Columbus OH – The Stop Foreclosure Institute
recently received a question from Sergio. Here was his question.
"I have owned my house since 2006. My employer reduced my salary by 30%
and now I have to move out of state where I have found a new job.
The house is a problem. Since 2006 my house price has dropped by about $40,000.
That means I have a $40,000 deficiency, which I don't want to pay.
I have the option to rent the house, but I am still considering a short sale. Any
advice? Sergio."
Click
here to discover how other sellers successfully did a short sale and avoided
foreclosure. http://columbusohshortsaleadvisors.com/
Here was our answer to Sergio's Question: Sergio,
I would attempt a short sale. Depending on your situation and the type of loan
you have, more than likely you will not have a deficiency.
I can give you a better answer after I get more information from you. I
wouldn't recommend renting the house. How hard is it going to be to manage when
you are out of state?
What if the tenants stop paying? What if a pipe breaks and floods the house?
I'm not saying don't rent the house. I just know from past experience that
managing rental property from a distance is super tough.
I knew a real estate investor who targeted what he called "tired, out of
town landlords." He would offer to buy their property below market.
Surprisingly, many of them accepted his lowball offers because they were so
tired of dealing with the property. Here is the other downside on renting.
You will probably have negative cash flow every month. I don't know what your
house will rent for. But, if you are upside down on your house value,
then you are likely also upside down on the rental value.
That means you will almost certainly lose money on the rent every month. With
your precarious financial situation, recent 30% salary cut, and move out of
state, the last thing you need is another bill each month.
With a short sale you can walk away owing nothing, with no tax liability, and
be eligible to buy another house in 3 years.
That sounds a lot better to me than being stuck with a money losing house 2
years from now. 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 robin.lemmons@kingthompson.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 614-741-2495.
Discover how other sellers successfully completed a short sale and request a
free consultation by clicking
here. http://columbusohshortsaleadvisors.com/
Thinking about a loan modification? Our Columbus loan modification kit has the
instructions you will need to get a loan modification approved with your bank.
Click
here to request a copy. http://columbusohshortsaleadvisors.com/
Thanks for reading this, Rick and Robin Lemmons.
Rick and Robin is a Real Estate Team at Coldwell Banker King Thompson.
Phone: 614-741-2495
Email: robin.lemmons@kingthompson.com
A Zest For The Best
View My homes for sale at www.rickandrobin.com.
Rick & Robin Lemmons specialize in helping Columbus Homeowners short sale
and never pay the bank another penny. Columbus Loan Modification Help, Columbus
Short Sales, Columbus Short Sale Realtor. Columbus Short Sale Realtor. Columbus
OH Short Sales. Columbus Realtor. Columbus OH Short Sales. Columbus Realtor.
Copyright 2012 SFI Marketing Institute, LLC. All Rights Reserved.
Important
Notice
Rick and Robin Lemmons, Coldwell Banker King Thompson, and the Stop Foreclosure
Institute are not affiliated in any way, shape, or form with the government.
Our services have not been reviewed or endorsed 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 Rick and Robin's personal views and do not reflect
the views of Coldwell Banker King Thompson.
This information on Columbus Short Sale Question: Should I Short Sale My Home?
is provided as a courtesy to our viewers to help them make informed decisions.
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