Short sale Letter, is it too late

[Formyfamily]

I am in a rather difficult situation that I truely tried to avoid. I purchased my home almost 11 yrs ago. Within the last 5 years the area I live in became very dangerous (named the most dangerous city in the US). I have a teenage son as well as a toddler. Experiencing several break-ins as well as my son being held at gunpoint is enough to make any family just want to drop everything and run. So in the past year or so, we had enough and wanted to move. We knew we cannot afford another mortgage somewhere else, we decided that we would at least try to sell or rent. We attempted to rent with no success as well as trying to sell with no success. We honestly were not even trying to make any money from a renter, just be able to pay the mortgage. We actually just wanted to find somewhere else to move to for the safety of my family. We so desperate that we happen to know a good friend who was looking for a place, so we offered to allow this person to move into our home and only be responsible to make the mortgage payment for us. We will continue to pay all the utilities.So when we receive the verbal agreement, we looked into a townhome to rent out of the state. About an hour from our home, we just wanted to get away from the area my home is located. So everything for the rental for us to reside in went smoothly. So we were given a move in date, in which I inform our friend that will be the same date he will move in to our home. So we moved out and our friend move in. We also move into our rental townhome. Then everything went downhill. Our friend who we thought would really help us out, after a month he informed us that he would not be able to stay there anymore. I thought I would die, knowing we could not afford a mortgage, a rent (which is double than what our mortgage payment is) and every other bill we had. So the house was still up for sale and for rent. We could not find either or. We continue to pay the mortgage for about another 4 months which depleted everything we had. Now I am severly delinquent with my mortgage payment. I have all my documents to submit to request a shortsale. I need to write my hardship letter. But I also recieve a summons for a foreclosure. I have no where to turn. My husband had to contact one of those credit companies for help because we just cannot make it. I will not move back into the home, I just want to sell it, really trying to avoid foreclosure for the sake of my credit. Any suggestions will help.

[scottybear]

I am in a rather difficult situation that I truely tried to avoid. I purchased my home almost 11 yrs ago. Within the last 5 years the area I live in became very dangerous (named the most dangerous city in the US). I have a teenage son as well as a toddler. Experiencing several break-ins as well as my son being held at gunpoint is enough to make any family just want to drop everything and run. So in the past year or so, we had enough and wanted to move. We knew we cannot afford another mortgage somewhere else, we decided that we would at least try to sell or rent. We attempted to rent with no success as well as trying to sell with no success. We honestly were not even trying to make any money from a renter, just be able to pay the mortgage. We actually just wanted to find somewhere else to move to for the safety of my family. We so desperate that we happen to know a good friend who was looking for a place, so we offered to allow this person to move into our home and only be responsible to make the mortgage payment for us. We will continue to pay all the utilities.So when we receive the verbal agreement, we looked into a townhome to rent out of the state. About an hour from our home, we just wanted to get away from the area my home is located. So everything for the rental for us to reside in went smoothly. So we were given a move in date, in which I inform our friend that will be the same date he will move in to our home. So we moved out and our friend move in. We also move into our rental townhome. Then everything went downhill. Our friend who we thought would really help us out, after a month he informed us that he would not be able to stay there anymore. I thought I would die, knowing we could not afford a mortgage, a rent (which is double than what our mortgage payment is) and every other bill we had. So the house was still up for sale and for rent. We could not find either or. We continue to pay the mortgage for about another 4 months which depleted everything we had. Now I am severly delinquent with my mortgage payment. I have all my documents to submit to request a shortsale. I need to write my hardship letter. But I also recieve a summons for a foreclosure. I have no where to turn. My husband had to contact one of those credit companies for help because we just cannot make it. I will not move back into the home, I just want to sell it, really trying to avoid foreclosure for the sake of my credit. Any suggestions will help.

First find out the legal ramifications for a foreclosure and or short sale for the state the home is in. Deficiency or non-deficiency state? Not too late for a short sale.

[Cat Damiano]

Hi Formyfamily,


Welcome to the forum and thank you for joining.............

What state are you in? A Short Sale, DIL, or Foreclosure will basically impact your credit similarly, the only difference being the timeframe in which you will need to wait to purchase again. Since you are already in a rental, you have half of the battle of foreclosure won.