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Short Sale / Become a Landlord / or Foreclosure?

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dbrown2008 Joined: 14 Jan 2009 Posts: 1 1.37 Dollars($)	Posted: Wed Jan 14, 2009 11:24 am    Post subject: Short Sale / Become a Landlord / or Foreclosure? Like 0 Dislike 0 We purchase a home in California in 2006 (1st and 2nd mortgages totaling $3,000monthly). We are currently upside down by $150,00. I have recently lost my job and my husband was transferred in his current job so we have moved and began renting a home some 3 hours away. We are in contact with our lender and they have provided some options. Short Sale, loan modification of both 1st and 2nd to $1,900 a month, or Foreclosure. We would like to rent out the property at $1,500. to $1,600. a month We can afford a negative income of $1,000 but do not have the additional funds if the renters should decide not to pay. Should we prepare for a long wait on a Short Sale or take our chances with carefully screened renters or just let it go to Foreclosure>
jameshogg Joined: 20 Dec 2005 Posts: 10460 Location: Nevada 987.57 Dollars($)	Posted: Wed Jan 14, 2009 7:35 pm    Post subject: Like 0 Dislike 0 Hi dbrown, In my opinion foreclosure will not be good option when the lender has offered you a short sale or a loan modification. As you are planning to rent the property, check out if you can get good tenants. If you get good tenants then you can rent the property and things will be easier for you. If you do not get tenants, then you can go for a loan modification in which your payments will be reduced to $1,900 a month. If you still cannot afford the payments, then try for a short sale. Thanks

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