As far as your question about the Bank filing a Deficiency Judgment against you, if you were to sell your Fourplex. It all depends on the Bank and what they would want to release the deficiency judgment. Since it's an investment property. I have seen clients that have investment properties sometimes have to come in with money at closing to get the Bank to release the defeciency judgment. My colleagues below have some great responses to your question. The most important thing is to communicate with your lender. See what options they may have available for you. Let them know that you may be considering a Short Sale. The only way to truly find out is to get the Short Sale process started.
Feel free to contact me with any questions or concerns.
Barrett & Co., Inc.
2885 S. Jones Blvd
Las Vegas, NV 89146
(702) 252-7100 Office
(702) 592-9510 Mobile
Your question can not be answered without going through the process. That meaning that it is typically a negotiation between you and the bank. Lately we have been very successful in getting a full deficiency waiver on short sales. If you list the fourplex with me I will get you a free consultation with an attorney. He will also review the short sale approval letter at the end to make sure you know how that is interpreted legally. He will also let you know if there are any other options available that may make more sense for you other than a short sale based off your financial situation. Please contact me anytime for a consultation.
Wynn Realty Group
Certified Distressed Property Expert
Short Sale and Foreclosure Resource
David Cooper Investor/Agent 702-499-7037
My first thought is finding a lawyer that also has "short-sale" experience
David Cooper Investor and Buyers Agent at Since 1917 Realty 702-499-7037
Facebook Page. THANK YOU for "LIKE" me http://www.facebook.com/davidcooper.lasvegas
You DO need to keep your agent informed about what is occurring, since that agent needs to know the situation in order to assist in proper sale of your property.
It's going to affect your Credit Score badly for sure BUT you still can stop the foreclosure depending on specific circumstances... Try this toll free number 877-925-6186 (Foreclosure Defense Cases) : they really help me through my foreclosure process (they stopped it and avoid damaging effects on my credit) and also my bankruptcy issues. Hope this will help and good luck.
David Cooper Investor and a Buyers Agent with Since 1917 Realty 702-499-7037
Hire an agent (like myself) who knows what they're doing and be prepared to do a fair amount of paperwork and document collection (tax returns, bank statements, pay stubs, hardship letter, etc...) Depending on your situation, I may also recommend a free consultation with an asset protection attorney before submitting your financials to the lender.
Silver State Realty & Investments
Best of luck to you!
I am Short sale certified, and Ive had many successful short sale closings. Please contact me, so I can assist you with the infomation you need, and help you with the proceess.
Diane Varney 702.401.0307