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Originally Posted by Lhuynh  from what I know bank take the loss when you do a short sale. if you were in foreclosure they have to put more effort out to sell your house. |
Not the case, hence my question. In Florida, the bank can get a deficiency judgment against the homeowner for the amount left after a home is sold at foreclosure. Therefore, the bank has the incentive to require a promissory note if it approves a short sale, if the homeowner makes a good salary and has some cash in the bank. My question is, for someone who NEEDS to move on, does it make sense to strategically reduce income coming in and how much will the bank look into HOW the income was reduced???
Desperate times call for desperate measures, especially once you've been in the home for years, home has devalued by $120,000, with nothing but depreciation ahead for years to come. AND I am relatively young and at the age where I need to start my family.