Let's say a friend owes you a thousand dollars. They come to you with a sob story about how they are broke and cannot afford to repay you. "I am so broke that we are about to lose our car. And the electricity was turned off last month when we missed the payment. I can't even afford diapers for our son", they tell you.
You tell them just to forget about the debt. "Don't worry about paying me back. I don't want to be a burden on your family", you tell them. A few days later you are scanning Facebook and see pictures of them on vacation in Miami. You realizes they had lied to you. It's obvious that they weren't broke if they could afford a fancy vacation in Miami. How would you feel?
I tell this story to make my point. Are you trying to convince your bank to approve your short sale and allow you to walk away from your debt? Well, why should they do that? Lenders and debt collectors may look you up on Facebook. If they see you went on a fancy vacation, then they may not forgive the debt. They tell you, "It's obvious that you are doing well financially. I just saw your Facebook profile and the pictures of you on vacation at the Ritz Carlton in Miami. We aren't releasing you from the debt." Not a fun ending, is it? If you are considering a short sale, then watch what you post on Facebook, Twitter, etc.
You tell them just to forget about the debt. "Don't worry about paying me back. I don't want to be a burden on your family", you tell them. A few days later you are scanning Facebook and see pictures of them on vacation in Miami. You realizes they had lied to you. It's obvious that they weren't broke if they could afford a fancy vacation in Miami. How would you feel?
I tell this story to make my point. Are you trying to convince your bank to approve your short sale and allow you to walk away from your debt? Well, why should they do that? Lenders and debt collectors may look you up on Facebook. If they see you went on a fancy vacation, then they may not forgive the debt. They tell you, "It's obvious that you are doing well financially. I just saw your Facebook profile and the pictures of you on vacation at the Ritz Carlton in Miami. We aren't releasing you from the debt." Not a fun ending, is it? If you are considering a short sale, then watch what you post on Facebook, Twitter, etc.
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