Quote:
Originally Posted by gritter  Im contiplating asking for a short sale. I realize that Im so upside down that holding onto the house can only hurt me worse. If i do a short sale, do I have to continue making payments? If I stop paying my property taxes, what is my liability on the taxes? how long will it take for credit to rebound from a short sale?
I want to start saving, and pay off debt, so I can eventually get a new home in 3-5 years.
Thanks |
Gritter,
Welcome to this forum.
It depends on your lender, most lenders require that you put your home in the market it has to be done by a real estate agent and has to be in the market for at least 60-90 days, have missed 3-4 payments. If you have missed paying your property taxes your lender will pay the taxes to prevent the County to foreclose your house.
Please check the link below regarding Short Sale, Moe and some members of the forum has made a thread and posts about Short Sale. It will affect your credit for about 2 years and about 200 points.
Short Sale Outpost - Loan Modification Forum - LoanSafe.org
God bless and take care.