Short Sale Possible?
I bought a home in 2004, lived in it for 2 years and built a new house. Did not list the house until Jan 2006, too late, market slowed down. It is not homesteaded. I cannot afford to pay two mortgages any longer. I have had it listed for 18 months and have gone down in price to what I owe. No action with realtors. No response back from WE BUY HOUSE people. No lates, but taxes, insurance and 2nd mortgage about to do me in.
What are my options? The house is in excellent condition, i am taking care of it, but I am losing my job on May 25th, so I need to be rid of this house!
I owe $192K neg am INDYMAC loan in year 3 first and HELOC adj rate $142K CHASE. Listed for $349K for last 6 months. Only one showing. Does this sound like a short sale or should I offer deed in lieu?
I am not past due on first or second, but 2nd is what I am having a hard time paying.
Rents would not cover the mortgages, so I have not rented it out. My mom is living there to keep an eye on it, but she wants to leave FL.
I have also listed my current home for sale as well just to have ONE of them gone, but the market is sooo slow. I have some equity in current home if I could sell it. Can they take my equity out of the home I live in?
SUGGESTIONS??
[ Edited by thechangingtable on Date 04/10/2007 ]
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