Effect of Short Sale

Posted by MJ Mathis on December 28, 2007 at 15:21:13:

Couple of Questions:

The home I bought for $635,000 is now worth approx $350,000-$425,000. I am current on the 1st and 2nd mortgages, however I cannot continue to make the payments. The payment is $5000 and the tenent pays $2000. This is an investment (BAD ONE) property.

1. Will CountryWide consider a short sale when I am current on both mortgages or do I have to be in default?

2. What gets reflected on your credit after a short sale?

3. Does the Mortgage forgiveness Act ? apply in a situation like this.

Thanks for your help.


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