I agree with Len. Some time ago, I would hear other Realtors telling people that the banks won't do a short sale unless you're behind on payments or they won't allow the short sale if it was an investment property... I heard a lot of opinions being stated as fact. Since then I've seen short sales approved without a late payment...I've seen short sales approved on investment property. The rules are always changing and not all lenders have the same policies.

Realtors are not supposed to give tax or legal advice, which is why I always recommend speaking with a cpa and attorney for tax and legal advice specific to your situation. If a short sale is something you want to do, there are Realtors out here (myself included) who are willing to help.

Iryna,

Attempting a short sale is worth trying. There are many reasons why a bank will still approve a short sale even if you went a purchased another property. Your financial situation could have changed since you purchased, even if it was just recently. Please contact me to discuss your options. I would be willing to attempt a short sale with you.

Len McGuirk, Realtor
Short Sale Specialist
Prudential Americana Group
Cell: (702) 203-6688

It is going to be very difficult to get the bank to allow a short sale. This is because of the process you went through of purchasing the second property. I'm afraid you will have no alternative but to allow the bank to
foreclose on the property.

Iryna,

When you try to do a short sale the bank will search to see what other properties you own and they will be able to tell what you are trying to do; they may not approve the short sale.

Good luck,
Bill Johnson
Realty America
(702) 553-6543

Hi Iryna,

I specialize in short sales and I would love to discuss your situation with you more in depth. If we can get you to qualify for a short sale with your lender, it will definitely benefit you much more than foreclosing. Please call me and I will explain everything about the process thoroughly. Remember, I specialize in short sales, so this is what I do everyday. Hope to hear from you.

Len McGuirk, Realtor
Short Sale Specialist
Prudential Americana Group
Cell: (702) 203-6688

Short sale seems to be the solution most homeowners would prefer, but Amy is right, you'll want to discuss your situation with an attorney and a CPA. I have a CPA I work closely with who will offer a free consultation. If you decide you'd like to pursue the short sale, please give me a call to discuss how I can help.

Damon Botticelli
(702) 523-7713

Iryna,

You just did what we in the industry call a buy and bail. The lenders are really trying to discourage people from doing this. If you let the old house (the one you have stopped making payments on) be foreclosed the bank could come bank to you for a deficiency judgement. If the bank takes this house back through foreclosure and you owe $320k on it and they wind up selling it for $170k they can come after you for the $150k shortfall. This is called a deficiency judgement, I can not tell you whether or not the bank will try to pursue you and try to get the money they are owed. Some will and others do not.

If you qualify for a shortsale it would be a much better way to go than the foreclosure. The most important part of the shortsale is the packet and the hardship letter. The Bank will want to know why you can no longer afford to make your loan payments. They may also want copies of your tax returns, W2's and paystubs. It is not a easy process, but if they agree to accept the shortsale they are releasing you from the liability of the Note and Mortgage you signed and agree to not pursue you for the difference between the new sales price and the amount you owed.

I can refer you to someone here in las vegas that specializes in Short Sales and will work hard to try to get the deal closed for you. Call me or email me anytime.

Ron Johnson
Elite Realty
702-595-9743

A short sale will always be better than a foreclosure. You need to call your bank and ask for a short sale package. you will also have tio find an experienced agent who can assist you with your shortsale. not every agent can do a short sale and you should not pay anything up front to anyone offering to negotiate your short sale. Other than a short sale there is deed in lieu for foreclosure and then the dreaded foreclosure. For financial hits you will take on either of these choices you should talk to a real estate attorney. Where you own another property the banks can come after you and attach it for the loss on teh first property,. this is where the lawyer will be able to help you. good luck with working things out

Iryna, first you will want to read up on short sales (just type it in your browser and you'll find multiple descriptions & information). Not all sellers or properties qualify. You'll also want to check with a real estate lawyer and accountant for accurate advice for your specific situation. Best of luck- thanks for the question!