advice

Posted: Thu Jul 09, 2009 9:57 am Post subject: advice

We currently own a home with a 1st of 355,000 & a second of 133,000. The market has dropped and we have a short sale offer of 420,000. We submitted it to both mortgage companies 6 weeks ago and still have no response. We call daily as well as our realtor. We are selling due to job loss. My husband got a new job out of state & moved 3 months ago where he is renting. His new salary is 1/3 of the salary when we qualified for this home. I will be moving to the new state next month for our son to start school. We are able to maintain all monthly obligations except our mortage. We have drained our savings paying the mortgage for the last 6 months, 3 due to unemployment and 3 due to decreased salary. This is the first month that I have not sent in the mortgage payments. If the mortgage companies do not accept the short sale offer is it better to declare bankruptcy or risk foreclosure and the mortgage companies pursuing the the deficiencies when they sale it? The home is located in Maryland. We have 14,000 in credit card debt, 1 car note, & one car paid for. We have never been late on any bill in 20 years. This is very hearbreaking.

Realgeni · Joined: 13 Apr 2009 Posts: 1434 99.77 Dollars($)

Guest

Welcoem to the forum

If the bank does nto agree for a short sale, probebly foreclosure woudl be the next best option or deed in lieu of foreclosue

Both of them will hit your credit report

Good luck and feel free to ask

smithsussane · Posted: Fri Jul 10, 2009 12:12 am Post subject:

Hi Guest!

Welcome to forums!

Bankruptcy is the last option that you should think off. Whether your property goes for a foreclosure or you opt a short sale, the lender will have the right to sue you for the deficient amount. If your lender does not approve a short sale, you can try for a deed in lieu foreclosure. In this case, you won't be liable for the deficient amount.

Feel free to ask if you've further queries.

Sussane

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