Stephanie

Thank you for your answers everyone.
I live in Lake Park, Fl (33403) where the two homes accross the street from me have sold at auction for $100k each. Both homes have 500-1000 more square feet than my home, which was bought in 2006 and still has almost $220K owed on it. We have a fixed mortgage on it and never took out a HELOC. Our neighborhood had deteriorated due to all of the auctioned homes. We do not see our home recouping any value over the next 5 years. We were prime canidates for the 2008 housing and economic recovery act that was signed into law this past August and should have gone into effect Oct. 1. However, my contact at SunTrust just told me that the government has pulled that law back as of two weeks ago!
We do not want to have to foreclose and pray that SunTrust passes us over in pursuit with a deficiency judgement, so we have been advised to short sale. If we cannot sell the property after realistically listing it for three months, we may file for a deed in-lieu of forecloser.
This is so unfortunate, but it looks like we have no other hope...not now that all of our tax money is going to bail out banks! - Tue Oct 28 2008, 07:30