The answer is; Yes it is possible Short sale can be done without financial hardship. This is what is known as a "Strategic short sale"
This information is meant for general information purpose only is not to be construed as ta tax or legal advice, please consult your CPA or your state attorney for legal counsel.
I am not licensed to give legal advice or advise you to stop making payments so please consult an attorney to analyze your situation.
First understand there is no guarantee that a bank will agree to accept a short sale, every situation is unique and every lender has their own guidelines.
What is Strategic Short Sale?
A strategic short sale is a when a homeowner is able to continue making payments on the loan(s) and is often times current on the payments, but is upside-down on the property and wants or needs to sell the property. There may be a slight or severe hardship or no hardship at all. The motivation for these sellers do not want to go through a foreclosure for a variety of reasons.
A Strategic Short Sale is a business decision to try and settle your debt with a creditor. You are not trying to avoid or walk away from it. . Of course there are negatives on doing a Strategic Short Sale, just like any other regular Short Sale. In the case of a strategic short sale the seller should expect one of two requirements from the lender (or a combination of the two)
1- A promisory note.
2-Cash at closing.
The funds required varies depending on the shortage, seller’s situation, assets, the bank, investor’s guidelines, and the negotiation skills of the real estate agent.
Sometimes the short sales with little hardship take extra time to complete, but most banks do understand that there are specific individuals that may really need to sell their homes. The most important thing is to show the lender that you MUST sell the property, not that you just "WANT” to sell it…
Also check with your attorney and CPA for any legal and tax consequences.
When you sell your house via Short Sale you need to list your home with a Real Estate Agent with experienced doing Short Sale.
If you need honest professionals to guide you in the best direction Call me for a no obligation Consultation at : (951) 858-5797 or click here; Ceciliarod@prudentialcaliforniarealty.com to send me an email with any of your questions regarding the foreclosure and short sale process. Through my English is not perfect I do have the expertise to help families avoid foreclosure.
Important Notice: Prudential California Realty is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan. If you stop paying your mortgage, you could lose your home and damage your credit rating.
Cecilia Rodriguez. Specializing in Residential Real Estate, Pre foreclosures, Realtor. Ceciliarod@prudentialcaliforniarealty.com
( 951 ) 858-5797
Lic # 01505884
Prudential California Realty