How much is too much for a short sale?

Posted by SR on July 03, 2009 at 12:38:06:

I just stopped making my payments and am 2 mos behind on 2 condos in the same bldg. in Miami. One I rent at a loss & the other I live in and it is homesteaded. I lived the American Dream and paid my bills, have a 800+ C/S saved and was living off my investments in retirement. The dividends & interest in my investments has dried up so my income is pretty much nill now and am going through my savings quickly. I still have enough to cover any deficencies in these two properties but since they are down 60% it will be hundreds of thousands of dollars and will leave me with little to live on after that. It is the HOA's and taxes that are eating me alive and I want to sell both as I cannot afford to live here anymore. I am afraid to show the banks my financials as how much is too much for them to force you to pay the defiency--or not allow you to short sell? I got in these on a no doc--NOW they want to see my financials! Afraid to show my hold cards! Pls advise--how much is too much and do the banks want IT ALL?

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