My Short Sale! Approved - Chase Mortgage

As most of you know, I was going through a short sale for sometime.  I bought an investment condo in Charlottesville at the height of the market and what do you know, it lost 90k in value. Not only did it lose value, but my rental income was decreasing and I started losing $5,000 a year.  And unfortunately I put $30,000 down on the property.  Poof gone!

I had to make a business decision and cut my losses. It made absolutely NO sense to keep the property. It would take 10+ years to just break even and I would not really be breaking even because I was losing $5,000 a year..

But I am happy to say I finally got my short sale approved and it closed in January 2012!

My mortgage was with Chase and I have a full deficiency waiver.

A short sale is honestly the best way to to go. I have helped numerous friends and family members complete short sales also. We would be honored to help you through your short sale.

See the approval letter here.

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Strategic Short Sale ?!

What is a Strategic Short Sale?

       Not having a true hardship, other than the fact that your home is upside down in value.

After looking at all of our short sale cases since last year and talking with agents that do over a 150 short sales a year.  We came to the conclusion like them, you do not have to have a true hardship to do a short sale. We have helped many investors short sale their rental properties because it did not make financial sense anymore.  The same is true for homeowners.  You look around and everyone else is short selling their home, well you are now faced with a hard decision.  But this decision can impact your future forever.  Think about it.  You are basically renting your home right now.  Your mortgage payments may or may not be going up in the future.  You are not making a dent in the amount owed to the bank.  Are you going to stay in this home forever ?  The values of home sales that we saw in 2005-2007 are not coming back anytime soon and not in the next 10 years.  So your faced with a decision.   Yes there are other strategic options but the only one that makes sense at the end of the day, is short selling.

I had to make this strategic decision myself on my condo in Charlottesville, VA.  I bought at the height of the market.  There was supposed to be an extra 40k in equity in the condo, when I bought!  I even put a 30k downpayment on the property.  I now owed $110,000.   Well you know what happens next.  Rental prices are being forced down because of an influx in inventory.  Then the market crashed.  Now all of sudden, I am losing $5,000 a year on what is supposed to be making me money.  The condo is now worth 60k. I had to ask myself if taking a small hit on my credit was worth it to me.  $5,000 a year for 5-10 years, not including vacancy on my rental. And then I try to sell and im still under water ?  Nope not for me.

We have some awesome information on everything short sales on this website.  Take some time to get educated.  We know what its like to go through this short sale process. And we want to help you recover and start over fresh.  Your financial future is very important to us.

When your ready to see what the next step is.   Contact us for a free consultation over the phone.

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