Albuquerque Short Sale Tips: Avoid This Mistake On Your Short Sale

Albuquerque NM - We recently had a short sale seller say the following was why he was short selling his house

. "I do not want to pay $1,000 a month on a property that has lost value", he said. The short sale negotiator saw that and immediately turned down the short sale.

The seller put that information in his hardship letter. (I usually do not read thru a seller's hardship letter. I feel that is their private information. Most of the time there is nothing in there that I really need to see.)

There were several reasons the seller wanted to short sell. First off, his family had relocated out of state. Second, he owned another house that was losing $1,500 a month. Third, the tenant in the house he was short selling was paying $1,000 less than what was necessary to cover the mortgage payment.

Finally, his family had had a reduction in income. His wife had a good job that she gave up to move. She had expected to find another job quickly. However, she had a hard time finding a job that paid as well as her previous one. As you can see, they weren't short selling because he didn't want to lose money.

They were short selling because they could not afford the house. The fact that they were losing $1,000 a month helped push them in that direction. But, it was not the primary reason to short sell. What can we learn from this?

Don't make the same mistake when you short sell a property. Make sure your hardship appears genuine. On your hardship letter, say something like "I can't afford the house" and "I just want to avoid bankruptcy." Don't say that you are considering bankruptcy.

Just say that you are trying to avoid it. I don't know anyone who is not trying to avoid bankruptcy (except maybe someone already planning to file.) It is your job to look for you and your family. It is the lender's job to look out for themselves.

Remember, these lenders are looking for freeloaders. If they think you are short selling to avoid losing money on a bad investment, then they may not agree to the short sale. However, every case is different.

I know someone who is doing quite well financially. However, he is still short selling several investment properties. And the lenders are approving the short sales.

by: Scott Tonges

POST COMMENT

Tips In Dating And Seduction Installation Tips for TV Wall Mount Golf Backswing Tips - Discover The Best Approach Tips for the Bread Machine 10 Tips On Maternity Glitz And Glamour Tips On Turning Fat Into Muscle - How to Turn Fat Into Muscle Tips For Tackling Mould Growth On Surfaces Fatty Liver Diet - Must Know Nutrition Tips For Reducing Fat In Your Liver The right way to Improve Your Vision - Tips On How to Better Your Vision and See Clearer Ways to Improve Your Eyesight – Tips on The right way to Enhance Vision Weight Loss Tips And Plans To Losing Fast Weight Loss Diet For Reducing A Fatty Liver - 4 Easy But Effective Diet Tips For Reducing Fat In Your Liver Make Up For Brownish Eyes - Easy Tips You Are Able To Use To Look Great