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Short Sale

I am delinquent on my mortgage 67 days. I have been layed off and having a tough time finding income to meet my needs. I have about $55k equity in my home, but i don't know if I can be approved to take money out of my home being only p/t employed and income reduced by 50%. I am only make $46k annually. My fico is 687 and debt about $2,250 monthly. So with that I am wondering if I would be better off listing for a short sale now. I don't want to wait to long and have to deal with the risk of a foreclosure. I want to be proactive and so I am doing some research on best options. I could use some profession advise please. I thank you all for reading and any advise. by dexter285 from Del Rio, Tennessee. Oct 22nd 2018 Reply

William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,728 contributions

If you have $55K equity, you don't need to do a short sale.. A short sale happens when you owe more than what the home is worth.. In reality, if you do not see your situation changing, then you should sell. There are some lenders out there who will lend to you, even if you don't have a job, but trust me.. it would be very expensive, and if you don't pay, they will foreclose... If you do see your situation changing soon, then call your lender now and try to work out some sort of deal... Lenders are required to work with you to help you prevent foreclosure.. but if you don't see change in the near future, then you are correct.. you need to contact a real estate agent and get that place sold.. This way, you can at least protect your credit so that when your situation does change, you can go buy another home. I'm a preferred Lender with California and Arizona being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 NMLS# 226347 / LendUS, NMLS 1938/ AZMB0121893

Oct 23rd 2018
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