Posted by colvegas on July 21, 2006 at 13:51:22:
Iam in a similar situation looking at doing a short sale on a investment property. It will look better doing a short sale than going to full foreclosure on your credit record. Id like to hear from the real experts in this area as well.
At least you worked on a solution with the bank.
Once the short sale is done you can then start to rebuild your credit since that is what Iam doing.
I highly reccommend you communicate with your lender on a regular basis an make sure they record that you called and what you are working on so they are aware.
Did they file an NOD on the property since if not your still have some time depending on what state you are in.???
The lender wants their monies period and if you show them you are working toward that goal I believe it is obviously in their best interst to work with you.
If you like to speak to me my cell is 702-400-7632 and we can go through some creative finanicng scenarios, but if possible do NOT let the house go to foreclosure since as long as you hold the asset you have control…
God bless and good luck either way…