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Northeast OH Short Sale Question: Should I Short Sale Or Declare Bankruptcy?

Northeast OH – The Stop Foreclosure Institute recently received a question from James. Here is his question.

“I am upside down by $300,000 on my home. I want to move, but I am concerned about having that $300,000 debt chasing me for the rest of my life. A friend mentioned I could get it wiped out in bankruptcy.

So, here is my question. Should I short sale and then declare bankruptcy. Or just declare bankruptcy and get rid of the house in the bankruptcy? James.”

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

Here was our answer to James’s Question. James, here is something you don’t know. In most short sales, the upside down debt will be erased.

Yes, the banks will forgive the upside down debt. We recently had a homeowner short sale a house where their bank lost over $400,000. They received a complete release on the debt.

The debt was gone and he had no need to declare bankruptcy. Not a bad deal, no? Here is the good news for you. First, many states have laws that forbid banks from pursuing you for a deficiency after a short sale or foreclosure.

Second, most lenders do not pursue borrowers. In fact, they will specifically release you from the debt. But, every situation is different.

Talk to an experienced short sale realtor in your area to get more specifics. 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 iandymorris@gmail.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 (440) 348-5500

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Northeast OH loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.

Thanks for reading this, Andy Morris.

Andy is a Real Estate Broker at Realty Trust Services.

Phone: (440) 348-5500. iandymorris@gmail.com.

View My homes for sale at www.rtserve.com.

Andy Morris specializes in loan modification assistance and short sales in Northeast OH. Northeast OH Modification Help, Northeast OH Short Sales, Northeast OH Short Sale Realtor, Northeast OH Short Sales. Northeast OH Realtor, Northeast OH Stop Foreclosure, Northeast OH Foreclosure Prevention, Prevent Foreclosure Northeast OH, Northeast OH Foreclosure Defense, Northeast OH behind in Payments.

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