Trouble in Paradise
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Has anyone here done a short sale on their home?

I'm facing a divorce in the near future and owe more on my home than its worth (about 20k) ... I have an appt to go speak to an atty, but not til next wk.  If you've done a short sale, can you give me some tips/advice?  Tx!!

Re: Has anyone here done a short sale on their home?

  • I don't want to blow you off, but if you post this on the MM board I think you might get some responses.

    Sorry about the divorce :(

    image
  • Most banks won't agree to a short sale unless you are at least 3-4 months behind on payments and can show "financial hardship".  I did one, but it was a pita.  I wouldn't recommend it unless you are hundreds of thousands under water.  We bought our house for $640k and it sold for like $340k
  • imagegmginny:
    Most banks won't agree to a short sale unless you are at least 3-4 months behind on payments and can show "financial hardship".  I did one, but it was a pita.  I wouldn't recommend it unless you are hundreds of thousands under water.  We bought our house for $640k and it sold for like $340k
  • imageElle-Il:
    imagegmginny:
    Most banks won't agree to a short sale unless you are at least 3-4 months behind on payments and can show "financial hardship".  I did one, but it was a pita.  I wouldn't recommend it unless you are hundreds of thousands under water.  We bought our house for $640k and it sold for like $340k

    Not true. Feel free to PM me...I just closed on my short sale yesterday - for reasons of divorce.

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