I own a condo in Germantown which I purchased for $315 five years ago. Then about 4 years ago I moved out of
Maryland and now I live in California. I have kept a tenant in the house since then. The rent does not pay for the mortgage and I pay net about $600 each month out of month . The current value of house is only about $210K. There is no way I will be able to sell this house on breakeven in near future. I still owe about $260K loan on this house. Plus maintaining a house in Maryland while staying away in California is hard. Its expensive.
Because of this house which I am stuck with in Maryland, I cannot afford to buy a house in california. I can manage to pay mortgage in Maryland and pay for my rent in california but it pretty much leaves me with no money for saving or for my future. I do not know if my condition will qualify as financial hardship since I can afford to pay current payments but I am doomed to a life of no savings.
I am contemplating a short sale. Will banks approve of it? Will they sign a deliquency judgement waiver?
I am sorry that you are having these issues, but please know you are not alone.
The best idea is to have a short sale specialist evaluate your situation and your home and assist you in speaking with the bank.
I know a spectacular short sale specialist who may be able to help.
Please let me know if you would like her information and I will pass it along to you.
Good luck!
Sincerely,
Marney Kirk
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