Home Selling in 90210>Question Details

Ginanagler, Both Buyer and Seller in 90210

If I was going to short sale my rental house, should I stop paying the mortgage before I list it?

Asked by Ginanagler, 90210 Sun Aug 29, 2010

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17
I have completed multiple Short Sale Transactions for my Clients - Sellers and i can help you all the way.

As far as stop paying - i can not advice you not to pay your mortgage - however many lenders will not consider shortsale unless you are behind on your payments.

Please feel free to call me 424-777-9377 - i'll be happy to help you out.




Thank you for your time.


Should you have any questions - please feel free to call me Toll Free: 1-855-TRUST-55 (1-855-878-7855) ext. 777.



Sergey Fednov

President - Realtor®
- Trust Sale Realty -

Residential & Commercial Real Estate
_______________________________
Toll Free: 1-855-TRUST-55
Toll Free: 1-855-878-7855
Phone: 424-777-9377
Fax: 310-356-4925
http://www.TrustSale.com
http://www.TrustSaleRealty.com
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5 votes Thank Flag Link Wed Apr 11, 2012
Professional Realtor can't render an opinion on this subject matter. That is strictly your decision

Lynn911.com
Web Reference: http://www.lynn911.com
1 vote Thank Flag Link Sun Aug 29, 2010
Since inventory is low right now, you can short sell your property fast anyway. But to qualify for short sale, lenders require a hardship letter from you. While there are people who continue to make their mortgage payment despite hardship. You will have a hard time persuading your lender that you are experiencing hardship if you are current on your loan.
0 votes Thank Flag Link Fri Aug 31, 2012
It would be best to submit a hardship package to your bank's negotiator and find out if you qualify for a short sale before you stop paying your mortgage. Typically, the seller does need to be in default. However, times have changed and banks appear to be getting more motivated in pushing short sales through.
0 votes Thank Flag Link Fri Aug 31, 2012
If you are thinking of doing a short sale on your home, there are many things to consider. I would definitely recommend speaking with a Real Estate attorney.
0 votes Thank Flag Link Mon Jan 17, 2011
Sounds like you need a good real estate attorney...I dont think a real estate agent can give you advice on breaking any laws...
0 votes Thank Flag Link Mon Sep 27, 2010
Hi Gina

Since it is a rental house, you should deffinitely be taking the advise of a CPA or an Attorney who specializes in the after sale ramifications.

Good luck.
Perry
0 votes Thank Flag Link Wed Sep 1, 2010
Great question. You have to understand as a buyer or seller that this is a stressful marketplace solved on 2 levels. 1. manage stress and 2. be smart, knowledgeable work to your advantage. Have a vision as a buyer or seller for the best possible path to follow to acheive your goal. That means your Realtor needs to be able to communicate about the business real estate market and your individual situation.

For those of us who have extensive experience in the current short sale market. We can often optimize your situation or minimize the downside. The sooner you begin the process of working towards a solution as a buyer or seller. The sooner things become stable and you can get your life back.

Problem solving is the place we start, we are really in the business of solutions.

Thank you,

Kristine

310-737-8173

http://www.WestsideHomeSolutions.com
0 votes Thank Flag Link Wed Sep 1, 2010
Great question. You have to understand as a buyer or seller that this is a stressful marketplace solved on 2 levels. 1. manage stress and 2. be smart, knowledgeable work to your advantage. Have a vision as a buyer or seller for the best possible path to follow to acheive your goal. That means your Realtor needs to be able to communicate about the business real estate market and your individual situation.

For those of us who have extensive experience in the current short sale market. We can often optimize your situation or minimize the downside. The sooner you begin the process of working towards a solution as a buyer or seller. The sooner things become stable and you can get your life back.

Problem solving is the place we start, we are really in the business of solutions.

