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Is a Short-Sale a viable option for someone not behind in payments?

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mfhtmw0 Joined: 22 Feb 2011 Posts: 1 1.41 Dollars($)	Posted: Tue Feb 22, 2011 9:03 am    Post subject: Is a Short-Sale a viable option for someone not behind in pa Like 0 Dislike 0 I live in Eastpointe, MI and have owned my home for 10 years and have never missed a payment. My overall credit score is excellent. My fiancé has owned his home for 20 years. Our intention is to move into his home. I owe $102,000 on my home and the appraisal is $49,000. We cannot afford to pay for both homes, nor can we afford to sell at $53,000 loss. Neither of us have assets to cover the difference. We’d like to know what our options are. Since I am not in financial trouble, it doesn’t sound like either bankruptcy or a deed-in-lieu is possible. We are not interested in renting the house out. I sincerely do not want to stop paying my mortgage, and I don’t think my credit union will consider a short-sale (also, we don’t want to be liable for a deficiency judgment in MI). Thank you, Teresa
smithsussane Joined: 18 Sep 2008 Posts: 10439 Location: Alaska 985.83 Dollars($)	Posted: Wed Feb 23, 2011 1:51 am    Post subject: Like 0 Dislike 0 Hi mfhtmw! Welcome to forums! The option of bankruptcy might be possible for you but you won't be able to qualify for a deed in lieu of foreclosure if you don't have any financial hardship.You can apply for a short sale but it will be the discretion of the lender whether or not he will consider your request. Feel free to ask if you've further queries. Sussane

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