Want to short sale my own house!

OK, here's the deal. To make a very long story short, we got locked in (scammed?) to a really high interest rate (11%) on our mortgage a few years ago during a refinance gone bad. Last year we had a 6 month period of unemployment and got behind in the payments. We were caught in a Catch 22: because of our high mortgage (& the unemployment) our credit rating stinks; and because our credit rating stinks we can't find a lower rate to refinance to. Now we have just gone into foreclosure. There's no way we can make up the past payments & pay the high mortgage.

My husband has a good job now and the mortgage would be a breeze at the current low interest rates. What I want to do is find a kind hearted investor to short sale the house, obtain the mortgage and then sell it back to us on contract.

Would this work? Any ideas on how to find this kind hearted investor? I though about offering him/her a percentage of the short sale discount for their time. Should I do that and what percentage would be reasonable?

We have lived here for almost 20 years and this is the only home my children know. It's more than a house to us - it's 'home'. I just hate to lose it without putting up a fight.

Thanks!

Comments(5)

  • gambler28th April, 2003

    what do you owe right now & what is the vaule today? also what state? mike

  • ccsslb29th April, 2003

    We owe $92K, value at a guess would be $85-$95K. We can list around $15K, maybe more, in repairs. We're in Illinois and dealing with Commerce Bank and American General Finance. Commerce has the 2nd for about $18K and they are the ones that filed against us.

  • mitchigoo29th April, 2003

    Yea I can help you out. Please contact me ASAP.

  • ccsslb29th April, 2003

    Great! You can give me your contact info at ccsslb@Route24.net.

  • NoticeOfDefaults5th May, 2003

    I sure would like to know the outcome of this deal. I have one similar to this that I am working on where the people are in Georgia.

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