Q&A: Is a short sale the best option during bankruptcy?

A husband filed for bankruptcy after losing big on property bought just before the housing market crashed. His wife wants to know if a short sale is his best option. The two investment properties in question are in Florida, one of the worst-hit housing markets when the real estate bubble burst. The amount owed on the mortgages is now far more than the values of the properties themselves, placing the husband deeply underwater on his loans. After declaring bankruptcy over an unrelated matter, the husband is continuing to make payments on these properties even though the rental income they generate barely covers half of the monthly mortgage payments. His wife wants to know if pursuing a short sale is the best option for them given their age and current bankruptcy status. So check out this Real Estate Minute as I offer my advice to this couple as they cope with some serious financial problems. Be sure subscribe to my YouTube channel for the latest real estate tips and news: http://www.youtube.com/subscription_center?add_user=expertrealestatetips And for more of my real estate and personal finance tips: Read my blog: http://thinkglink.com See my tweets: http://www.twitter.com/glink Follow me on Facebook: http://www.facebook.com/ilyceglink