Over the past few years many of our owners at Showcase Property Management have been confronted with selling their property in a short sale. One of the biggest concerns is always the deficiency that results from a short sale. I found this very informative video that reviews various short sale scenarios which addresses deficiency with an investment property.
Walking away from a property and foreclosing is very damaging, a short sale is much easier to recover from, typically about two years. Lenders now prefer to avoid foreclosing and short sales are now surpassing foreclosures.
If you are an owner struggling with an over whelming mortgage, I invite you to reach out to me for mortgage relief. Learn what’s entailed with selling property short.