I am an expert in short sales and property in your situation. A short sale may be a possibility and so may a deed in lieu. I can actually negotiate with the bank for you to get you the best terms on either one. Many people do not realize that you can actually negotiate terms in regards to a deed in lieu. I may be able to get you some money by proceeding with a deed in lieu. Give me a call and I will discuss what I can do for you at no charge. It is definitely better than just walking away from the property without getting anything. Hope to talk to you soon!
Len McGuirk, Realtor
Prudential Americana Group - Las Vegas
I have though about the option of renting and taking the asset as a capital loss when i sell it. I did make sure the loan was recourse back to the property only and is in a LLC so i may well walk away from it, although am hesitant to do it. I have no problem with the loss of asset value but am troubled by the property management situation. Thanks again
It may be possible to negotiate a deed in lieu of foreclosure if you only have one mortgage on the property. You will need to contact your bank's loss mitigation department and discuss that scenario with them.
And of course your third option is to walk away and let the bank foreclose on the property.
In any of these scenarios your credit will be adversely affected and it will be a full four years minimum under the current credit constraints before you will be able to purchase other real estate.
Have you explored the possibility of trying to rent the property out until the market improves? You will probably still have a negative cash flow, but perhaps that might be better than ruining your good credit if the negative monthly payment is not too high. If you would like to contact me at 702-596-7821, I will be happy to reach a property manager and find out what they think you might be able to get for rent on your unit.