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Short Sale

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Feb 23, 2011 3:30 pm

[email protected]

Joined: 2009-02-27Offline

I have an investment property that with have a huge spike in interest. I cannot refi and cannot get a loan mod. I was wondering if I do a short sale or just let the property go will that get me fired or really hurt me? Any help would be appreciated.

Mar 2, 2011 3:40 am

YankeeNole

Joined: 2010-03-03Offline

Ding your credit for a few years, keep you from buying a home for 2 years, and will be disclosable event on your U4 for deficiancy in addition to any annuity/insurance applications. Just an FYI.

Mar 11, 2011 4:28 pm

stockattorney

Joined: 2010-09-09Offline

Most likely a disclosure on your Form U4 -- Compromise with Creditor.  Now, if you had PMI and PMI paid off the deficiency, an argument could be made that it was not a compromise but that is a very aggressive stance and you may want to consult your compliance officer for guidance if considering such a position.