Is this a Short Sale dream, or nightmare?
I put an offer on a house back in September, a short sale. It was approved by the owner in September and selling bank in December. 10 days before closing, the loan officer I had been working with discovered that his bank doesn't write mortgages for anyone that has had a loan modification in the past 4 years. I modified under making home affordable in 2009. [more inside]
posted by bricksNmortar
on Feb 25, 2012 -
Previously I was considering bankruptcy, but now I'm considering selling my house.
My fiancee has left, I have $50k in CC debt, student loans, and a mortgage that is under water by $15-25K.
Renting it out will only cover 2/3 of the mortgage/taxes/ins., and nowhere to live.
I'm thinking about selling it, but what happens if I sell for less than I owe?
Also, I'd be responsible for the realtor's fee (4-6%= appx. $20-25K).
Add those together, and it's 30k to 50k to SELL my house and get out from under the mortgage.
What happens to the balance that I would owe?
posted by antipode12
on Dec 21, 2009 -
My mortgage payments are overdue and I have filed paperwork for a loan modification. I just accepted an offer on the condo, and it is due to close on June 26. What is the best way to get clear with the mortgage company before closing? [more inside]
posted by hamster
on Apr 30, 2008 -