Once your shortsale completed, you will be able to get a new home loan after 2 years.
The crucial thing is to find the right people to handle this for you because their are a lot of scams out there.
Work with licensed people and move fast because time is your worst enemy.
Talk to your Lender. If you are facing a long term or short term financial situation they are options for you. It seems you own 2 fairly new houses and probably you owe more of what your houses are actually worh. You are saying that you want to get rid of them. Banks are willing to let you sell for less. There are tax and legal ramifications and you may need to be advised by a Financial Advisor or a Lawyer. If you need to Sell, I do short sales. Please visit my website.
To answer your question about selling in a reasonable amount of time is somewhat hard to ascertain. First We need a little more info,When did you purchase the homes and determine if there is any equity, From there we can better understand your situation. As far as calling the bank that is a great start as COMMUNICATION is key when you are having difficulties with your finances. Also if you need help Florida Legal is offering assistance to home owners who are having problems dealing with their lenders that phone # is 1-866-607-2187
Call a Realtor and discuss YOUR needs with them and they can help guide you through the process.
Hope this helps.
Hope this helps. It's taking a really long time, probably close to 6 months to sell a home in Orlando and if you bought a year ago then you will most likely have to take a loss to sell. Your best options are contacting a HUD approved counselor and loss mitigation.
A couple of quick points.
I wrote a blog, four parts, on the shortsale process. You should read it asap.
Have you talked with a Realtor yet? I recommend having a Market Analysis completed ASAP. The lender is going to want one, so do it now.
So for as options, that's why you need to read my blog, then discuss with a Realtor. The chances are very good that other people are in the same bind you are. Lenders do not want to foreclose if they can avoid it. A sale for less than the owed amount is called a Short Sale. Lenders would rather do that, than take the home back.
Post more questions if you need to. Time is of the essence.