short sell in WA state? Big mess!

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Posted by Greg on July 05, 2003 at 00:34:03:

I have a situation that has recently come about. My wife and I filed Chap 7 BK last fall (OCT 2002). We have a house with a principal balance of $93K and a 2nd that totals about $32K. Our 2nd mortgage had been paid over the last year by a former business partner as agreed from my buy out of our partnership. The problem is the company that is paying our 2nd is going under and the former partner is also filing Chap 7. Long story short he won't be paying it anymore. My wife and I cannot afford the payments on the 2 loans as they total about 45% of our income. The house can reasonably fetch $120,000 in our area. This leaves us short $5,000, not to mention any commissions, fees, etc. What will happen here?? I don't have the money to make up the difference. We are current on our payments and always have been. I can list it by owner if need be and that should save alot of money. What can I expect to happen and can I short sell in Washington state? Can anyone help me out here with their experiences and guidance? Thanks in advance.

Follow Ups:

• Re: short sell in WA state? Big mess! (url) - Joe Mandoli 10:29:44 08/15/03 (0)
• FORGOT TO ADD THIS INFO! - Greg 00:38:21 07/05/03 (1)
  • Re: FORGOT TO ADD THIS INFO! (url) - Joe Kaiser 20:42:47 07/06/03 (0)

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: I have a situation that has recently come about.  My wife and I filed Chap 7 BK last fall (OCT 2002).  We have a house with a principal balance of $93K and a 2nd that totals about $32K.  Our 2nd mortgage had been paid over the last year by a former business partner as agreed from my buy out of our partnership.  The problem is the company that is paying our 2nd is going under and the former partner is also filing Chap 7.  Long story short he won't be paying it anymore.  My wife and I cannot afford the payments on the 2 loans as they total about 45% of our income.  The house can reasonably fetch $120,000 in our area.  This leaves us short $5,000, not to mention any commissions, fees, etc.  What will happen here??  I don't have the money to make up the difference.  We are current on our payments and always have been.  I can list it by owner if need be and that should save alot of money.  What can I expect to happen and can I short sell in Washington state?  Can anyone help me out here with their experiences and guidance?  Thanks in advance.








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