Do you need to sell to relocate to another job, or because you can no longer afford your current home?
If you need to relocate, you can:
1. Have your Realtor ask the lender(s) for a short sale package and see if they will be cooperative. You'll need to show that you are insolvent (cannot pay your bills).
2. You could offer to take back a promissory note for the short fall (not ideal, but an option)
3. Let the lenders foreclose (least desireable option).
4. Lease it out (talk with a CPA regarding tax consequences). Least impact on your credit and in a soft market common)
If you prefer to stay in your home, ask the lender(s) to consider restructuring your loan so the payments are manageable.
From the lender's perspective, they would prefer (in order)
1. You stay in the home, modify the loan
2. Short sale, they lost some money, but they will ask you to help (so if you have other assets...life insurance, 401 K, etc.).
3. Foreclosure - most expensive for the lender, not desired.
It will be imperative for you to have the right agent to assist you - one who is well versed in the entire short sale process. You do not have to be late - I just did one in a condo building where the owner had stellar credit and was never late but there were other mitigating factors that helped to have the short sale accepted by the bank - in that case their were 2 loans.
We are currently handling other short sales at the moment and marketing properties currently as short sales. So if you have other questions, feel free to contact us as we are local and specialize in Philadelphia. Also, view our website below for more info about us and other helpful hints.
You should be able to get a short sale if you work with the bank. You will need to write a good hardship letter. In addition there's a specific market strategy you can follow that will result in a quick sale. I'd be happy to assist you. I'm experienced in working with banks and providing the needed documentation that will help you get the needed results when negoiating with the bank. Feel free to call me anytime toll free 1-888-818-0957.