“I am upside down by $300,000 on my home. I want to move, but I am concerned about having that $300,000 debt chasing me for the rest of my life. A friend mentioned I could get it wiped out in bankruptcy.
So, here is my question. Should I short sale and then declare bankruptcy. Or just declare bankruptcy and get rid of the house in the bankruptcy? James.”
Here was our answer to James’s Question. James, here is something you don’t know. In most short sales, the upside down debt will be erased.
Yes, the banks will forgive the upside down debt. We recently had a homeowner short sale a house where their bank lost over $400,000. They received a complete release on the debt.
The debt was gone and he had no need to declare bankruptcy. Not a bad deal, no? Here is the good news for you. First, many states have laws that forbid banks from pursuing you for a deficiency after a short sale or foreclosure.
Second, most lenders do not pursue borrowers. In fact, they will specifically release you from the debt. But, every situation is different.
Talk to an experienced short sale realtor in your area to get more specifics. Thinking about a short sale? Visit www.ShortSaleSuperMan.com for more information and articles 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.
Copyright 2011 SFI Marketing Institute, LLC. All Rights Reserved.
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 Or Declare Bankruptcy? is provided as a courtesy to our viewers to help them make informed decisions.