I had the chance to interview one of the finest Attorneys in Southern Maryland – Dave Gormley happens to be a Real Estate and Bankruptcy attorney.
He is also one of my friends on Google+ https://plus.google.com/u/0/communities/111025514827345211127
Here is my profile on Google+ https://plus.google.com/109453318469164908670/posts
I had a great time on this Google Hangout, and it may just give you some intel, you had not had as of yet, regarding short sales and distressed real estate.
There are several things that you should watch out for when approaching anyone when wanting to short sale a residence.
What type of loan do you have?
Was all the money borrowed used on the primary residence?
Have you taken out money to pay off debt – Autos – Credit Cards – Etc.?
The answers to these plus more questions could mean the difference between you being able to short sale your home, or claiming bankruptcy.
We have local Attorneys we work with regard to having our clients get a consultation prior to short selling. We also have Certified Public Accountants that we will have you bounce your scenario off of to make sure you won’t be surprised years after the short sale has been successfully negotiated by our Short Sale Team here at REMAX of Valencia CA.