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.
Follow Ups:
- Re: Effect of Short Sale (url) - Julio Martinez-Clark 19:49:17 12/28/07
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- Re: Effect of Short Sale - steele in minnesota 18:44:22 12/28/07
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- Re: Effect of Short Sale - steele in Minnesota 06:59:40 12/30/07
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- Re: Effect of Short Sale - USA_Dave 05:16:01 12/30/07
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- Re: Effect of Short Sale - USA_Dave 10:58:54 12/30/07
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- Re: Effect of Short Sale - MJMathis 19:43:06 12/28/07
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- Re: Effect of Short Sale - Julio Martinez-Clark 01:38:36 12/29/07
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- Re: Effect of Short Sale (url) - steele in minnesota 08:52:05 12/29/07
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