Asked by Twiggy, Seattle, WA • Tue Sep 7, 2010
Our home has been on the market for over 90 days. We have now dropped the price so that we will not recover our original down payment. The buyers are driving the values of homes to slightly below what we owe the bank plus closing costs. We are going to be in default on our loan in two months due to serious health issues and job loss. Our Realtor has suggested a "Short Sale". At the time of filling out paperwork, we are not in default and have a modest savings account that we draw from as we are in the red by over $600. plus each month. We are waiting on approval of SSI and the local hospital "charity application" to better understand our true financial position. Our Realtor is pushing us to fill out the paperwork and explain the details in the "hardship letter". I personally believe we should wait until we get the results of the SSI and hospital application for financial assistance, as they could have a direct bearing on qualifying for a short sale. Help!
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