itsamberduh
Junior Member
What is the name of your state (only U.S. law)? MA
Like many other people in this country, our mortgage is upside down. Since we bought the house, our economic situation has changed dramatically (I'm no longer employed because we have kids now and daycare costs would be more than I'd make working). We're up to date on payments for the time being. We've recently hired a real estate agent to list our house in an attempt to sell it. He told us that our house wouldn't appraise anywhere near what we need to sell it for, so the odds of us being able to sell it at the price we need to get are slim to none. It's definitely a starter home (only 2 bedrooms), so the person who buys it won't likely have a ton of money to put down on it and the appraisal is even more critical.
The realtors suggestion is to short sale the property and we're starting to consider it, but we have concerns about what kind of a hit our credit will take from that. I've googled the subject repeatedly, and it seems that there's no clear range anywhere, and most scenarios involve being late on payments, which we are not.
I'd also like to know if anyone has had experience purchasing a new home or land after doing a short-sale. If we do the short sale, we'll be moving to another state to be closer to family, and we'll be purchasing some land that's recently become available and building a house on it. With kids and a dog, renting an apartment would be difficult at best.
Like many other people in this country, our mortgage is upside down. Since we bought the house, our economic situation has changed dramatically (I'm no longer employed because we have kids now and daycare costs would be more than I'd make working). We're up to date on payments for the time being. We've recently hired a real estate agent to list our house in an attempt to sell it. He told us that our house wouldn't appraise anywhere near what we need to sell it for, so the odds of us being able to sell it at the price we need to get are slim to none. It's definitely a starter home (only 2 bedrooms), so the person who buys it won't likely have a ton of money to put down on it and the appraisal is even more critical.
The realtors suggestion is to short sale the property and we're starting to consider it, but we have concerns about what kind of a hit our credit will take from that. I've googled the subject repeatedly, and it seems that there's no clear range anywhere, and most scenarios involve being late on payments, which we are not.
I'd also like to know if anyone has had experience purchasing a new home or land after doing a short-sale. If we do the short sale, we'll be moving to another state to be closer to family, and we'll be purchasing some land that's recently become available and building a house on it. With kids and a dog, renting an apartment would be difficult at best.