Don’t go moving money around because of my comment, hiding money in a short sale is fraud. The same government that audits you is the same one that audits the lender. Good luck,
NMLS # 6395
Financing Kentucky One Home at a Time
I answer questions about financing real estate based on my decades of experience dealing with mortgage underwriters. This answer is my personal opinion, has not been reviewed or approved by the company I work for. I do not offer legal or tax advice, if you need answers from an attorney or CPA find one knowledgeable in your local market.
But if after having talked with a real estate attorney familiar with short sale rules, you determine that
definitely there is no hardship of any kind, the bank will not want to permit a short sale... Remember that
the bank basically is going to agree to not get the money back that the bank put out when you first bought the home... You also need to discuss and consider what it is that you are trying to do once you
sold the home (in a short sale) you can not after a short sale turn around and buy another property
and apply for a loan!!!!!,and that for some time..... you can rent of course...
So please do your due diligence, get all the information you need about whether there is some hardship or not, and if you want to go the short sale route which the bank/lender still has to approve. Or if you want to look for a different approach.... Lease the property, but will the lease amount cover your expenses you have for loan, taxes and expenses? Or if you refinance would that save you on
your monthly expenses and leasing it would be possible. As you can see there are so many options
be careful, talk to all professionals who can assist with putting all your options in front of you
Loan officers, real estate attorney and an experienced local Realtor, to determine selling, leasing
real market value, or if you can do some minor improvements to your property to then sell it without
having to go short sale.
Edith YourRealtor4Life & Chicago and Northern Illinois Expert
Working always in the very BEST interest of her clients, Buyers, Sellers and Investors alike....
And always with a SMILE
Covering for @Properties the city of Chicago, all N and NW suburbs, the fine homes on the
North Shore, and many of the W and SW suburbs, and with her trusted Partner Agents all of
the US and worldwide properties. Edith speaks French, German, some Spanish and other.....
@Properties Brokerage, 30 Green Bay Road, Winnetka, Illinois 60093
Check out my website at htttp://tinyurl.com/YourRealtor4Life
HAVE THE MOST WONDERFUL DAY :)
I once had two married doctors that were able to qualify for a "short sale" with a legitimate hardship.......Who would have guessed?
It is possible as others have indicated, but less likely. You may be better off trying a workout with the mortgage company to restructure your loan.
Bruce D. Lyster, ABR, CRP, CRS, SRES
Prudential Fox & Roach Realtors
Collegeville Market Center
But at the heart of things, banks aren't in business for charity or to help you out. They are in business to make money and they have shareholders to answer to. So if you're asking them to take a loss just so you can be more comfortable or get out of a bad decision, then you're probably going to have a tough time.
Best of luck to you though!
RE/MAX 440 Skippack
Great question. You should contact your bank and speak with the loss mitigation department. You can explain your situation to them and then they would decide if they will allow a short sale.
My question to you would be, why do you want to do a short sale? I am sure there is much more to your story.
You do have other options and if I were you, I wouldn't put your business out there on Trulia for everyone to see.
If you would like to discuss your situation further, please feel free to contact me at email@example.com or at 215.669.0589.
215.358.1100 Ask for Renée
http://www.reneeporsia.com Philadelphia and The Main Line's Favorite Real Estate Blog
Proudly servicing Philadelphia, Montgomery & Bucks County full-time for over 13 years.
You may be surprised how many circumstances qualify as a hardship...here are most:
Reduced income (furloughs, new job, partner's loss of job, pay cut)
Illness or medical emergency
Job transfer (voluntary or involuntary)
Divorce, separation or marital difficulties
Exotic mortgage terms (an adjustable-rate loan)
Death in the family
Increased expenses and excessive debt
Unexpected repairs or home maintenance
Please let me know if I can be of assistance.
Jolene Cingiser http://www.SoldbyJolene.com