I have a few questions regarding what is considered an approved hardship for a short sale - here is our scenario:
* We are in California and have a Countrywide/BofA loan
* We are Fannie/Freddie
* We are current on our payments
* House is only in my husbands name - I am not on the loan or the deed
* We are 130-170k underwater
* I am a state employee and recently had to accept a job in Sacramento that is going to require us to move from Fresno in order to avoid being laid off (my start date is March 1st)
* My husband will be able to transfer to Sacramento but there will be a pay cut for him - the size of the pay cut is unknown at this time b/c it won't happen right away (we are thinking he will move around Aug-Oct)
* Because of the move we cannot keep the house
We would prefer to go the Short Sale route but if it comes down to it we will just walk away and foreclose. Of course our preference is to do as little damage to our credit as possible so we are hoping to be able to stay current in the process of getting (or attempting to get) a Short Sale approved.
Does our situation sound like it will qualify as a hardship? Or will the fact that I am not on the loan/deed make my job transfer irrelevant?
We are just beginning to explore our options and gather information so any and all feedback is greatly appreciated!!!