Congratulations on your pregnancy. I'm sorry you have to even be faced with such a difficult topic during what should be a wonderful time in your life. There are many factors that can play a factor in obtaining approval for a short sale, and these factors require answers to specific personal and financial questions. In addition the area of short sales is a specialized niche that not all agents should handle. If you decide to interview agents for the possibility of listing your home in a short sale, you want to look for agents having CDPE or SFR certifications (Certified Distressed Properties / Short Sale Foreclosure Resource.) I hold both and would be honored at the opportunity to speak with you directly to offer some direction. Either way, I'd like to invite you to visit and read http://www.arianaloucas.com/whats-a-short-sale.asp
You do not want the home to go to foreclosure for so many reasons. I can provide you a side by side comparison of the differences.
Ariana Loucas, RE/MAX
A short sale negotiator may be able to discuss with you what may or may not qualify you for a short sale.
Please let me know if you'd like to speak about this further, and we can figure out whether you would qualify now or if you might qualify later.
Thank you so much.
Keller Williams Excellence Realty
A financial hardship is an acceptable reason for a short sale. If your monthly expenses exceed your monthly income NOW you may be eligible. This is definitely an option you should pursue before walking away from the house as the consequences of a foreclosure can be devastating to your family for years to come.
If you choose the short sale route make sure you have an agent with a proven history of successfully closing short sales. Call or e-mail if we can help!
Congrats on the new baby. You won't know for sure without trying. The reason for the short sale is not the pregnancy, it is the financial hardship caused by the new family member. If your spouse continues to work you cannot afford daycare. If your spouse stays home, you cannot afford the mortgage. I would certainly try.
Dale W. Jones
Licensed Maryland "Realtor"
Long and Foster Real Estate
Direct Line (443) 309-9830
Office (410) 398-0660
Fax (410) 392-3904
Search for homes @ http://dalejones.lnf.com , my interactive web site
Your claim for hardship should not be based exclusively on your pregnancy. There is usually much more to the story. I recently had two married doctors granted a "short sale" because of a change in locations that resulted in only one being employable do to licensure issues. Their sale was approved and the sale executed.
The difference between their situation and yours may simply be that they used the services of an attorney that specialized in distressed sales. By taking the same avenue you too may be able to find a solution without going to the extreme of foreclosure....avoid this option at all costs.