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Is a short sale my best option?

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Guest	Posted: Thu Sep 30, 2010 7:28 am    Post subject: Is a short sale my best option? Like 0 Dislike 0 I'm thinking about going through a short sale in order to free myself of a townhome that has just been dragging me and my credit thru the mud. I've owned the property for almost 5 years now. First 2.5-4 years were fine, then I started to burn through my savings account, rack up debt on credit cards, all trying to stay afloat. I've now realized that I should've never bought the home in the first place and that it was too high of a debt for me at the time. Now, I'm 5 months past due and trying to make payments on it. I haven't paid my taxes either. I'm out of money. What do I do? What is my best course of action? Also, I'm getting married in May of next year. Will this debt and damage to my credit score affect my future husband's? Please help. I'm so lost, discouraged and just wish I could go back and undo the signing of those mortgage papers 5 years ago.
jameshogg Joined: 20 Dec 2005 Posts: 10477 Location: Nevada 990.06 Dollars($)	Posted: Thu Sep 30, 2010 9:31 pm    Post subject: Like 0 Dislike 0 Hi Guest, As you're facing hardship in paying your mortgage, you should contact your lender and let him know about your situation. As you're not interested in saving the property, you should apply for a short sale. If the lender accepts your request, then you'll be able to sell off the property. However, you'll be liable for paying the balance amount resulting from the property sale. Thanks

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