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Short Selling Investment Properties . . Can It Be Done?

By
Managing Real Estate Broker with Maxus Realty Group of Samson Properties Broker - Realtor - CEO


 

PUSH THE BUTTON FOR SHORT SALES HELP!

 

If you need to short sale your investment property but are refraining  from getting started because everyone talks about deficiency judgments or the dreaded 1099. .

Here’s some news. . .

The obvious consequences from doing a short sale is to have the debt completely forgiven, In some instance lenders will go this route, depending on your hardship and the investor of your loan.

Doing a short sale with investment properties create a lot of  possible scenarios that may come to the surface after is completed.

#1 The lender can attempt to collect the deficiency balance from the seller after the property has closed.

#2 The lender may require the seller to sign an unsecured promissory note for the deficiency balance as a condition of agreeing to the short sale.

#3 The lender may agree to cancel the entire deficiency balance.

But this is not the end. .

Read the rest here. . .

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