Hi, i have 3 houses now and they are killing me. i paid on them for over a year. 1 is now just entering the foreclosure process. what do i do to save it and still walk away with some money.
I paid 318k and had listed for 419k and worth every penny. however slower markets in Fl. i just reduced it to 375k but im running out of time.
the bank mentioned short sale. My question is how do i go about this. I have a friend willing to buy it but how much does he offer. can he offer less than the 308k mortgage and 13k plus in late payments? is this a hard process and will it effect my credit. thank you or if you have anyother ideas. the house photos are below in my blog. thanks again
A short sale will hurt your credit, but not nearly as bad as a foreclosure will. In a short sale, the bank knows it's taking a loss and you and the buyer being prepared for the negotiations with them is imperative.
Your friend will need to be given written permission by you to talk with your bank. Once they have been given permission, you need to find out what the lender requires for a short sale and get every piece of it in immediately. As soon as they have their requested info, the negotiations can begin and so does the fun...
I'd be more than happy to help you further, but am extremely tired and heading to bed. Feel free to call or email with questions: