on your part just to apply for a home loan.  But imagine if you were about to lend hundreds of thousands of dollars to somebody – you’d probably want a pretty good idea of that person’s ability to pay you back! 

Please click here to download TripleCalc software that will allow you to compare three mortgages at one time.  You can also visit my website or email me to learn more about

Bergen County NJ real estate.  I’m here to help!

When was the last time you really thought about the soil that your home is sitting on?  It may seem like just an afterthought when you’re in the market for a new home or adding on to your existing one, but investigating the soil upon which your home is built can tell you a great deal about the history and future of the property that you have invested in and live on. 

No need to go out shopping for test tubes, Petri dishes, and microscopes!  The US Department of Agriculture has already done the “dirty” work and has put together an extremely comprehensive Web Soil Survey website that contains digital maps and unbelievable amounts of digital soil data that has been methodically collected.  Just type in your address and then explore almost anything you ever wanted to know about the soil upon which your home is sitting including chemical properties, erosion factors and likelihood, and its drainage class. 

This is truly invaluable information if you are considering building an addition to your existing home or are concerned about the dirt that your little ones inevitably become covered in after playing outside. 

To receive a complimentary analysis of your home’s value, please click here.  Or visit my website or email me if you would like to learn more about

Bergen County NJ real estate.  I would love to help you invest in your future.

If you’ve turned on the news or read the paper lately, you can’t miss the coverage of Hurricane Dean and other weather-related disasters across the country.  This is a good time for homeowners everywhere to review their homeowners insurance policies.  If you are not familiar with the details of your policy, it is important to take a good look before a natural disaster strikes so that you can know what to expect if and when you need to file a claim.  Below I’ve put together 5 tips for understanding your homeowners insurance: 

1. Look for exclusions to coverage.  For example, most policies do not cover flood or earthquake damage as a standard item – these coverages must be purchased separately.
2. Look for dollar limitations on claims.  Even if you are covered for a risk, there may be a limit on how much the insurer will pay.  For example, many policies limit the amount paid for stolen jewelry unless items are insured separately.
3. Understand replacement cost.  If your home is destroyed you’ll receive money to replace it only to the maximum of your coverage, so be sure your insurance is sufficient.  This means that if your home is insured for $150,000 and it costs $180,000 to replace it, you’ll only receive $150,000.
4. Understand actual cash value.  If you choose not to replace your home when it’s destroyed, you’ll receive replacement cost, less depreciation. 
5. Understand liability.  Generally your homeowners insurance covers you for accidents that happen to other people on your property, including medical care, court costs, and awards by the court.  However, there is usually an upper limit to the amount of coverage provided.  Be sure that it’s sufficient if you have significant assets.

To request a complimentary relocation package, please click here.  Or, for more information about owning a home and

Bergen County NJ real estate, please visit my website or call me at 201-930-3070.    I look forward to helping you!