Well usually if you really needed to sell your current home because you were in default do to circumstances out of your control you could prove a valid Short sale, in this type of situation you would have to short sale because your upside down 150k even to sell, just to sell, unfortunately if you did a short sale you may not even still qualify for another loan, depending on what you negotiate with your lender, short sales do place a small ding on your credit. But since youâ€™re not behind on any payments a short sale may not even be approved. Have you thought about renting the home? You probably wont get enough to cover your mortgage but if you can I would see about going this route, you can use the rental income to possibly get approved for a new loan depending on where this puts your D.T.I.
If you have not refinanced your loan you most definitely have a Non Recourse Loan.
Which does mean the lender cannot come after you for a Deficiency, please donâ€™t quote me on this I always recommend seeking the counsel of a tax attorney or a real estate attorney?
With reference to the prior posting if you Walk Away from your House and do a Deed in Lieu of Foreclosure you may not be able to buy for a few years (Like at least 5), so to say the better of the 2 would be in my opinion, would be the Short Sale Why? Well you have a part in and controlling the sale, Foreclosure the Bank does everything and you have no say so, and it goes on your credit as a FORECLOSURE which will definitely prevent you from buying for at least 5-7 Years. Short Sale you can try to Negotiate a Satisfaction, and worst case scenario, you will be able to buy in about 2 years. I tell people that I help get out of there bad loans when we do a short sale, to go get one of the Lease option homes and do this for 2 years so that when the time passes to buy again you have a home and you were able to secure it in todayâ€™s market, at todayâ€™s prices.
If you decide you want to or simply have to walk Away give me a call I may be interested in buying your home I do buy homes from sellers needing to sell because of unfortunate situations. But please by any means if you can afford the home try to tough it out.
I donâ€™t know your situation other than what you posted, but if you can try to, keep your home, your not alone there are millions of Americans facing the same situations and are still paying the mortgages on homeâ€™s that have no equity in them. Not to say that you walking away or short selling is a bad thing, if you have to then you have to, and thatâ€™s understandable and really out of our control, if your mortgage adjusts, Iâ€™m guessing you may have a payment that will eventually be Un-affordable.
Well I really hope this helps and if there is anything that I can do to help like I said if you want to sell I may be interested in Buying your Home.
Good Luckâ€¦Best Wishes to and your familyâ€¦