Correction on Pre-Pre-foreclosure info
Ok..I know I've been advised to walk away, but I re-read my Property Detail report on my pre-pre-foreclosure and saw that I had given incorrect information on the positions of both loans. I thought if I posted a new question with the correct info, it would change my scenario and the advisement...maybe. 
The value of the property is $150K (I believe the property value is a little bit inflated). The 2 loans are as follows:
1st position Chase Manhattan 30 yr fixed, $30K. 2nd position USDA FmHA 32 yr fixed, $123K, with a subsidy recapture clause.
The house is 1 year old, no fix up costs.
The owner has a few personal problems, lost his job, is now in drug rehab, 'wife' with baby has left him, parents can no longer keep up payments which are now 2 months behind. He wants out and this house gone. Does care about credit, but if I can't help, oh well..
Is this scenario suited for a short sale?
skwe-g 
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