Profile picture for sa akin27

Short Sale

I need some legal advise on how to let go of a underwater house. There is no equity on the house and the value is lower than what I owe. I bought the house with my ex 6 years ago but we broke up. I am soon to be a mom (in 2 mo) and financially I can't afford to pay the mortgage on my own. I thought about the short sale option but I don't want my credit to get ding because this is going to be hard for me to rent a place for me and my child.

I don't know where to start and it is stressing me out. :(

MBP

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June 02 2011 - Staten Island
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Answers (4)

 We are very aware that every customer is unique, so I take the time to custom tailor my approach to each client's unique requirements. When you are ready to make your next move, put my experience, upbeat attitude and motivation to work for you. Short sales are one of the hardest things and hard thing for homeowners to do.  

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June 13 2011

Try not to stress out, it isn't worth it.  It seems like a lot but in comparison to your kids it isn't all that bad.

Call a local agent and have them work with you.  Ask them to do some research and see what homes are renting for in your area.  You may find you have a great monthly cash flow.  The rental market has gone up and the demand is high because the housing market is not so good.

Best of luck!

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June 02 2011
Profile picture for wetdawgs
I'm sorry you are in this difficult situation.

There is no way to "let go" without a credit impact unless you pay the difference.  

Have you considered getting a roommate?
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June 02 2011
You might want to consider contacting the Neighborhood Housing Services. They are a non - profit HUD approved organization that might be able to give you advice for your specific situation.

Unfortunately you will find tons of agents on Zillow who will be willing to sell your home. But none are qualified to give you advice as to what is best for you as they make money by ....selling your home!

Good luck.
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June 02 2011
 
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