Thank you,

Kristine

310-737-8173

http://www.WestsideHomeSolutions.com
0 votes Thank Flag Link Wed Sep 1, 2010
Gina, continue making your payment and if you need a good CPA and a Good Real Estate attorney, please contact me directly. There are a great deal of things to consider, financially, legally before you make the jump into a short sale.
Web Reference: http://www.endrebarath.com
0 votes Thank Flag Link Sun Aug 29, 2010
This depends on your current financial situation. Are you current on your other mortgages? What's your plan for the next 2yrs, do you think you'd have the ability to purchase another property in the next 2yrs? Or in the next year?

You CAN do a short sale without ever missing a payment. You can do a short sale if you miss payments. You can purchase again immediately after doing a short sale if you don't miss any payments. You can purchase again within 12mos if you DO miss payments.

Choosing to miss payments or not to miss payments, you must think about what you want to do in the nearer future, taking advantage of the down market & purchasing again & building equity from the bottom. In this economy it's easy for most owners to be able to show some type of hardship, it really doesn't matter if you start missing payments before you list or just after, a couple months during or not at all.

I would like to speak with you further about your own unique situation, feel free to email me directly, I won't look back on this same posting in Trulia.

EmilyKnell1@yahoo.com
562-430-3053 cell
0 votes Thank Flag Link Sun Aug 29, 2010
Banks are cooperative to give short sale approval. Short Sale is fora home owner that is facing a financial hard ship.
Home owner has to present a short sale package to bank with the offer and closing statement to their lender to get the short sale approval. The reason I told you talk to your CPA or Lawyer is that you are an investor, it may have tax concequences on you. Short Sale is a great thing for some home owners not for all of them. As I mentioned before every ones financial situation is different , therefore, it is to your best interest to consult with a CPA to direct you to the right path. If it is a short sale, then, work with experienced persistant Realtor that actually closed most of their short sales if not all of them. The number of short sale an office negotiate is not what matters, the ones they have closed is what matters. Short sale is the most complecated real estate transaction, an excellent Realor it does close. Iif you have any questions please feel free to contact me. Good Luck. Heba Rayan 925-216-3006
0 votes Thank Flag Link Sun Aug 29, 2010
Hi Ginanagler,

Have you tried taking to your lender about a modification first? Lenders are trying to work with borrowers if there is a hardship. Without knowing your financial situation or your property situation, it would be difficult to give you advice. However, if you have a tenant in the property, you might want to think about the implications of not paying the mortgage would do to your tenant as well. I would be happy to meet with you to learn more about your situation if you would like. I am a certified short sale specialist, and a realtor. Best of luck to you.

Jodie
0 votes Thank Flag Link Sun Aug 29, 2010
I mean, think bout it, if you don't have an NOD yet ( notice of default), then its going to take at least 6 months before the lender moves on the sale. Now, first find out if you can get a short sale approved because the lender want to see all your financials including your bank statements and income. If you have the ability to pay for that mortgage, then your short sale won't even be approved because you really don't have a hardship. How much is your negative cash flow on the rental property? Whatever you do, just let your tenants know what you you plan on doing.
0 votes Thank Flag Link Sun Aug 29, 2010
If you stop paying your monthly mortgage payment, you put your property at risk of going into full blown foreclosure. I think your best coarse of action is finding an experienced Short Sale agent who has experience in closing Short Sale deals. I'd also consider a good REO agent who has a lot of listings because more times then not, those agents already have a DIRECT relationship with the bank.

Let me know if you need any help listing your property. Our office is currently negotiating the sale of over 20 Short Sale listings right now and we also have over 100 Bank Owned listings that are currently on the market and or going to be on the market real soon.

Sincerely,

REOHotline@hotmail.com
0 votes Thank Flag Link Sun Aug 29, 2010
No one can give that advise. Every one's financial situation is different. Talk to your lawyer or CPA before you move forward with the short sale.
0 votes Thank Flag Link Sun Aug 29, 2010
never a good idea to stop making payments
0 votes Thank Flag Link Sun Aug 29, 2010
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