Selling Via Short Sale ~ Any Advice?
In 2009 my husband, our family's primary breadwinner was laid-off and for the next two years he was underemployed. To stay afloat and up-to-date with all payments, we emptied all of our savings (including retirement). In early 2011 he received a good job offer (more in line with the income he was making before being laid-off) but it was in another state. We tried selling our home for 6 months but it was overpriced for the market because we are underwater. It was incredibly expensive (paying rent and commuting for him) and stressful for our family to be apart, so we rented the home out and rented a home in the state where my husband's new job is in. The highest rent we could get doesn't even cover our first mortgage, let alone the cost of the second mortgage, the real estate taxes and repairs and upkeep. To boot, our renters just informed us that they purchased another home and plan to move out in February (their lease is until June) They promise to continue to pay the rent, but we are at their mercy. We have decided to try a short sale. What the realtor is suggesting as a market price would most likely cover the first mortgage but leave the second with little to nothing. We are current on all of our bills, but if the renters flake on us, we will have to stop paying the mortgages. Any tips with negotiations with the banks?? Any similar experiences? Thanks in advance!