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What to do and where to go?

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Anonymous
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What to do and where to go?

Husband just got a promotion and a pay raise. We have to move across country and are $50,000 upside down on our house. (40yr conventional mortgage) Husband is getting a sign on bonus, but we are using that to pay for getting us into a house where we are going and for other moving expenses so we can't use it to pay toward what we are short. We will be renting where we are going. Do not want to even think about buying right now. Rent market here is pathetic and we would be at a huge loss even w/that. We aren't behind on our payments and proving financial hardship is doubtful. We can't, however, afford two places and don't have the money to pay the $50,000 difference right now. Do we have any options? We are willing to sign a promissory note for the difference on the amount of the sale of our house and what we owe, but doubt the bank would be willing. After talking w/a realtor we don't think a short sale will be approved either. We don't want to just walk away and let it be foreclosed upon, so any ideas? We will be speaking w/the bank next week. Thank you!
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ShanetheMortgageMan
Super Contributor

Re: What to do and where to go?

Lenders approve short sales without people being behind on their mortgage a lot more often than people think, you should talk to a few different agents who specialize in short sales.  If they'd go for a short sale I'm sure they might be interested in sticking you with the difference as an unsecured personal loan as well.  It's either that or renting the home out, and covering the difference, if you can manage, but if it's putting you at a loss then the short sale could be around the corner anyway.
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