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I have been working in Real Estate Development / Construction Management since graduation. I am out of work, hardly any jobs available in my field in my area (FL). I have a job possibility that will most likely turn into an offer in another state.
We live in a good area but foreclosures are everywhere, I'm talking like 15-20% of the homes in our subdivision, and it's not getting better. Our value is about $60-$70k less than what we owe on it. Obviously we cant sell it for anything close to what we owe. We also have a 1 yr old. We could try to rent it out, but we're looking at renting it for $1200/month when our mortgage is over $1700. So we'd have to come out of pocket probably $600/mo.
We've tried to negotiate with our bank, trying to lower the APR until we can sell it, and they wont. In the meantime, I am unemployed, and might have a job offer in another state; thx for reading.
I have been working in Real Estate Development / Construction Management since graduation. I am out of work, hardly any jobs available in my field in my area (FL). I have a job possibility that will most likely turn into an offer in another state.
We live in a good area but foreclosures are everywhere, I'm talking like 15-20% of the homes in our subdivision, and it's not getting better. Our value is about $60-$70k less than what we owe on it. Obviously we cant sell it for anything close to what we owe. We also have a 1 yr old. We could try to rent it out, but we're looking at renting it for $1200/month when our mortgage is over $1700. So we'd have to come out of pocket probably $600/mo.
We've tried to negotiate with our bank, trying to lower the APR until we can sell it, and they wont. In the meantime, I am unemployed, and might have a job offer in another state; thx for reading.
Well the out of work piece is a hardship which is one of the criteria, but you will have to fill out a financial worksheet to see if you are a good candidate. You need to find a local short sale real estate agent and talk with them about your situation.
Ahh, I checked. I googled it. Ok, so they wanna see how much money we have in savings (about $5,000), checking (maybe $1,000), and credit card debt ($1,000). I am getting unemployment ($1200/mo) and my wifes makes about $60k. Home is worth about $170k - we owe about $232k. One car payment - $335/mo.
They want to see you have negative cash flow every month or be in imminent danger of negative cash flow. If you have positive cash flow they may ask for a promissory note.
In order to begin a short sale process you must be delinquent in monthly payments and is not quarantee that the bank will approve the short sale so is a risk you'll be taking. I haven't deal with a lender yet that will not approve a short sale but is possible. Talk to an experience agent in short sales to list you home make sure you list at market value or at least 8% to 10% below it get offers quickly since timing is important. Also, if you have a second loan it may be difficult to deal with the second lien holder to release or negotite the payoff. Short Sales can take 6 to 7 months but there's been new policies that may change that after April 30, 2010 reducing the approval of a short sale to only 10 days instead. Good Luck....
^^^ Hi, we arent late on payments. I read that this will not hurt our chances. I think ealier it used to though. But I know you cant believe everything you read on the net'.
I'm curious if we should speak with a short sale relator or a RE attorney instead. (???????????????)
No, just a regular loan 6% int for 30 yrs. We didnt do anything tricky or creative with our lending. Just a plain regular mortgage. I've ben out of work for some time now, and have employment opp's in NC. We want to go there and our house is keeping us from possibly doing so.
mortgage - $1700
if we rent it out, we can only get about $1200
so $500 out of pocket every month, not including property mngmt co, someone to cut the grass, etc..
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