I guess I'll use this as an introduction thread.
My name is Brandon; my wife and I have been living in a condo that we own for about 6 years now. We are, of course, underwater, by about $50000. That's not too bad compared to others, from what I hear. We just had our first baby about 4 months ago. We can easily make our monthly mortgage payment, but the space is quite small now, with the little one around. We are looking to short sale, mortgage modification, or strategic default. The one good thing, I guess, is that the loan is just in my name. So if need be, my credit will take the hit for a few years. I have many questions running through my head, and the process of a short sale, seems a long and difficult one. It looks like there is a ton of information on this site, and I'll try and weed through, to the information that would be pertinent to our case. These are a few of the questions right off the top of my head that I have.
Would we have any problems getting a loan, with just using my wife's credit?
If we did get approved for a loan under her, what are the consequences of buying a house under her, and walking away from mine? Again, if I have to take a credit hit, foreclosure or short sale, so be it.
Also, should I contact a listing agent now, or pursue an attorney first?
Thanks a lot. I am, and am not looking forward to this process. I appreciate all the help that is given and available to us from this website.