What options are there if we are upside down on our mortgage?
We need to sell our house because we have run out of space and have another little one on the way. If we sell, we will net $5-10k less than our mortgage is currently at. We do not have any extra funds that we can borrow from to make up the difference.
I am in the process of career change and know we will not be able to qualify for a new mortgage for a couple of years, so we will be renting our next home.
What options are there for this type of situation? Our payments are current and credit is good. Will a lender accept a short sale? I know this has to be happening all the time in the current market and would appreciate some advice.
Thanks
The "short sale' nay be your only option. Since you are current, it may be difficult to open communications with your mortgage holder. You will need to go beyond the entry level customer service person. Loss mitigation perhaps. Hardship package. Those are key words in dialogue.
Also, partner with a short sale expert in your area. It can be accomplished. It appears that you already know the downside, and are prepared for the possible 3 yr ding in your credit. The short sale easier to overcome then the outright foreclosure/sherriff sale. Give us a call, we have helped clients buy and sell through this process. Good luck to you.
You definately sound like a good canidate for a short sale, provided you are in financial hardship and are being forced to sell. Choose an experienced one in your area!
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