Short Sale Question

We are HOPING to rent out our home in Rocky Point and move into my mom's house (we own 1/3 of the house - my brother and sister have the other shares) There is no mortgage on the shared home.

I am due with my third child in February, will not be able to work because I cannot afford day care. My m-i-l who provided free child care just went back to work FT and would be unable to help out. Our original plan before getting pregnant was to sell our house and move to Florida. We researched home prices in our area and waht they were selling for and thought we would have no trouble.

However, after visits from numerous realtors, we were told not to expect anything NEAR what we owe for our house.

If we cant rent it out, we were thinking of doing a short sale. How would us owning a portion of the other property affect the whole process? Can the bank or anyone somehow go after what we own on my moms house?

We are pretty much running out of options. We can barely make our mortgage payment and have NO room in our current house. Hopefully, renting it wont be a problem, but we are trying to plan a little better this time around because we obviously made some bad choices in the past.

TIA for any advice!

Re: Short Sale Question

That's a hard situation, but I think the bank has to first approve you for a short sale. If they see that you own part of another home and are current on your mortgage payments you might not qualify... but don't quote me on that b/c i'm not really sure how it works exactly.

Here's a link that may help:
http://ezinearticles.com/?Does-Your-Home-Qualify-For-a-Short-Sale?&id=928792

I hope you are able to rent it!!

Re: Short Sale Question

first step is to call your bank and see what you need to submit to qualify

FM me if you want more detailed info- my boyfreind handles short sale negioations and we are both realtors