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Fort Collins Short Sales: Can I Short Sale If I Don’t Have A Normal Hardship?

By
Real Estate Agent with Kittle Real Estate

Fort Collins CO – The Stop Foreclosure Institute recently received a question from Chad.

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.

Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here. 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.

 

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