Posted on: 02nd Jun, 2010 10:00 am
I need advice! Our home is for sale but the market is slow and houses just arent selling around here. We owe $145,000 on the first mortgage and $19,000 on the second. Due to the recent hail storm we now have hail damage on the roof and insurance is only paying for part of the repairs...we can't afford the additional cost to repair. If we try a short sale won't they insist on repairing the roof before the buyers can qualify for a loan? We need to sell the house asap because of my husbands health problems and he has a very physical job...not sure how long he can keep going. He is 67 yrs old.
We have thought about trying a short sale (by the way our real estate agent isn't experienced in short sales and not really wanting to go this way) Have also thought about deed in lieu or foreclosure. We are not behind on our payments and have very little credit card debt. We do however have two car payments. Worrying about my husbands health and the house is stressing me to the max! Anyone have advice? Thanks for listening.
We have thought about trying a short sale (by the way our real estate agent isn't experienced in short sales and not really wanting to go this way) Have also thought about deed in lieu or foreclosure. We are not behind on our payments and have very little credit card debt. We do however have two car payments. Worrying about my husbands health and the house is stressing me to the max! Anyone have advice? Thanks for listening.
welcome guest,
i you apply for a short sale, the lender as well as the new buyer will want you to repair the property first. if the property is not repaired, then the buyer may face problems in getting a mortgage. you can apply for a deed in lieu of foreclosure in order to get rid of the property. in short sale, you will be responsible to pay the deficient balance resulting from the sale whereas in case of deed in lieu of foreclosure, you won't be liable for the same.
i you apply for a short sale, the lender as well as the new buyer will want you to repair the property first. if the property is not repaired, then the buyer may face problems in getting a mortgage. you can apply for a deed in lieu of foreclosure in order to get rid of the property. in short sale, you will be responsible to pay the deficient balance resulting from the sale whereas in case of deed in lieu of foreclosure, you won't be liable for the same.
Thats what I thought. Thank you for your quick response. Wish us luck!
All the best :)