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Is our only option a Short Sale
Our situation is that we bought our house for 170,000.00 21 months ago. We have tried to put it on the market because we are moving out of the area by summer, but the realtors have informed us that the house now is only worth approximately 130,000.00. We do not have 30,000 to 40,000 to pay at closing to make up the difference. Our only option is the short sale option or foreclosure unless we can find someone to help do a deed in lieu of foreclosure with our mortgage company. And considering a short sale destroys your credit the same as the foreclosure (both drop your credit score 200-400 points and you cant buy another home for 24-36 months) what is the point in going through the hassle of putting the house on the market and having it sit for 6 months making payments we cant afford once we are back in TN.
Comments
A short sale is actually a very good option for your situation. A deed in lieu is just like a voluntary foreclosure and is just as bad for your credit as a foreclosure. While a short sale can take some time and will require some patience, it is a good option for you in you can find an investor who knows what they're doing. They can deal with the bank and will know exactly what the lender needs as far as paperwork to keep the deal moving. You also probably wouldn't be making payments on that property if you're doing a short sale on it. Good luck to you.
Any advice is appreciated.
T
You are actually much better off doing a short sale rather than letting it go to foreclosure or doing a deed in lieu. The last 2 really destroy your credit, while a short sale has a much smaller affect on your credit. A deed in lieu is like a voluntary foreclosure. Banks are very willing these days to do short sales, and while it can be a lot of work, it's worth it to help keep your credit more in tact. Also, if you're doing a short sale you probably wouldn't be making those payments on the house. A good option is to talk to an investor in your area who does short sales. They'll know just what to do and what the bank needs as far as paperwork from you to keep the deal moving.