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In 2006, I purchased my primary residency in IL for $360k. For 5 months I’ve been trying to sell my house, and finally got an offer for $312k. Unfortunately, the principle balance is still $360k (I’ve only been paying the interest).

I have an 80/20 loan. One loan is in the amount of $290k for Central Mortgage Co., and the other is $70k for CitiMortgage.

At the time of closing, I will have to walk in with $70k (loss in value, tax, etc). I don’t have $70k to cover the difference.

Any suggestions?

Can I proceed with a short sale? Issue being the offer amount is greater than each of the loans. I can pay off the $290, but that still leaves $70k for CitiMortgage.

I feel a bit lost, and I’m looking for some advice.



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