you can always try asking your bank if it will allow it, but if you have the financial means and are simply looking to walk away from an underwater property it most likely will not agree.
Additionally, you may want to talk with your tax accountant and attorney on the impact to you of a foreclosure vs. a short sale on an investment property before you decide on the action to take
BUYER CASH REBATE 50%-60% / SELLER DISCOUNT 50%
Flavio Tejada, MBA-Finance, Broker/Owner, Realtor
Web Reference: http://americarealtyonline.com/
I hope this helps, Linda!
To qualify you will have to prove financial hardship to your lender(s). You will be required to submit your income tax returns, bank statements, paycheck stubs, expenses, etc. Initially, your mortgage expenses have to be over 31% of your total income. Retirement is not considered. However, your $40K in savings will work against you in trying to qualify for a short sale.
Retirement is not considered. However the 40,000 in savings is.
if it were down to around 5,000 it may be better.
Banks make decisions on short sales and they are not consistent.
Doing a short sale is always a TRY situation.
Harold Sharpe - Broker
So Cal Homes Realty
California Department of Real Estate Broker License # 01312992
You have to prove financial hardship to your lender(s). Your lender(s) will require you to submit your income tax returns, current bank statements, paycheck stubs, expenses, etc.