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How can we get out of our house quickly?

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ternicole Joined: 13 Mar 2010 Posts: 1 1.31 Dollars($)	Posted: Sat Mar 13, 2010 11:46 am    Post subject: How can we get out of our house quickly? Like 0 Dislike 0 Unique situation. My husband and his grandfather are the co-borrowers on our mortgage. The balance is about $155K. We want to sell the house due to a job relocation (no relo assistance available). Currently the comp prices are about $130K. We don't have $25K to come out of pocket and are considering a short sale although we are not behind on any payments. We don't want to hurt the grandfather's credit, however, so this may not work. Any ideas? Need to sell quickly.
Niicss Joined: 03 Oct 2005 Posts: 4770 Location: New Jersey 499.28 Dollars($)	Posted: Mon Mar 15, 2010 2:39 am    Post subject: Like 0 Dislike 0 If you want to get rid of the property, then you will have to go for a short sale and this will hurt grandfather's credit as he is on the mortgage docs. A short sale will reduce the borrower's credit score by 80-100 points. After the short sale, your husband's grandfather can take steps in order to improve his credit score. Some of the steps to improve credit score can be found in the given article: http://www.mortgagefit.com/credit-rating/credit-repair.html

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