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Since September 2009
Derek,
the a home owner can't do a short sale simply because they owe more than the home is worth... they have to file for and prove hardship. If all owners were able to just walk away from a loan based on not being pleased with the current value then almost everyone who bought the past couple of years would just sell and buy at todays price (could you imagine the mess we would be in after that)
Jersey,
if you are facing a provable hardship then refi, loan mod, or short sale. If you bought a home based on speculation (hoping the value would jump overnight so you could borrow on it or sell it in a year, then you are taking the hit and rightfully so). If you bought a home based on an investment in yourself because you liked the area, and could see yourself living there for a number of years well and made a down payment giving an actual stake in the property, then over time you will be ok (again, over time not overnight). It might not be what you were hoping to hear but, you are not the only one in this boat
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My home is worth 191,000 and mortgage loan is 310,000. Live in florida. WHat should i do?
jerseyjones1
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