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What is a Short sale or a Deed-in-lieu of foreclosure?
We bought this house in 2000. We had a job transfer to Texas in 2001. The house would not sell after 8 months on market. We had to start renting it to pay the mortgage. We have a property management company overseeing it. We just discovered that the property is in need of extreme repairs. We are losing over $200 month as the rent does not cover the mortgage. Now with this we cannot afford to put more money into the property to sell it, we cannot afford not to have our renter in it to sell it.....Someone told us that we could short sale or deed in lieu of foreclosure. We just need to know our options as to what is the best thing for us to do.