Posted on: 20th Jul, 2009 10:15 am
I have three properties, one I live in and 2 investment properties. I am trying to do a shortsale on one, because the tenants can't pay and I can't afford to pay the mortgage. I am current with all of my other debtors. The mortgage co. has agreed to a shortsale; however the Mortgage ins. co. wants me to pay the $72,000 difference. I don't know if I should do this and how this will affect my credit. Does anyone have any advice for me?
Do you mean the mortgage insurance company? Is your home or investment property you have negotiated a short sale? I have not heard of that situation before.
It's one of the investment properties. the want me to be responsible for the difference instead of just writing it off. $72,000 with $200 payments for 30 years.