Asked by Neige, Tacoma, WA • Thu Jan 15, 2009
I purchased my first house in good part of Richmond during the peak in 2005. My house is now worth $150K to $200K less then my purchase price and $100K less then my mortgage balance. I don't see any hope that the value of my house will recover in the near future. My fiance just purchased a house in South Bay, so I will move in with him. I rented my house out, but I still need to come up with $1,000 a month to cover the difference between mortgage payment and rent income. The house market is hopeless and life is short, so I am considering short sale or foreclosure. I heard that both options will just hit your credit as hard. And I heard that short sale requires to submit a lot of documents to the bank, and you might get into trouble if the bank found out that your income was overstated when you purchased the house. To save money, time, and trouble, should I just go straight into foreclosure? Does anyone know any good real estate attorney who can guide me through the process?
Real Estate in Richmond
Popular Categories in Richmond
Email me when…
Success! Your email alert settings have been saved. Access all your email alerts in your My Trulia account anytime!