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“I’ll just Short Sell it ;-) “

September 25, 2012

Oh yeah ? Not so fast.

I hear it over and over – “lets bandwagon, let the bank have it, let it go, walk away”…after all, Mr Fix It is in the white house and America cares for the little guy, not those ding nab fat rich bankers !

Try on a dose of reality:

To short sell, you’ll need to prove hardship, and then wait for the income tax bill and higher insurance rates while you ponder getting sued for the short fall and remaining fall out of bad credit for 7 years.

..do NOT constitute hardship:

  1. Bad purchase decisions.
  2. Unhappy with the neighbors.
  3. Buying another home.
  4. Pregnancy.
  5. Moving into an apartment.

Examples of hardship are:

  1. Unemployment
  2. Divorce
  3. Medical emergency / sudden illness
  4. Bankruptcy
  5. Death

A decent article for the cold shower awaiting.

ps, consider buying something that makes sense in the first place – questions ? Call us.

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