Need personal help!!

Short sales are complicated. I personally wouldn't do it on my own.

What is DIL?

is deed in lieu of foreclosure. It's where you sign your deed over to them so they don't have to foreclose.

Also, as said above, short sales are complicated and you can run into all sorts of problems that could end up costing you money and/or costing you a sale if it takes real long.

However, you have to live somewhere and that is part of the equation that is hard to call. If they are going to proceed against you, then you should think about living there for free until they foreclose and take possession. But if you can get "cash for keys", you need to think about moving on.

Very complicated situation but only you know all the parts of the puzzle.

I myself would stay away from short sales , just alot of hassle. Thats just my opinion, much easier ways too make money in Real Estate other then short sales. Hope this helps.Good luck whichever way you go.

Take care

Curtis Fillers
Charlotte,NC

I am no attorney or CPA but I do agree with what Trustpoint Bill has to say here.

I hope for the best for you.

Steve.

initially i'd say to call a loss and do a DIL before they do a foreclosure; its a bruise on your credit but its also looked at in a lighter sense than a FC.

If you decide to do a short sale, it will allow you to live in your place longer, but I think over time you'll be miserable and resent being there. You might want to start looking for other housing options like an apartment until you can get on your feet

Good ;luck on whatever you do

My wife and I were recently married as of 10/20/10 and we found a home in which we express interest in. The owner happens to be a Realtor/developer and will be settling on this home at the end of April. They only bought the home to use a very small portion of the property as a right of way beside their wooded lots yet to be developed. My wife and I recently befriended this gentleman and he is willing to sell the prop. to us on a sales agreement starting in May and giving us up to 5 years to get our financing straight. He purchased the prop. for $175.000 the comps figure out as just that, he is making the payments at around $1,200 per month and he would rather have us pay everything including fire insurance on his home as well. In other words I believe we will be paying everything as if we were the owners. My question is I would like to be fair because he is helping us out, but at the end of the 5Yr.period we have to come up with our own down payment, and our own bank loan for app.$185.000 within this time frame I would think a portion of this money would show as a down payment, or at least have it recorded somewhere that we are paying on someones property. Should we have some say on what we pay or not? and is their a way we could set an agreement up to benefit both parties with this sales agreement? He also expressed that if we could, open up an account at the same bank that his mortgage, and his construction projects are through because in the end it may be easier for us to get a mortgage. Thanks
Robert

Your comment belongs in a new post and not part of this one. What you did is called hijacking and is frowned upon. Please start a new post and I am sure you will get some responses.

Thank you Bill, you make a good point. I keep hearing that short sales are such a hassle but I just hate getting a real estate agent to handle this for me!!! But it seems all agree I should go ahead and do that. Do you know how much time they give you to be out of your home in a short sale?

Thanks Steve & Veronica, Elix and Curtis. I appreciate your comments.

Shirley,
I suggest you shop around to see what your financing alternatives might be. Just because that lender said you didn't have sufficient disposable income don't stop looking. There are a number of programs available but you really won't be in a strong position to deal with the lender in the short sale until you know all your alternatives. If you do find a lender, get pre-approved and see how the negotiations go.

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Shirley P.
How are you doing now? How did things turn out for you?