I Short Sale If I Have Substantial Assets & Good Income?

Feb 17, 2011 - I recently received a question from Dave. Here is Dave's Question.

"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 Dave.

Here was our answer. Dave, 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 have 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 cliff@cliffhildreth.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 (661) 904-1194

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Santa Clarita Valley loan modification kit has the instructions you will need to get a loan modification approved with your bank. Call or email to request a free copy. Thanks for reading this, Cliff Hildreth.

Cliff is a Real Estate Agent at Keller Williams VIP Properties. Santa Clarita Valley Short Sales Realtor:

Phone: (661) 904-1194. cliff@cliffhildreth.com.

"Together We Can Make It Happen"

View My homes for sale at
www.cliffhildreth.com.

Cliff Hildreth specializes in loan modification assistance and short sales in Santa Clarita Valley California. Santa Clarita Valley Loan Modification Help, Santa Clarita Valley Short Sales. Santa Clarita Valley Short Sale Realtor.
Short Sale Realtor. Santa Clarita Valley CA Short Sales. Santa Clarita Valley Realtor.

Copyright 2011 Cliff Hildreth. All Rights Reserved. This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing. The views expressed here are Cliff Hildreth's personal views and do not reflect the views of Keller Williams VIP Properties.

This information on Santa Clarita Valley Short Sales: Can I Short Sale If I Have Substantial Assets & Good Income? is provided as a courtesy to our viewers to help them make informed decisions.