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babbles · 09-26-2009, 02:09 PM

I have a rental home in GA that has a 1st mort, equity loan, and a LOC. The total balance is 277k and the home according to zillow is worth 181k. My tenants just walked out on me and I had been trying to modify my 1st through EMC/ JP Chase but they have been just stringing me along for the last 9 months. I wondering if I can short sale the property. I don't know if it's worth it to stay in this adjustable ARM for the next 25 years.

The 1st balance is $164,500, the 2nd is $51,344 , and the LOC is $59344. Would this be considered a short sale attempt even though a short sale of $181,000 would satisfy the 1st? I would attempt to negotiate out the other liens because my wife's name is attached to those other liens and I don't want to ruin her credit. Any advice or suggestions would be greatly appreciated.

09-26-2009, 02:09 PM	#6 (permalink)
babbles Senior Member Join Date: Feb 2009 Posts: 41 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: What is a short sale? I have a rental home in GA that has a 1st mort, equity loan, and a LOC. The total balance is 277k and the home according to zillow is worth 181k. My tenants just walked out on me and I had been trying to modify my 1st through EMC/ JP Chase but they have been just stringing me along for the last 9 months. I wondering if I can short sale the property. I don't know if it's worth it to stay in this adjustable ARM for the next 25 years. The 1st balance is $164,500, the 2nd is $51,344 , and the LOC is $59344. Would this be considered a short sale attempt even though a short sale of $181,000 would satisfy the 1st? I would attempt to negotiate out the other liens because my wife's name is attached to those other liens and I don't want to ruin her credit. Any advice or suggestions would be greatly appreciated.