Posted on: 11th Feb, 2009 06:47 am
Long story short.
My wife and I live in Canada and bought a rental/investment property in Floroda 4 years ago.
We had a baby 3 months ago and my wife is not working and keeping up with all the payments on the Florida house is starting to become quite difficult.
We are current on mortage, except I have not sent in payment for Feb 1st.
I met with a lawyer in Florida over Christmas and he advised that I list the house for short sale as soon as possible. I did that and oddly enough I received an offer last night. Mortgage owing is $270,000, and the offer was for $190,000.
I have not spoke to the mortgage company yet, and they are not aware of any difficulties.
Just looking for some advice and how I should proceed, or approach the mortgage company. The offer expires Friday at 5:00pm.
Thanks very much,
Andy
My wife and I live in Canada and bought a rental/investment property in Floroda 4 years ago.
We had a baby 3 months ago and my wife is not working and keeping up with all the payments on the Florida house is starting to become quite difficult.
We are current on mortage, except I have not sent in payment for Feb 1st.
I met with a lawyer in Florida over Christmas and he advised that I list the house for short sale as soon as possible. I did that and oddly enough I received an offer last night. Mortgage owing is $270,000, and the offer was for $190,000.
I have not spoke to the mortgage company yet, and they are not aware of any difficulties.
Just looking for some advice and how I should proceed, or approach the mortgage company. The offer expires Friday at 5:00pm.
Thanks very much,
Andy
Hi Andy Bean,
You have mentioned that you are current on your payments. In that case, I don't think the lender will accept a short sale. You can still try negotiating with the lender so that he understands your hardship and agrees to a short sale. You can write a hardship letter to the lender and inform him about your hardship.
Thanks,
Jerry
You have mentioned that you are current on your payments. In that case, I don't think the lender will accept a short sale. You can still try negotiating with the lender so that he understands your hardship and agrees to a short sale. You can write a hardship letter to the lender and inform him about your hardship.
Thanks,
Jerry