Actually, FHA 203k loans can be a great way to finance foreclosures or short sales that are in need of repairs or remodeling. The only problem with short sales is that it can take a really really long time to close (averaging around 6 months) and rate locks are not always advantageous. Additionally
FHA loans with a down payment of less than 20% will carry mortgage insurance regardless of the future equity position.... more
If it is for the same debt, there may be judgements in two courts, but the debt is only owed once. They don't get to collect twice. Disclaimer: Since I am not an attorney, verify with attorney.
If you know you have to move, why aren't you packing-- anyway--what is your Realtor advising you to do--if you need a day or so to move it needs to be addressed before your closing--the buyers may want not allow it--consider--liability issues placed on the new owners, possible rent payment form you for your extra stay, and don't forget buyer will need additional insurance--again, if you know you have to move, start preparing so that at closing it's done.... more