Should I Short Sell my Home?

Credit and mortgage advice Forums Buying Your Home Buying Your Home Should I Short Sell my Home?

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    • #363712

      My situation: I own a home in Gainesville, FL which I rent out to students every year. Currently I am paying $ 805/month to cover the mortgage. Mortgage is 1796 and I am renting out for 1200. I cannot raise the rent due to the horrible rental market. The home is worth between $ 150,000-$ 160,000. I currently owe $ 178,000 on it, I took out the loan 2 years ago for $ 180,000. My current fixed Interest rate is 8.4% but after September 1, 2012 it will become flexible and go up to a max of 15.4%.

      My questions is if I should short sale now or keep on paying the $ 805/month and try my luck in late 2011 to sell or if I should cut my losses now and do a short sale. The house is really hurting my finances and if something were to break like a plumbing issue or an A/C or roof repair I am in deep trouble.

      Please let me know your thoughts…

      Additional Details
      Key words:

      Short sale
      short sales

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