*What if my mortgage is an FHA...or HUD...or VA mortgage?
Short sales can still be done on all these types of mortgages though each one has different criteria. Just let us know what kind of mortgage you have and we will take that into account.
*What other options might I have at this point?
When faced with a foreclosure, some things you may be able to do are:
- Sell your home through the normal channels
- Bring your mortgage current by making the missed payments and paying the penalties
- Refinance your mortgage with another lender
- Modify your Loan
- File for bankruptcy
If you can do any of the first 3, then you probably should! Those are usually the best solutions for a homeowner in foreclosure. However, if your situation is such that your house cannot be sold for the amount owed, and you have no money to bring the payments current, and you have no equity to qualify for a refinance, then you should consider a short sale before considering option #5.
Again, we encourage you to educate yourself as much as possible about your situation and seek advice from any attorney or CPA you have access to about your choices. We do caution you against paying for the advice of so-called "foreclosure work-out specialists" or other such advisers unless it is by personal recommendation.
Contact Fred Sed 949-274-3733 if you feel a short sale might be an option for you.
nice clean post -- good information -- Hope all is well!!
JE