Real Estate Short Sale Information
Short Sale/Obtaining Financing Question!!?
My wife and purchased our condo at the height of the real estate market in 2005. Since then we have had two children and can’t live here anymore. In order to sell our condo we will be forced to do a short sale because we will NEVER recoup the value we have lost on this property. My question has to do with obtaining financing for our next home. If we do a short sale will we be able to obtain financing for our next home? Also, because we will make no profit on our condo all we have is $7k in savings to use as a down payment. Will this hurt us as well? My credit score is close to 790 and I make roughly $75k per year. I have never missed or been late on one payment for any bill my entire life. I really need someone with expert advice to answer my question and help me through this process. Any information will be of value! Thank you!
We are facing the same situation, except that I lost my job and my husband’s income is barely getting us by…one option would be to refinance for lower payments and rent your property temporarily until the market gets better, or do a loan modification, or do the short sale and rent a place to save up some more money to put down for your next property. Good luck.
Taxes on Short Sale, Loan Modification & Mortgage Foreclosure 1 Nov08 Expert Advice from CPA
