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born2run43 · Joined: 11 Mar 2010 Posts: 9 3.58 Dollars($)

My s/o works for the Federal Gov. She purchased a home in a hard hit area of Arizona in 2005 for $202,000. It is now worth $75,000. She also has stage IV colon cancer. She was under emotional duress at her facility in AZ, so her physician advised her to move to another location. She got transferred to Texas and we are now living here and renting. She put the home in AZ up for sale for $75,000 in November of 2009...the area is all comping out for that amount. It's taking forever to see if the bank will approve the short sale, and the buyer bailed. The bank would be taking a $125,000 loss. Would it be better (with her health being the way it is) to wait to hear about the short sale or should she just go ahead with filing bankruptcy? The Realtor would still want her share of the list price, I am so confused about all this. Does a person's health matter at all when asking for a short sale? Any other options or suggestions? I am just a lay person struggling to make sense of all this. Also, I was told I cannot buy the house as I lived there with her and it would be like a straw deal or something like that! I don't get it!

jameshogg · Posted: Thu Mar 11, 2010 10:50 pm Post subject:

Hi born2run,

The person wanting to sell off the property, should contact the lender and ask him to speed up the short sale process so that she can get rid of the property. If the short sale is not accepted, then she can try for a deed in lieu of foreclosure rather than applying for bankruptcy. This will be a better option in order to get rid of the property.

Thanks

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short sale or bankruptcy/colon cancer stage IV