Short sale

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if underwater over $150,000 should i "short sale" my house?  My house is small and wanted to add a third bedroom but at this point not worth it.  Im thinking of short salling it, renting a 3 bedroom, try again to buy in a few years when my credit is back up since i know short selling will lower credit.  i am confused of what to do.  Losing sleep over it.
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0Yes

August 18 2011 - South San Francisco
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Answers (2)

Profile picture for DavidTapper
Why don't you call your lender first, before you do anything and see what your options are.

Have you every refinanced your loan? Since this is your personal residecnce, you may qualify for the HAFA short sale, the law
President Obama instituted.

If you have any other questions, feel free to ask.
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August 19 2011
Profile picture for JustListedinBrevard
Generally, people who short sale their homes have to due to a hardship, i.e: loss of job, new job with lower salary, divorce, etc. You have to prove to your bank that you qualify for this process in order for them to accept it.
 If you don't want to sell, you may want to look into a loan modification to help you afford your home better. Contact a local mortgage lender and see what options are best for you.
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August 18 2011
 

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