You are one of the lucky ones that may qualify for the gov loan remodification program. Stephanie below has some good links. This program is for homeowners just like your self, that are current but need some relief. This should help make it more affordable to possibly rent and break closer to even. Take advantage of all the gov has to offer. You should try and avoid short sale if at all possible.
Like Rick, I suggest if you do go the short sale route, please make sure you work with a Realtor that has experience in the process. At my office we enlist the support of a Short Sale Express Program that handles the entire process for us at a small ($60) cost to you. You know you are not allowed to take any profit from a short sale.
I hope this helps and if you need more info please check out my website and if you want more info on our short sale express program give me a call.
You are certainly a victim of the Market! A short sale does have a negative impact on your credit but not as bad as you fear. It will not be destroyed,
I am guessing you have 1 loan and if so I would suggest you contact your lender to discuss the options available to you. Communication with your lender is an important 1st step.
Start there and if you need to go the short sale route consult with a short sale specialist. There are Many and we have a guy in our office that is a short sale Guru.
Have you checked to see if you can refinance at a lower value, click here to be directed to my website and look for the debt forgiveness link: http://brokerdave.topproducerwebsite.com/short-sale.asp
Have you thought about a trade? Find a home in the area you are looking for and work a trade, it's a bit out there but it's being done.
If you don't want to rent then a short sale may be another option and moving is a reason to approch the bank.
Take time to explore my website also if I be of further help just call or email me,
Dave Lowe, broker
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