Re: Short Sale a house with up-to-date payment
11-11-2012 04:02 PM
The problem we were having was that we weren't living in the house anymore therefore it wasn't technically classified as a primary residence as we pretty much had it up as a rental property.
Being a first time homeowner, we learned a very valuable lesson about purchasing and selling a home. From what I figured out, the loan agency was pretty shady with information they were telling us. We did an FHA loan, we had enough of a downpayment to get out of PMI, but the realtor was telling us it wasnt worth it. Somehow our interest rate changed by +1.25% in two days(2007). So what I learned in the loan process is, that you need to do your research before buying, even better, eliminate the middle man and take care of it yourself.