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Northeast OH Short Sale Question: Will I Wipe Out The Debt When I Short Sale?

Northeast OH – The Stop Foreclosure Institute recently received a question from Kevin. Here was his question.

“I am upside down on my house. I owe over 700k and I have been told that it is now worth under 400k. I just hate to think how much it will cost me over the long term when you add in the interest I will repay.

I am wondering if my bank will forgive the entire debt in a short sale. What do you think? Kevin.”

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

Here was our answer to Kevin’s Question. Most of the short sales we are doing have results in the complete forgiveness of the upside down debt.

There are many different factors involved, such as the law in your state, the bank who has your debt, whether or not you have mortgage insurance, and a number of other factors.

But, in most cases the short sale results in the forgiveness of the debt. In other cases, we have negotiated a 100k debt down to a 13k promissory note.

It’s not fun to repay that, but it’s much better than repaying the entire debt. I can give you a better answer when I discuss your situation with you. 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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