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Real Estate Short Sales and Bankruptcy in Connecticut (CT)

June 5, 2013

     If you have not already filed for bankruptcy, than you may want to consider avoiding bankruptcy all together by selling your home and/or investment property via Short Sale.  When a short sale transaction is completed, most lenders will consider the debt settled, waive their right to pursue a deficiency and consider the remaining balance a gifted loss.

     Some benefits of a Short Sale vs Bankruptcy include:
  • Avoiding a bankruptcy on your credit which has a large negative impact.
  • Avoiding having to check off 'yes' to having filed bankruptcy on future credit/loan applications which could immediately get you declined.
  • The bank will still foreclose on your home adding a second major blow to your credit.
  • You will still want to sell the home Short Sale anyway to avoid foreclosure.
  • You will have a much easier time finding a landlord who will consider renting to you.
      If you were unaware of the benefits of a Short Sale and you have already had your bankruptcy discharged in bankruptcy court, then you can still sell your home via Short Sale in order to avoid losing your home in foreclosure too.  By avoiding foreclosure you also avoid having another major hit to your credit and it can put your back in control of your situation.  Knowing that the lender is considering you for their short sale program and that you are informed of the progress of the short sale and/or foreclosure usually puts most of the stress on the backburner for the time being and builds a foundation of hope for the future.

     In some cases (not all), by having had filed bankruptcy may also mean that your short sale file with your lender will be stream-lined and approved much faster by eliminating the most time consuming 'financials' phase of the short sale process.

     This is real estate short sale information as it pertains to real estate only.  If you have law or tax related questions, you should seek the assistance of an attorney and/or tax adviser.

     If you have any real estate or short sale related questions, or would like to more forward with the short sale of your home in the state of Connecticut (CT), please feel free to contact me at your convenience.

Thank you,
     Phil Zimbardi
     Real Estate Broker
     Short Sale Specialist
     TOP END Properties

     Phone: 203-936-7776  

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