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. PUSH THE BUTTON FOR SHORT SALES HELP!
#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. .
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