Doing a Short Sale? Be Careful What You Post on Facebook

LAS VEGAS, July 15, 2012 /PRNewswire-iReach/ -- In order to obtain short sale approval from a lender, homeowners must be able to convince their bank(s) that a legitimate hardship exists.  Sellers must be aware that banks and other debt collectors are using Google, Facebook, Twitter and other social media sites to see what information can be found out about you.  It might be hard to convince a bank that you're experiencing financial hardship if you've recently posted photos of your latest vacation to Maui or Cancun on your Facebook page.

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The goal of every short sale is to convince the Sellers lender to waive their right to pursue the deficiency balance.  While many banks are now waiving their deficiency rights, this is never a guarantee.  Why are some homeowners asked to re-pay the deficiency amount while others are fully released and not required to repay this debt?  The answer can typically be found by looking at the strength of the hardship.

How do banks define hardship?  Many people think that you must be "broke" to have a valid hardship.  This is not true.  A hardship exists when there is a decrease in income - or an increase in expenses.  The more legitimate the hardship, the greater your chances will be of obtaining short sale approval.

Homeowners must remember that information found on social media sites is often available for the public to view.   While the information you post on Facebook and Twitter may be intended for your friends to see, it can also be viewed by attorneys, debt collectors and others with intent to cause you harm.  It's important to monitor what you post, and have the appropriate privacy settings in place for your protection.

Las Vegas is known as a city that never sleeps, however, Nevada homeowners facing foreclosure may find it hard to sleep due to the stress of their financial situation.  This is why you need representation from a short sale agent who works full time and is willing to do whatever it takes to protect you.

From January 1, 2007 through December 31, 2011, The Myers Team with The Caliber Realty Group sold more short sale listings than any Realtor or Broker in Nevada.  Myers Team Owners, Bill and Francoise Myers have helped hundreds of Las Vegas families avoid foreclosure.  Myers said, "Sellers facing foreclosure must remember that banks are not looking out for you or your family.  When you work with The Myers Team, our job is to get between you and the bank.  We represent our clients, NOT the banks.  It is our job to take away the stress and negotiate the best possible outcome.  Ultimately, our job is to help our clients get a fresh start."

Visit The Myers Team web site at http://www.NevadaShortSaleInfo.com

Additionally, please visit http://www.VegasShortSaleInfo.com

The Myers Team Nevada Short Sale Experts, 702-677-4343, [email protected]

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SOURCE The Myers Team