Huntington Beach CA – The Stop Foreclosure Institute 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 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.
Attempt a short sale doesn’t cost you any money. 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 Tony@HunthausenGroup.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 714-334-7808
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.
Thinking about a loan modification? Our Huntington Beach loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.
Thanks for reading this, Tony Hunthausen.
Tony is a Real Estate Broker Associate at Remax Select One. Huntington Beach Short Sales Realtor:
Phone: 714-334-7808. Tony@HunthausenGroup.com.
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Tony Hunthausen specializes in loan modification assistance and short sales in Huntington Beach California. Huntington Beach Loan Modification Help, Huntington Beach Short Sales. Huntington Beach Short Sale Realtor
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Copyright 2010 SFI Marketing Institute, LLC. 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 Tony Hunthausen’s personal views and do not reflect the views of Remax Select One.
This information on Huntington Beach 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.