How to avoid short sale

[altus2006]

Originally Posted by artvandelay

Haha. Excellent strategy altus. If we would just get those unemployed deadbeats to fork over the thousands they're keeping in their pockets, these will stop.

I am not talking about the unemployed. Too many people are walking away who can afford to make their payments.

The bills for all of the key returners is being absorbed by the rest of us that pay taxes in the form of more bailouts and we also suffer from lower property values due to the short sales and foreclosures.

altus2006

[lildevil01]

I recently had to move from Phoenix due to a job relocation I have been trying to sell my house even at a low price but due to foreclosures and short sales my house according to a realator is worth half what I am asking. I am now renting it took almost 2 months to rent it. I even tried to do a lease option and hold the note and try to sell it to someone that way was a nightmare !. I will try to pay for both places as long as I can or until I get someone to make some kinda offer on it

[TXknitter]

Underwater, hope we hear how everything turned out for you. I too commend you on your honesty. It's not what happens to you in life, it's how WE respond to what happens to us in life. Its a matter of character and you have that in spades.

[Finger Laker]

Definitely talk to your lenders short sale department .... depending on who it is you can short sell the home, not miss any payments and only have a credit hit of around 50 points as the note would be reported as settled

IMO, it's absolutely foolish to just hope for things to turn around .... banks will give you a promissory note, but they wont do it as a balance to your mortgage .... you'll still have to swallow the short sale and resulting credit hit ..... absolutely do not accept this in AZ for any significant amount, it's a non-recourse state for foreclosure

no bank is going to lend that much on an unsecured basis and even on the off chance that you did the rate will be through the charts

keep in mind that with renting you can limit your options for when you need to sell the home and any potential remedies that may need to exist, not to mention the potential extra expenses involved

if you are $100k upside down I don't see anyway a home is going to get back to unity within the next decade ... are you in a position to ride it out that long? .... if not, take your lumps today

it sucks, but at a certain point you need to assess your situation and find the solution that works best .... pull the band-aide if you must