Voluntarily relocating...Is short sale an option?

[Modification Specialist]

The best way to walk away from a home is through a deed in lieu.

Just by doing a short sale, if the property doesn't sell, if can continue into foreclosure. Having a foreclosure on a credit report can last for up to ten years.

Through a deed in lieu, if the property doesn't sell (it em-compresses a short sale), the bank gets the home and you are released of the debt.

[stuffavail]

Get yourself a good real estate agent who knows short sales.

Typically, you have to be in distress to get the bank to agree. Although, if your neighboprhood dropped in value precipitously, the bank may agree to a short sale.

The only person I know who did a deed in lieu had to declare bankruptcy and it was a mess. Deed in lieu is the same as a foreclosure on your credit. Short sale is better for your credit than a foreclosure by far.

Where are you in Balto?

[Grainraiser]

"Deed in lieu is the same as a foreclosure on your credit. Short sale is better for your credit than a foreclosure by far."

+++++++++++++1

[rgk1500]

Originally Posted by stuffavail

Get yourself a good real estate agent who knows short sales.

Typically, you have to be in distress to get the bank to agree. Although, if your neighboprhood dropped in value precipitously, the bank may agree to a short sale.

The only person I know who did a deed in lieu had to declare bankruptcy and it was a mess. Deed in lieu is the same as a foreclosure on your credit. Short sale is better for your credit than a foreclosure by far.

Where are you in Balto?

We are in NE Baltimore between lake montbello and morgan state.

Please PM me if you know of such a Realtor in the baltimore area.

[mortimer]

Originally Posted by rgk1500

... recently offered a great job out of state ...
.... difference will be $8,000 to$10,000. ...

If it is that great of a job, the employer should be willing to either cover part
of the shortfall or at a very minimum give you an advance for the amount.
If neither of these options is available, then it isn't really that "great" of a job.

I can't imagine not being able to come up with $10k for a job
that is causing you to move across state lines.

There are lots of people with $100k problems who cannot afford to relocate.
That's why talk of a "recovery" is crap. $10k is just noise.

[SmartMoney]

I just closed my second purchase where the prior home was a short sale (within 30 days of each other).

Please google HAFA, Home Affordable Foreclosure Alternatives. FHA does not count the short sale as a foreclosure and the seller of the short sale CAN be immediatley eligibile to purchase another home.

Of course there is criteria, but you can relocate with a short sale, and possibly even buy where you are going........