topic Short Sale vs. Foreclosure in Mortgage Loans

Short Sale vs. Foreclosure

Anonymous — Thu, 06 Nov 2008 18:45:43 GMT

We currently have a $2400 mortgage payment with a conventional loan. We are finding it harder and harder to make this payment each month. There are rentals in our area for $1200-$1500 per month, so we are questioning whether we should walk away from our house and rent for 4-5 years and allow our house to go into foreclosure or try to negotiate a short-sell? Im concerned that if we wait for the short-sale (if our mortgage company agrees to that) that we won't be able to rent a house. If we allow it to go into foreclosure and have already moved, what are we responsible for paying?

I truly appreciate the help!!

Re: Short Sale vs. Foreclosure

DallasLoanGuy — Thu, 06 Nov 2008 19:50:17 GMT

Can't sell it?

Re: Short Sale vs. Foreclosure

Anonymous — Thu, 06 Nov 2008 19:57:34 GMT

We are just starting to speak to a Realtor, but the housing rates in our area have dropped, so I'm sure we won't be getting out of it any where near what we owe.

Re: Short Sale vs. Foreclosure

Anonymous — Thu, 06 Nov 2008 20:24:16 GMT

Did something change financially that you are no longer able to handle this loan?

Did the payment increase? Did someone lose their job?

Re: Short Sale vs. Foreclosure

Anonymous — Thu, 06 Nov 2008 21:58:55 GMT

We relocated to Colorado because of my husband's job and it took me 3 months to find a job. We went from a state with no state tax to a state with tax and our credit cards climbed. We are going through Consumer Credit Counseling for those debts and have been paying those on time for a year. My husband had a second job that brought in $500 - $700 extra a month, but that job has ended.