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and just don't listen to the first person you get on the phone......this is a very long process so you better start it now............just ask the bank to take it back and take out a loan........it's time to move on, your market area is not getting better anytime soon, so just do what you have to do and put it behind you and move on good luck.................
Unfortunately, Short sales are not even working in my neighborhood. People are lowering their prices by about $100K and still not selling. I see no option at this point other than renting it out here, and if we have to foreclose, then what can we do? I do have one question maybe someone can answer. We were told by our lender that if we got renters in our house here, then we could probably qualify for a bridge loan and buy a house in Texas. If we did that, and then did not have renters for awhile, or couldn't swing it and had to foreclose, would we still be able to keep our new home. We would definately be paying that mortgage first. Or is that cheating the system because yes our credit would be ruined, but we would already have our second home.
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