“I own a rental house. When I bought it, the rent covered the mortgage and all the other payments. However, rental rates have declined in my area and the rent no longer covers the mortgage.
Besides that, I had to write a big check to fix the roof and carpet. i am sick of the money drain. Besides that, I am now upside down because the housing market has taken a dive here.
Can I short sale this house? I am concerned that if I do, then my lender will come chasing me for the loss. Let me know what you think. Ryan.”
Here was our answer to Ryan’s question. Ryan, we do think you should try a short sale on the house.
It sounds like the only thing holding you back is wondering whether or not you will have to repay the bank for the loss. We think you have a better than 50% chance at not repaying them a dime.
In addition, you can probably negotiate that amount down. For example, a homeowner we recently helped had to repay $20,000 when the bank lost over $120,000.
That is right. They wiped out a $120,000 debt for only $20,000. Besides, they had 10 years to repay that $20,000.
However, when you compare the interest they would have repaid on that $120,000, they saved even more (close to $193,000 after you add in interest.)
So try out a short sale. With a little creativity and the right person negotiating for you, you have a good chance at walking away from that monthly cash drain.
Thinking about a short sale? Visit www.ShortSaleSuperMan.com for great information and tips on Chicago short sales. I can help you short sale your property and get back on your feet. Send me an e-mail at firstname.lastname@example.org. 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 (312) 953-6725
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.
Thinking about a loan modification? Our Chicago 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, Phil Buoscio.
Phil is a Real Estate Agent at Better Living Realty – Buoscio Brokerage, Inc.. Chicago Short Sales Realtor:
Phone: (312) 953-6725. email@example.com.
View My homes for sale at www.BetterLivingRealty.com.
Phil Buoscio specializes in loan modifications and short sales in Chicago Illinois. Chicago Loan Modification Help. Chicago Short Sales. Chicago Short Sale Realtor. Chicago IL Short Sales. Chicago Realtor.
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Phil Buoscio, Better Living Realty – Buoscio Brokerage, Inc., and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?
Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.
However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.
We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.
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.
You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.
The views expressed here are Phil’s personal views and do not reflect the views of Better Living Realty – Buoscio Brokerage, Inc..
This information on Chicago Short Sale Question: Should I Short Sale My Rental? is provided as a courtesy to our viewers to help them make informed decisions.