Posted on: 23rd Oct, 2010 02:29 pm
Hi,
I own a condo in chicago. My bank is bank of america.
I have been up to date with my mortgage for past 4 years. I lost my job right after I bought the condo. My parents and the child support i get has been paying my bills and some baby sitting. I am a full time student and a single parent , so i cant work at this point. Now my parents are unable to pay my mortgage, i can only pay part of the mortgage now because of other expenses.
I spoke with the hardship department about refi because my interest rate is 8% , but they say i need job papers in order to get refi.
my question is should i go into short sale or keep paying the partial mortgage that i am able to pay?
I own a condo in chicago. My bank is bank of america.
I have been up to date with my mortgage for past 4 years. I lost my job right after I bought the condo. My parents and the child support i get has been paying my bills and some baby sitting. I am a full time student and a single parent , so i cant work at this point. Now my parents are unable to pay my mortgage, i can only pay part of the mortgage now because of other expenses.
I spoke with the hardship department about refi because my interest rate is 8% , but they say i need job papers in order to get refi.
my question is should i go into short sale or keep paying the partial mortgage that i am able to pay?
If you want to get rid of the property, then short sale is a better option. If you make the partial payments, the lender may still foreclose the property and try to recover the dues. If you have any other home, then it's better to let this property go into short sale.