Mortgage Forum

Joel Fraser

Hello everyone, great site. I have an investment home that is sitting empty for a year. I've been paying the mortgage on time. I'm not able to find reputable tenants due to the crime in the area. I bought mine 1.5 year ago for 200K, a unit just recently foreclosed for 90k. It's a new community, the builder still has 30% of the units unsold and the majority of the people living there are renters. The lender said I can short sale it and bring any offers to the table, somebody recently put a bid on it, its been two months and the bank hasn't contacted me. I live in Florida. If the bank won't do the short sale, then I might have to stop making the mortgage payments. Do you think I qualify for a short sale given the circumstances that I can't rent it due to crime and values have plummeted 100%. I don't want to walk away, I want to do the right thing, but the lender hasn't showed any concern yet, it seems like they are draining me emotionally and financially. Any advice, greatly appreciated. rbass