Go to http://www.cdpe.com to find an educated realtor. Don't forget those references. Education alone means nothing especially when we are taliking about a short sale.
Feel free to give me a call, and I can explain the process to you.
Eli Givoni, Director
Short Sale Department, LLC
Serving all 50 states
MARS Disclosure for General Commercial Communications
Short Sale Department, LLC is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan. If you stop paying your mortgage, you could lose your home and damage your credit.
First, to get the banks to approve the short sale you will, more than likely, need to prove financial hardship. Christine has provided you with a good web site for your review. In my opinion, the bigger issue is taxes. I would talk to a tax professional before deciding what to do. The loss on a short sale is a taxable event. The goverment has provide some relief with the Mortgage Debt Relief Act. It allows for this income to be excluded in certain situations. You need to see if you qualify for this relief. Good luck,
There is a new law in California which removed the deficiency judgment. In condo & homes (1 to 4 units) If your lender takes money in a short sale that is the only recourse. If they forgive the debt and don't take money that is another question.
You have several options when faced with financial difficulty on your home. Short sale being only one of them. You ability to short sale will be determined on your financial hardship. Obviously you do not want to disclose your personal financial information on a public forum. I suggest you contact a real estate professional who is skilled in short sales in the area you live and have a sit down person to person meeting with them. They will give you your options.
If I may be of further help, drop me an email and I'd be happy to give you directions to a profession in your area.