Foreclosure/Short Sell Florida
Posted by Brian P on June 19, 2007 at 01:59:36:
I have been in my home for 18 months. I owe a little less than the value of the home, but due to some recent issues I can only see myself being able to make the payment on the home for the next 6 months tops... I have 2 loans (80-20) on the house and they both carry a pre-payment penalty through the end of the year. I'm trying to beat the bad situation by selling before it gets any worse... I just need out from under the house. With the market the way it is I can't sell the house with the pre-payment penality built in... even though the house is valued at more than I owe on the actual mortgages. The first mortgage company suggested a short-sell. They say since they are the 80% loan, they will get their full payment and it's the second mortgage company that would need to approve the sale... Do I work out a price with them before I get an offer or do I take offers and then go to them for approval... and what kind of proof do they need that I can't make the payments... and what does this do to my credit history?
I'm trying to be pro-active and get this resolved before January when it seems my only option will be foreclosure.
Thanks for any help anyone can give!!!
Follow Ups:
- Re: Foreclosure/Short Sell Florida - Larry Ludwick 09:56:39 06/19/07
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- Re: Foreclosure/Short Sell Florida - Brian P 12:10:41 06/19/07
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- Re: Foreclosure/Short Sell Florida - Larry Ludwick 15:36:49 06/19/07
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- Re: Foreclosure/Short Sell Florida - Brian P 01:30:31 06/20/07
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- Re: Foreclosure/Short Sell Florida - Larry Ludwick 04:16:58 06/20/07
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- Re: Foreclosure/Short Sell Florida (url) - steele in minnesota 12:36:10 06/20/07
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- Pre-pays not all equal - aak5454 12:43:05 06/19/07
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Florida Foreclosures
