Mark Palace, CEO/Founder
Palace Properties International, Inc.
Are you saying that you can barely afford the mortgage payment, so you are thinking of trying to negotiate a Short Sale with the lender?
I agree with the first responder, real estate, like any market, is cyclical. Selling when the market is low is never a good idea.
How did you come to be in this situation in the first place? You probably would not have qualified for a loan with an income/expense ratio as described?
One closing suggestion. If you sell, you'll have to live somewhere, and pay rent, right? So look at it as a forced investment in your future. Also, it sounds as though you might have some more financial questions. I suggest discussing your options with a CPA. There are tax benefits to having high debt, maybe a CPA can help you come up with a plan that might ease the pain.
Best of luck to you.