Short Sale Homeowners-Be Cautious What You Post on Facebook-Redding CA
For a homeowner to obtain short sale approval from the home loan lenders, they should be able to convince their banks that a true hardship or reason exists for the short sale.
It is believed that the debt collectors are starting to search Google, Facebook, Twitter and other social media sites to see what public information can be found out about the borrowers.
Think twice about posting those photos of the Europe vacation!
How does your bank define a hardship?
The common understanding is lack of money which is the most valid hardship.
Lack of money can mean a hardship exists when there is a decrease in income – or an increase in expenses.
Homeowners should be advised 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.
It is good policy to monitor your posts, and learn how to have the appropriate privacy settings in place for your protection.
Borrowers facing foreclosure must remember that all of the lien holders are not looking out for you. The Redding Short Sale Team represents the homeowners, NOT the banks.
Lack of money can mean a hardship exists when there is a decrease in income – or an increase in expenses.
