Forclosre or Short Sales?

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I have owned a condo for 2 years. I have made no late payment on my mortgage loan. But my loan will turn into variable interest in about 2 months. I believe it will be in the

9 + interest rate against what i pay for at 7.25 percent right now. My property was 305 k when I bought it, but it is worth about 275 K now. With the depreciation in value and the hike in interest rate, I think i can no longer afford to pay for my mortgage. I have consulted to a couple loan officers about refiancing my loan. But I wouldn't be able to do so unless i bring in about 30 K +. I AM THIKING ABOUT FORCLOSURE OR SHORT SALES. Please tell me which is the good way for me to solve this mess. Any advice if appreciate it.

Forclosre or Short Sales?

Neither of these solutions is a good alternative for you! Short sale is probably not a viable option for an investor to come in if you meet the following criteria:

1. are current on your mortgage

2. the house is in good condition

Short sales are best accomplished when the loan holder has somone is behind on their payments and the house probably won't bring in close to what is owed because of its' condition. It doesn't sound like you meet that criteria. Otherwise, the loan holder will just foreclose and take their chances either at the auction steps or turn it over to a realtor for them to sell.

Foreclosure is going to linger on your credit for a long time.

Either of these scenarios is going to result in you losing your home.

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Forclosre or Short Sales?

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