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Tara Matus and Ashley Diaz's Advice

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Tara Matus and Ashley Diaz wrote:

Modification/short sale/refinance...advice

Answer
Hi,I would consider proceeding with the short sale. With your wife not working and a new baby coming you have less income coming in with more expenses going out. That can be a hardship, you were not expecting the addition of 2 more dependents when you purchased the home. Plus you have overgrown the home. If you were to short sale you and your family can rent for the next 2-3yrs before you can buy again and in the meantime that will give you a chance to save for a downpayment. In 2-3years you will be able to buy again and get into a home at fair market value and have the chance to get some equity 2nd time around. If you do decide to move forward with the short sale be sure to select a Realtor with a good standing history of closing short sales. You want them to be experienced in negotiating with the bank.Good luck
December 11 2012
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