You have already begun by asking the question. So many others don't even bother to inquire and that often does lead to foreclosure.
You ask how to "escape this house," so we may assume that you no longer want to own the property because "the near future is going to be a problem." That is an interesting opportunity for you. There may be retention options available if you want to continue owning this property, anticipate that this problem expected in the near future is temporary and you're current on your mortgage payments. On the other hand, this problem could likely be the hardship needed to get the short sale approved in a timely manner so that you can move on with your life.
You may want to consider contacting The Impact Group in Norcross, a Hope Alliance Partner who is certified by the Department of Housing and Urban Development to provide free housing counseling to home owners with questions exactly like yours. They don't sell houses nor write mortgages, so you'll get objective answers about all of the options available to you at this time and the help needed to implement your plan (loan modifications, special forbearance, etc.).
If a short sale winds up being the right decision, I'd welcome the opportunity to speak with you. But this course of action should provide some peace of mind that the decision you're making is the right one.
Associate Broker, REALTORÂ®, Certified Distressed Property Expert (CDPE), Certified Affordable Housing Counselor
Keller Williams Realty Atlanta Partners
Greentree overall is more aggressive than most other lenders, but I wouldn't worry too terribly much about a deficiency unless you are strategically defaulting. To answer your questions though without just trying to plug my site.
1. A short sale is your best option to avoid a deficiency (that bank has the same rights in a foreclosure). We can negotiate it out more than likely.
2. Yes, all parties holding liens/mortgages have to agree. Typically this is why most agents hate more than 1 loan. Very, very doable though.
3. Not likely. Most short sale approval letter are not "editable." However, we can often get them to re-word their own letters.
4. Sounds like you need an experienced short sale specialist. They can walk you through the process. There's at least one other respondent that I know that can do a great job for you as well.
Sorry I missed this earlier.
If you have a Fannie Mae or Freddie Mac loan, then you might be eligible for a HARP Refinance on your 1st mortgage. If you would prefer to keep you home, you might want to explore this as an option. To do so, you can submit a request online at http://www.rodneymason.com. There is no celling on how upside you are in the home for a HARP Refinance.
If you decide that a Short Sale is the best option for your, then working with a knowledgeable and seasoned Short Sale Listing Agent is critical in today's market.
Rodney Mason, NMLS #151088
Sr Loan Officer
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia with over a decade of lending experience.
Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePathÂ® | HomePathÂ® Renovation | HomeStyleÂ® Renovation | VA | USDA | GA Dream | Jumbo Financing.