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]
Short sale, then buy back? [more inside]
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? Thanks!
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]