Hey there-
Sorry for the position you are in.... you are not the only one dealing with this problem unfortunately. I just closed on a 2 bedroom in Dakota Station fro $114K with my buyer...
If you allow it to be forclosed on, your credit will be "shot" for 5 years according to the latest info available. If you list the property and are able to sell it for less than is owed (a short sale), your credit will be "shot" for 2-3 years. You will potentially be liable to the lender for the difference....although the thinking is that they will not go after such a "little fish". No guarantees, though.
Your property MUST appraise by the Buyers bank which will look at all of the sold properties in your subdivision in the last 3-6 months.
Give me a call and we can discuss it further. I can have my short sale specialist walk you through the process.
Best of luck..
Kimberly Ryan
303-523-8333
Kim@BuyDenver.net
http://www.BuyKenCaryl.com
www. BuyDenver.net
- Wed Dec 2 2009, 20:13