Macomb County MI Short Sales: Can I Short Sale My Investment Property Without Owing Any Money?"I am a California Resident but have 3 distressed Florida Properties pending foreclosure. Under Florida law a creditor cannot garnish wages. Will investor pursue deficiency? If yes, will they follow FL or CA law? Thanks, Phil.”
By: Rick Giese "I am a California Resident but have 3 distressed Florida Properties pending foreclosure. Under Florida law a creditor cannot garnish wages. Will investor pursue deficiency? If yes, will they follow FL or CA law? Thanks, Phil.” Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here. http://www.macombforeclosurehelp.com/ Here was our answer. That is a legal question. Since I am not a lawyer I cannot answer it. I do know that you can usually short sale in Florida and get the lender to forgive you of the debt. However, there are other things you can do to avoid the deficiency problem. First, work hard to convince your lender to waive the deficiency. Investment Property Short Sales are tougher because the lenders are more reluctant to waive the deficiency. But, many lenders will waive it. Others will agree to waive it when you have presented financial statements that show you cannot afford the deficiency. So I think that over half of the deficiencies will be waived by the lenders. Here is what you can do for the remaining ones. First, depend on incompetence on the lender’s part. Most lenders don’t have enough staff to handle their delinquent debt. Even if they do have the right to a deficiency in most cases the only thing they will do is call you. When they call, you simply tell them that you don’t have the money in your budget that month to pay them anything. Don’t say anything more than that and don’t lie to them. (A lie can get you in legal trouble later on. You are better saying very little and hanging up the phone than lying.) Most lenders won’t do anymore than “sic” the debt collectors on you. They hardly ever go to court or attempt to garnish your wages. E-mail me for a simple letter that will legally stop the harassing phone calls. In my opinion, this will enable you to short sale 90% to 95% of all investment properties and avoid paying a deficiency. Here is what you should do if you fall into the unlucky 5-10%. Hire a good lawyer. They can usually find a hole in their court case and get you out of paying the debt. These lenders are so disorganized that the often do not have all their paperwork in order. Or, they can find a situation where the lender broke Collection Law. In that case, the lender is usually more than happy to settle with you versus facing a lawsuit. Thinking about a short sale? I can help you short sale your property and never pay the bank another penny. Send me Rick Giese an e-mail at rick@rickgiese.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 Rick Giese at Toll Free 1-800-274-5656 Discover how other sellers successfully completed a short sale and request a free consultation by clicking here. http://www.macombforeclosurehelp.com/ Thinking about a loan modification? Thanks for reading this, Rick Giese. Rick is a Real Estate Associate Broker at RE/MAX Advisors Macomb and Oakland County Short Sales Realtor: Phone: 1-800-274-5656. rick@rickgiese.com. View My homes for sale at http://www.rickgiese.com Rick Giese specializes in loan modification assistance and short sales in the Macomb County Area of Michigan. Macomb Loan Modification Help, Macomb Short Sale Help. Macomb County MI our services are offering sellers another option besides pre-foreclosure foreclosure or bankruptcy that can effect their credit for years. We are currently offering our services in the Richmond, Shelby Township, Macomb Township, Chesterfield Township, New Baltimore, Clinton Township, Sterling Heights, Mount Clemens (Mt Clemens) Fraser, Harrison Township, Warren, Roseville, St Clair Shores areas of Macomb County Michigan # # # As one of Macomb Counties MI leading Short Sale experts. Rick Giese wrote this article to Help ensure that homeowners were and are being given sound advice about How to Stop and Avoid Foreclosure End
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