Here is Chad's Question. "I own a condo in Hackensack, New Jersey. I purchased in 2007, pre-construction for $375k and have a mortgage balance of $337k. I have been trying to sell my unit for upwards of 2 years with no success. I have been unable to refinance because my unit is worth much less than the balance on my mortgage. I have been denied a loan modification. I must move by this summer and do not want to make a penny on the sale. I just want to be rid of this property. I have been advised that I would not get approved for a short sale because I do not have a financial hardship. However, I am not sure this is correct. I am seeking advice as to what my options are.” said Chad.
Here was our answer. If you are moving for a job transfer then, then you have a legitimate hardship. I do know this. If you move in 6 months and stop making the payments, then something will need to be done. The bank will either approve a short sale or foreclose on your property. You could try to rent the unit out and write a check every month to cover the payments. But, then you would be limping along for years until the market improved and you can sell. But, what if things get worse? What if a tenant trashes your condo and you can’t afford the repair bill? No one wants to rent a trashed condo. You would have a hard time covering the payments then and even risk a foreclosure. I would start the short sale process today. There is a good chance that your lender would approve a short sale today. If not, then you could convince them to approve it later, after you have moved. Some short sale negotiators are easy to work with and will approve the short sale. Others might play hardball and want a promissory note from you. It’s all negotiations. The sooner you start the negotiations, the sooner you can move on with your life.
Thinking about a short sale? I can help you short sale your property and never pay the bank another penny. Send me an e-mail at Eddie@real386.com. 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 386-931-9127
Thinking about a Palm Coast loan modification? Our Palm Coast 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, Eddie Marcal.
Eddie Marcal specializes in loan modification assistance and short sales in Palm Coast Florida. Palm Coast Loan Modification Help, Palm Coast Short Sales. Palm Coast Short Sale Realtor. Flagler Beach Florida Loan Modification Help, Flagler Beach Florida Short Sales. Flagler Beach Florida Short Sale Realtor. , Palm Coast Short Sale Realtor. Palm Coast FL Short Sales. Palm Coast Realtor.
Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved. 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. The views expressed here are Eddie Marcal's personal views and do not reflect the views of Watson Realty Corp.
This information on Palm Coast Short Sales: Can I Short Sale If I Don’t Have A Normal Hardship? is provided as a courtesy to our viewers to help them make informed decisions.