Without going too far in details, feel free to call me and I will be happy to give you all the ins and outs of the short sale process. I specialize in short sales and have helped many people avoid foreclosure, no matter their financial situation. There are cases where the lender may allow you to do a short sale without much of a financial hardship. I have worked these types of short sales with other clients and have been successful.
If you truly want the best chance of getting a short sale approved with your situation, call me. I will share my knowledge and expertise with you.
Len McGuirk, CSP
Certified Short Sale Professional
Prudential Americana Group, Realtors
Cell: (702) 203-6688
1. It will negatively affect your credit if you do a short sale or foreclosure
2. Your credit card limits will likely be reduced
3. Short sales are not guaranteed and you will need to prove a hardship.
That being said, a Las Vegas Short Sale is still more beneficial than "walking away". If you would like to discuss your options, please give us a call at 702.604.7739 or check out http://www.savemefromlasvegasforeclosure.com
Your best bet for credit is to ride it out (but the question is - for how long?)
You have three options. The first is, I would try and get a loan modification with my lender. Depending on who the lender is, they may or may not help you since you are not behind in your mortgage and can afford to make the payment. Unfortunately, just being upside down is not a good enough reason for a loan mod, but I would certainly explore this option. Don't pay someone to do this, as you can easily do it yourself for free.
Second is you can short sale your home. Your lender will want some type of financial hardship to exist, and they use one of five criteria to determine if they'll grant it. You will take some hit on your credit, but not as big as if you let it go to foreclosure.
Third is, you can ride it out. If you're planning on living here for awhile, someday your house may be worth what you owe, but it will probably be quite a long time.
Let me know if I can help you with any of these options.
Rosen & Company West