Should I liquidate my assets from money market accounts if I am about to do a short sale?

Asked by 4arms, Virginia Thu Mar 25, 2010

Investment property and can't keep a renter in it and when we do they never pay ontime. We don't want to liquidate our savings. Want to do a Short Sale...anyone know what to do with my savings? Any suggestions so that we don't have a hiccup when we submit to lender for short sale w/ a contract and our financials.

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Vivianne Rut…, , Fairfax County, VA
Thu Mar 25, 2010
4arms,

This is a question that should be answered by a real estate lawyer who is knowledgeable with short sales and foreclosures - your attorney will advise you what LEGAL options you have.

Real estate agents are NOT allowed to give a legal advice UNLESS they have a license to practice law.

Also, keep in mind that to qualify for a short sale you must be able to prove a hardship - being merely unhappy with the current market is NOT enough for the bank to approve short sale - most likely the investors would complain.
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Vicky Chrisn…, Agent, Purcellvile, VA
Thu Mar 25, 2010
retirement funds are off limits, so if that is where your money is it should be safe. otherwise, i hate to sound mean, but if you have the money to pay what you owe, you (in my opinion) should. i see no reason tax payers should have to absorb what should have been your loss, you would not have shared your profit had you made it. plus, any agent (and that's mostly who will answer here) who advises you where to hide your money could be guilty of (as could you) mortgage fraud....just a small federal crime. nothing to worry about, really.
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