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zomillo2k · Joined: 15 Aug 2008 Posts: 2 2.21 Dollars($)

I lost my job two months ago and have been talking with my lender about a short sell on my mortgage. My realtor advised me not to make any payments to show hardship. Unfortunately, we do not have any offers yet, as the Michigan market is horrible.
I am seriously considering an offer in another state and must move by next month. What is my best option if the short sale doesn't happen any time soon? I do not want my credit to take too much hit.

larry · Joined: 27 Jun 2007 Posts: 3322 474.67 Dollars($)

Hi zomillo2k.

Welcome to the forum. If don't want to face big negative affect on your credit report then the best option is short sale. I know the market is down now but you will have to wait until you get a good offer. BTW if you cannot do the short sale then you can request the lender to accept deed in lieu of foreclosure. But unfortunately it will have a big negative affect on your credit report. Feel free to ask if you have any further questions.

Best of luck,
Larry

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What is my best option...? I need to move out of State.