Comments on: How to prepare for a short sale of investment property? http://www.quickpropertysale.me.uk/rent-property/how-to-prepare-for-a-short-sale-of-investment-property/ Sell your property quick Tue, 13 Jul 2010 18:08:58 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: ShortSaleUS http://www.quickpropertysale.me.uk/rent-property/how-to-prepare-for-a-short-sale-of-investment-property/comment-page-1/#comment-6791 ShortSaleUS Mon, 08 Mar 2010 04:01:39 +0000 http://www.quickpropertysale.me.uk/rent-property/how-to-prepare-for-a-short-sale-of-investment-property/#comment-6791 It takes a lot of time to work a short sale file and you should start now but do not do it alone and on the phone. Consult with CPA to determine your tax situation as any debt forgiven will be considered as taxable income to you. An attorney would be helpful particularly if you expect to have to defend against a foreclosure action but the cost to use one for the short sale neg. may be much higher than using a good short sale service. It takes a lot of time to work a short sale file and you should start now but do not do it alone and on the phone. Consult with CPA to determine your tax situation as any debt forgiven will be considered as taxable income to you. An attorney would be helpful particularly if you expect to have to defend against a foreclosure action but the cost to use one for the short sale neg. may be much higher than using a good short sale service.

]]> By: satarnag01 http://www.quickpropertysale.me.uk/rent-property/how-to-prepare-for-a-short-sale-of-investment-property/comment-page-1/#comment-6790 satarnag01 Sat, 06 Mar 2010 10:12:34 +0000 http://www.quickpropertysale.me.uk/rent-property/how-to-prepare-for-a-short-sale-of-investment-property/#comment-6790 First off, ask your lender for a forbearance agreement until you can find renters. If that fails, then follow this path to your short sale: Talk to your CPA to see if he can write off the negative impacts of a short sale or foreclosure as a business loss. Talk to a real estate attorney to go over your loans to see what recourse, if any, the lender might have or what leverage you might have. Then talk to a short sale real estate agent to do a short sale. Good Luck First off, ask your lender for a forbearance agreement until you can find renters. If that fails, then follow this path to your short sale:

Talk to your CPA to see if he can write off the negative impacts of a short sale or foreclosure as a business loss.

Talk to a real estate attorney to go over your loans to see what recourse, if any, the lender might have or what leverage you might have.

Then talk to a short sale real estate agent to do a short sale.

Good Luck

]]> By: MM C http://www.quickpropertysale.me.uk/rent-property/how-to-prepare-for-a-short-sale-of-investment-property/comment-page-1/#comment-6789 MM C Fri, 05 Mar 2010 03:22:42 +0000 http://www.quickpropertysale.me.uk/rent-property/how-to-prepare-for-a-short-sale-of-investment-property/#comment-6789 For short sale, you'll have to prepare a lot of paper works to show that you're no longer able to afford the mortgage payment including your rental income and disclosing ALL your other financial situation. Beware that if short sale unsuccessful then your property will go into foreclosure which by then the bank already have a WHOLE picture of your financial situation and properties you own. They might go after you for the amount you owe and may affect your primary residence as well. Edit: Please read the following article, it worth to read especially yours is an investment property. It explained the difference of judicial foreclosure and non-judicial (trustee) foreclosure. If you don't want to lose your primary house...READ I suggest you consult an attorney ASAP before contact with your lender. For short sale, you’ll have to prepare a lot of paper works to show that you’re no longer able to afford the mortgage payment including your rental income and disclosing ALL your other financial situation. Beware that if short sale unsuccessful then your property will go into foreclosure which by then the bank already have a WHOLE picture of your financial situation and properties you own. They might go after you for the amount you owe and may affect your primary residence as well.

Edit: Please read the following article, it worth to read especially yours is an investment property. It explained the difference of judicial foreclosure and non-judicial (trustee) foreclosure. If you don’t want to lose your primary house…READ

I suggest you consult an attorney ASAP before contact with your lender.

]]> By: teran_realtor http://www.quickpropertysale.me.uk/rent-property/how-to-prepare-for-a-short-sale-of-investment-property/comment-page-1/#comment-6788 teran_realtor Thu, 04 Mar 2010 12:36:27 +0000 http://www.quickpropertysale.me.uk/rent-property/how-to-prepare-for-a-short-sale-of-investment-property/#comment-6788 Talk to your lender. Talk to your lender.

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