National Short Sale

Relocated, renting our house will not make enough $ to pay the Mortgage, plus a new place overseas….?

As many others we bought a house 3 years ago in Florida and now we owe the bank $420.000 for a house that is just $350.000 today.
We are foreign nationals and we have been relocated overseas so we have to leave and possibly never come back to the US. If we rent it we still cannot cover the mortgage.
Is it common that the bank denies Short Sales if you do not live in your house? I don’t really care about credit history because we wont be living here anyway, what happens if we just stop paying and go to Foreclosure, can the bank come after our savings ?
PA: the credit history will not be affected overseas (Asia), and there’s no need for calling names. Thanks for your answer.
VB: Do you think they will accept a short sale?

You need to talk to an attorney to see what options you have. You could also talk to the lender, but someone there who is in a position to make decisions. Obviously a job transfer is what would be called a “hardship” and as such can qualify you for a short sale.

You seem like a responsible person who normally takes financial obligations seriously. The key would be to speak with someone with authority at the mortgage company that receives your payments. Based on that conversation you would also do well to consult an attorney.

Although it would seem that you could abandon the property and be “untouchable” because you have no ties to the United States I wouldn’t just count on that as a fact of life. Stuff happens and we often go full circle and our past catches up with us at the most inconvenient times.

You never know that in some future employment you would need to make a business trip to the US and be denied a visa because of this issue. Better to take care of it properly now while you can than try to repair this unfortunate situation years later.

Short Sale Expert Michael Hellickson On Dave Ramsey – Part 2

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Make Money in Short-Sale Foreclosures $20.3 From the Publisher:Foreclosures are the most profitable way to invest in real estate. But most real estate books on foreclosures don’t tell you how to invest in short-sale foreclosures – properties with even more profit potential than regular foreclosures. A short-sale foreclosure is a lender accepting a loan payoff for less than the amount owed. This comprehensive new guide from renowned real estate authors Chantal and Bill Carey covers all the ins and outs of short-sale foreclosure investing, from finding properties to negotiating with lenders, to closing the deal and making a bundle. Inside you’ll find all the information you need to succeed: finding great short-sale foreclosure deals, dealing with owners in financial distress, when to buy short-sale foreclosures, creating equity in foreclosure properties, writing successful short-sale offers, FHA, VA, and private mortgage insurance short-sales, purchasing short-sale properties at auction, understanding escrow, closing, and title insurance, flipping short-sale properties.

The Art of the Short Sale $19.98 The Art of the Short Sale is your money making guide to the new housing market. Fact: Up to 95 percent of borrowers never respond to foreclosure notices. The Art of the Short Sale takes the mystery out of foreclosure. This simple and educational format serves as realtors’ go-to guide on how to make money in the wake of the housing bubble. From walk-in closets to Wall Street, Citron sheds light on the factors that led to the rise and fall of real estate in the United States. Each chapter navigates readers through the process of helping borrowers avoid nagging lenders and overcome the obstacles of foreclosure, often through paying only a fraction of their debts. The Art of the Short Sale spells out in an easy to understand language the steps to succeed in this niche market and assists clients in eliminating debt, reducing tax liability, saving credit worthiness and avoiding deficiency judgements. With tips on assembling a short sale team, negotiating with out of state lenders and packaging clients’ personal and financial circumstances in an effective way, this book is an essential resource for any real estate specialist aiming to adapt his business to the current housing climate.

Create a Short Sale: Your Guide Through the Short Sale Maze $15.28 The rules of Short Sales just changed. This book is designed for real estate professionals, but it will explain a Short Sale in detail to anyone. In a Short Sale, a property is sold and the lenders get paid less than the full amount owed on the loans, i.e., the payment is short. This is an important alternative to foreclosure because the sellers move with dignity with less damage to their credit, the buyers get a house in better condition, and the bank makes on average 30% more money. Short Sales are an important part of America”s economic recovery; this book will help you make the right choices for everyone involved in the process.

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Short-Sale Pre-Foreclosure Investing $19.48 Learn all about short-sales, the hottest topic in today’s real estate investing market, with Short-Sale Pre-Foreclosure Investing: How to Buy "No-Equity" Properties Directly from the Bank — at Huge Discounts. Understand how to buy properties at big discounts, creating windfall profits. Using this guide, you can access information about a topic that 900f real estate agents and investors know nothing about. Discover how to make huge profits from the banks’ misfortune, how to help homeowners in foreclosure while helping yourself, and how to stay on the cutting edge of the down market.

Create a Short Sale: Your Guide Through the Short Sale Maze, Second Edition $15.61 The rules of Short Sales just changed.In a Short Sale, a property is sold and the lenders get paid less than the full amount owed on the loans, i.e. the payment is short. This is an important alternative to foreclosure because the sellers move with dignity with less damage to their credit, the buyers get a house in better condition, the neighborhood avoids a vacant, vandalized, foreclosed house and the bank makes on average 30% more money. This book is designed for real estate professionals, but it will explain a Short Sale in detail to anyone.

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