"I bought several investment properties at the peak of the market. The homes have dropped in value by almost 40% and I am losing money on the rent every month.
I am sick of writing a check every single month to cover the loss. I would like to short sale these properties if possible. I am just wondering if the banks would allow it. What do you think?” asked Danny.
Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.
Here was our answer. Danny, there is no answer that is correct 100% of the time. In your situation, it depends on your lender. Many lenders will allow a short sale.
Others won’t talk to you until you are behind on the payments. I do know a friend of a friend who is in a situation very similar to yours and is short selling several properties.
He has substantial assets and a good income. Some of the banks were easy to work with. He was able to stay current on the payments until they approved the short sale.
However, some of the other banks weren’t as easy to work with. He had to stop making payments before they would talk to him.
It all depends on the bank and how much you want to short sale. I know several people that write big checks every month just trying to stay afloat on their rental properties.
If you aren’t planning on buying another house for 2-3 years, and want to stop the bleeding, then a short sale is a great option.
If I were you, then I would attempt a short sale. It doesn’t cost you any money. I don’t see how you can lose. If they don’t approve the short sale, then you are exactly where you are at today.
Thinking about a short sale? I can help you short sale your property and never pay the bank another penny. Send me an e-mail at utahhomesaver@gmail.com. I will contact you for a free consultation.
When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (801) 651-0707
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.
Thinking about a loan modification? Our Utah Home Saver Loan Modification Kit has the instructions you will need to get a loan modification approved with your bank. This is a FREE for you, all you have to do is call or email us today.
Thank you for taking a few minutes of your busy day to read this, Dave Forsberg.
Dave is a Realtor with Prudential Utah Real Estate - Bountiful.
Phone: 801.651.0707 Email: utahhomesaver@gmail.com
Dave Forsberg and The Utah Home Saver Team specialize in helping Davis County, Utah Homeowners short sale and never pay the bank another dime. Bountiful Loan Modification Help, Bountiful Short Sales. Bountiful Short Sale Realtor. Bountiful Realtors. Bountiful Realty. Bountiful Realtor. North Salt Lake Short Sales. Woods Cross Short Sale Realtor. Centerville Short Sales. Farmington Short Sale Realtor. Fruit Heights Short Sales. Kaysville Short Sales Realtor. Layton Short Sales. Layton Short Sales Realtors. Syracuse Short Sales. Clearfield Short Sales Realtor. Davis County Utah Realtor. Stop Foreclosure. Stop Utah Foreclosure. Avoid Foreclosure. Avoid Utah Foreclosure. Foreclosure Alternatives. Utah Foreclosure Alternatives. Bountiful Homes for Sale. Bountiful Houses for Sale.utahhomesaver@gmail.com
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