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TOO RICH TO DO A SHORT SALE? - ECONOMIC LOGIC APPLIES
This week I spoke with several people that wanted to do a short sale of investment property that is upside down in value.  They are sick and tired of the short fall on rental income (if they are lucky to have a renter that actually pays rent) vs the mortgage payment, taxes, insurance and maintenance costs.
The "short sale" phenomenon is giving some upside down investors the belief that they can get out of the mortgage by getting the property sold for less than the mortgage indebtedness and the bank will share in that loss.
I have spoken in the past about the theory of shared appreciation mortgages but I have yet to see anyone bring that type of mortgage to my attention in the short sale process.  A shared appreciation mortgage is where the bank shares in upside appreciation of the property in return for some other risk cost reduction on either the cost of the mortgage or even on the downside for downside protection of the borrower.  Shared appreciation mortgages are always limited to mortgages on investment commercial property.
The main threshold for unburdening oneself from a burdensome mortgage is the ability of the borrower to weather the current depressed real estate market.  ... more

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