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We owe about $35000 in credit card debt and our mortgage is $2000 a month. My wifes job is going away in around 6 months. Our combined wages are $43 per hour. We have no car payments. I have to take 5 days per quarter unpaid time off.. WE are trying to short sale our house. We have a pending contract but we have no way to know how long it will be til we close or the motgage company accepts or rejects the offer.
Hi thecuddles
Since there is a mortgage on the house, your lender will take in to account several factors before he can give his approval for short sale. Whether you can go for a short sale is their decision and you have no choice but to be co operative.
Your mortgage lender might ask you why you are looking in to short selling the house, why you fell defaulted on your mortgage payment. They will have their own way of assessing if they will make more profit by repossessing the house or allowing short sale. Most mortgage companies will try and consider your situation but there are some who are more bent towards making money.