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Melanie702 · 07-02-2009, 02:37 AM

Hi, when going through a short sale, you can stay in the house that whole time without paying? My husband and I were just talking about doing that on our property. We are in Vegas, and have been hit the hardest and it looks like there's really no hope for us. My husband is still unemployed, our city just had hundreds of more layoffs yesterday on the strip, and NACA hasn't gotten back to us with the forbearance they proposed to BoA. We owe $218,000 on our mortgage, and it's only worth about 180 at the most. My neighbor's house, which is the same model as ours, is selling for $129,000!!!! If we do end up going through with a short sale, and there's a balance leftover, are we still liable for that even though it's a short sale? Not sure how it all works.

07-02-2009, 02:37 AM	#8 (permalink)
Melanie702 Senior Member Join Date: Mar 2009 Location: Las Vegas, Nevada Posts: 535 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: how bad does short sale mess up credit? Hi, when going through a short sale, you can stay in the house that whole time without paying? My husband and I were just talking about doing that on our property. We are in Vegas, and have been hit the hardest and it looks like there's really no hope for us. My husband is still unemployed, our city just had hundreds of more layoffs yesterday on the strip, and NACA hasn't gotten back to us with the forbearance they proposed to BoA. We owe $218,000 on our mortgage, and it's only worth about 180 at the most. My neighbor's house, which is the same model as ours, is selling for $129,000!!!! If we do end up going through with a short sale, and there's a balance leftover, are we still liable for that even though it's a short sale? Not sure how it all works.