short sales in MIchigan

[kellyward268]

In current economic times the situation is very crucial. Housing prices in Detroit remain below the levels reported in January 2000. The first three months of 2009 showed that one in every 136 Michigan homes was foreclosed. I just want to give you information about the information.

[honesty1022]

Originally Posted by KMTHO

Why don't you rent out your house rather than going through a foreclosure or short sale?

Wasn't sure if you were directing this to me or not, KMTHO, but there is no way I would try to rent out the house. There are so many houses for rent in my area that it isn't even funny. It is 90 percent of the classified ads. People in my area cannot find reliable renters and then have to go through the hassle of evicting them. No thanks. Plus, I live 375 miles away now. It's not worth the headache.

[kellyward268]

Can you provide us your area detail?

[fallingwater]

Originally Posted by lovemygirls0_2

My husband and I are looking to relocate out of state. We are researching options before doing anything. Like a lot of people, we are upside down on our mortgage and wondering what kind of option a short sale would give us. Anyone have information on how to go about a short sale, how easy it is to do, what kind of mark it puts on your credit, etc???

Our main concern is... would we be able to get a mortgage while our home is up for shortsale??? Does that even come into play for getting a mortgage?

My advice would be, IF you are thinking of buying another home someplace, try to get a mortgage first. Usually you can be approved by stating your current home is being rented. This being a signed lease. I dont really agree with this but I know a friend that had another friend sign the lease just so she could get her mortgage approved.

I say this because a short sale and foreclosure hurt you the same on your credit report. People say a short sale is not as bad but from going thru the experience myself, it looks the same to a mortgage lender. I feel your pain, we went thru the same situation when we left MI. We did a short sale and my mother owns a rental property that she rents out and its a nightmare. I would never want to be a landlord. It seems no one has good credit anymore and background checks are a joke and cost money. BUT if you live in a really nice desirable area, renting the house out is possible and you will get better types of people. The house my mom owns is in a transitional neighborhood that is getting worse all the time. So her selection of renters is limited and usually not great. Anyway, I was able to obtain a new mortgage with the short sale on my record but I had to wait for a few years.