Posted on: 08th Jul, 2009 11:51 am
You answered my question previously. Here goes another few, I contacted the lender and sent in the necessary documents they wanted as well as a letter of hardship. I also went to see a Finacial counselor through HUD.
the counselor contacted the lender and at this time they would only accept 1/2 payments from 1506.00 to 743.00 a month plus 58.00 on the 2nd loan. The selling price was 199,000 and we got 10,000 from the county whcih we have to payback.
With my salary and my wife on unemployment we still fall short, we have other bills. The lender said I would have to be 90 days behind before they would even begin looking at any programs, I am told FHA does not anything available.
If I would try doing a short sale, is it possible I would still owe the lender, and what about taxes? Would you think we could get into another house once my wife gets back to work?
the counselor contacted the lender and at this time they would only accept 1/2 payments from 1506.00 to 743.00 a month plus 58.00 on the 2nd loan. The selling price was 199,000 and we got 10,000 from the county whcih we have to payback.
With my salary and my wife on unemployment we still fall short, we have other bills. The lender said I would have to be 90 days behind before they would even begin looking at any programs, I am told FHA does not anything available.
If I would try doing a short sale, is it possible I would still owe the lender, and what about taxes? Would you think we could get into another house once my wife gets back to work?
Hi rickfl,
A short sale is a good option to sell off your property and save yourself from foreclosure. However, you would still owe the deficient amount resulting from the sale of the property to the lender. As you would be paying the deficient amount to the lender, you won't be liable for the taxes. You won't be able to purchase a property immediately. You'll have to wait for at least 2 years to get a mortgage.
Thanks
A short sale is a good option to sell off your property and save yourself from foreclosure. However, you would still owe the deficient amount resulting from the sale of the property to the lender. As you would be paying the deficient amount to the lender, you won't be liable for the taxes. You won't be able to purchase a property immediately. You'll have to wait for at least 2 years to get a mortgage.
Thanks