Yes. You can try to get your lender to approve the short sale - they don't 'have' to though. You have to be able to prove financial hardship. Contact a local Realtor to assist you.
Please call if interested 702-222-0815.
I think is better to contact with real estate professional, who is familiar with Short sale process and discuss in person about your options. Of course most likely have to seek legal advice, but my opinion is to know the options and after that to go see the attorney.
I am CDPE and have a website designed specially for people in your situation. You can visit website, educate your self , or if you preffer to call me, I will be glad to meet you in person and answer your question
P.S. You have to act quickly, if you want to take advantage of the act expired on 12.31.2012, gives you a chance for deficiency judgement on short sales.
Broker sales person, Realtor, CDPE
Exit Realty Imoti
Each short sale is different but owning more than one home doesn't automatically preclude you from short selling, one or more property. It might even be helpful to your hardship. If you would like to consult free of charge on your circumstance, give me a call or send me an email.
John A. Brassner, MBA, REALTORÂ®
Prudential Americana Group, REALTORSÂ®
10777 W. Twain Ave #333
Las Vegas, NV 89135
I can help with waived deficiencies on primary and Investment homes. All negotiations with bank are at no cost to you. Initial consultation with a local attorney to advise you if a short sale or bankruptcy may be in your best interest at no cost to you.
Call or email me. Lets see if we can work together to sell your home.
SHORT SALE CERTIFIED
My Profile: http://www.ziprealty.com/agent/ldombrovska
This is a great question.
Every situation is different, but I can tell you about my experience with clients in your situation.
The banks (your lender) are going to look for your hardship in determining whether to approve your short sale.
If you have another home, and more than $20k in liquid assets in any account (other than IRA's or 401k's) your chances of getting them to completely waive the deficiency (which is want you ultimately want) does decrease.
One thing I've been implementing with my clients who are selling high end homes, have higher end assets, or simply put have "money in the bank" is to legally hide the assets BEFORE listing the home and starting the short sale process.
I use an asset protection attorney named Gary Fales here in town and what he does is basically move around your assets so that you still control them, but don't own them through an asset protection trust.
The attorney is really inexpensive and has great information. He does charge a $250.00 consultation fee but he waives this COMPLETELY for my clients.
He also teaches free short sale classes, and from your question you could definitely benefit.
If you have more questions feel free to reach out to me directly. I wish you the best moving forward and don't hesitate to pick up the phone, even if you just want to pick my brain.
I'm here to help and be your real estate resource.
Fine Homes International
Prudential Americana - Vaughn & Berg Group
7475 W. Sahara Ste 100, Las Vegas, NV 89117
Office 702.362.1111 Ext. 255