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Antioch Short Sale Question: Should I Short Sale My Rental?

Real Estate Broker/Owner with Thompson Realty Group DRE# 01229754



Antioch CA – The Stop Foreclosure Institute recently received a question from Ryan. Here was Ryan’s question.

“I own a rental house. When I bought it, the rent covered the mortgage and all the other payments. However, rental rates have declined in my area and the rent no longer covers the mortgage.

Besides that, I had to write a big check to fix the roof and carpet. I am sick of the money drain. Besides that, I am now upside down because the housing market has taken a dive here.

Can I short sale this house? I am concerned that if I do, then my lender will come chasing me for the loss. Let me know what you think. Ryan.”

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

Here was our answer to Ryan’s question. Ryan, we do think you should try a short sale on the house.

It sounds like the only thing holding you back is wondering whether or not you will have to repay the bank for the loss.

Well, you have a 100% chance at not repaying them a dime because of Senate Bill 931.

This bill would prohibit a deficiency judgment under a note secured by a first deed of trust or first mortgage for a dwelling of not more than 4 units in any case in which the trustor or mortgagor sells the dwelling for less than the remaining amount of the indebtedness due at the time of sale with the written consent of the
holder of the first deed of trust or first mortgage.

In short, if your lender agrees to the short sale, they can not come after you for one penny more than the proceeds of the short sale.

So try out a short sale. With a little creativity and the right person negotiating for you, you have a good chance at walking away from that monthly cash drain.

Thinking about a short sale? I can help you short sale your property and get back on your feet. Send me an e-mail at shonntsellshomes@gmail.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 925-754-1611

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

Thinking about a loan modification? Our Antioch 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, Shonn Thompson.

Shonn is a Real Estate Agent at Thompson Realty Group.

Phone: 925-754-1611. shonntsellshomes@gmail.com.

View My homes for sale at www.Thompson-RealtyGroup.com.

Shonn Thompson specializes in loan modification assistance and short sales in Antioch California Antioch Loan Modification Help, Antioch Short Sales. Antioch Short Sale Realtors. Pittsburg Loan Modification Help, Pittsburg Short Sales, Pittsburg Short Sale Realtor Brentwood Loan Modification Help, Brentwood Short Sales, Brentwood Short Sale Realtor Antioch CA Short Sales. Antioch Realtor.

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Important Notice

Shonn Thompson, Thompson Realty Group, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?

Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.

However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.

We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.

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.

You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.

The views expressed here are Shonn’s personal views and do not reflect the views of Thompson Realty Group.

This information on Antioch Short Sale Question: Should I Short Sale My Rental? is provided as a courtesy to our viewers to help them make informed decisions.