Asked by Foo Guy, San Francisco, CA • Thu Jan 15, 2009
I bought a condo in SF in '05 and paid $782. It is a 1br/1ba. I was single. I have since married and we have had twins. We need more space. Challenge is we are $100k under water on our mortgage. I put 0 down and the loan resets in late 2010. Naturally, I cannot refi and the new loan reset will be too expensive. Our combined income is $275k. I cannot modify the loan if I do not plan to live in the unit and rent somewhere else. So, the question is: does the birth of the twins and needing more space count as a hardship and thereby allow me to short sell? We are also not late on our payments.
As the process can be somewhat complicated, I plan to speak with a real estate lawyer next week.
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