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

By
Real Estate Agent with Keller Williams Realty Tacoma

 

Seattle and Tacoma,WA –Hi! This is Nathan Olotoa with www.59days2sold.com and www.Seattleshortsalesagent.com and I specialize in short sales in the Tacoma and Seattle areas. 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.

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 asknate@kw.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail. If you prefer, then you can call me at 253-310-1177.

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our  Loan Modification Kit has the instructions you will need to get a loan modification approved with your lender. Click here to request a copy.

Thanks for reading this, Nathan Olotoa.

Nathan is a Real Estate Broker at Keller Williams-Tacoma.  Short Sales Realtor

Phone: 253-310-1177. asknate@kw.com.

Listed to Sold in 59 days or less

View Tacoma and Seattle homes for sale at 59days2sold.com. View my previous blog posts at www.seattleshortsalesagent.com.

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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 Nathan Olotoa's personal views and do not reflect the views of Keller Williams-Tacoma.

This information on  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.

Comments (1)

Jerry Pinkas 843-839-9870 HOMEGUIDEMYRTLEBEACH.COM
Jerry Pinkas Real Estate Experts - Myrtle Beach, SC
Myrtle Beach Condos, Homes and Properties for Sale

Nathan,

Great post. It is very important for a seller to go with a pro like you that has plenty of short sale experience. Its not about taking a listing its about making it happen for the sellers.

Jerry Pinkas

Exit Realty Elite - Myrtle Beach SC

http://www.MyrtleBeachShortSaleTeam.com

Jan 24, 2011 08:22 AM