In middle of short-sale, got a job offer?

[loser104]

Going on 4 months behind on my first($150,000) and second($30,000) with Green Tree as my servicer. Lost my job a few months ago, put up my home for short sale, a written offer of $35,000 was submitted a couple of weeks ago, real estate agent submitted a hardship letter on my behalf. At this point, haven't been asked by Green Tree for any of my financial info, expecting that sometime soon, I guess.

Now I have a possible job offer, I would start next month sometime. Pay will vary between $600-1400/week. Behind my payments by about $7000+ and counting, and I do NOT want to try and play catch up, don't want the house, plain and simple. I'm a bit worried that I will not qualify for this short sale now.

What can I do? What are my options? Am I worrying for nothing? My fiance makes very little money and will be moving out of state in about a year due to a job opportunity and I don't want to be left with a house I cannot get rid of, so would like to stay the course if that is possible.

[badhouse]

The odds of that short sale going through were pretty damn slim even before you obtained your new job offer. I wouldn't worry about it. If the sale goes through thats great. If not just let it foreclose. The effect on your credit will be exactly the same either way. Am I correct in assuming that is your motivation for short selling?

[Mensa1]

Wow, a 35K offer on a house you owe 180K on. I agree with the other poster; doubtful this is going to happen.

BTW, what is a reasonable FMV for the property? Surely values haven't dropped by 80%, have they?

[loser104]

Not sure of the FMV, but the neighborhood I live in is full of fairly newer houses and townhomes (about 4-5 years old), in a city that is VERY run-down. I would estimate that about half of the neighborhood has been foreclosed upon or sold short. With the auctions over the last year or so, the banks have only been getting $20-30,000 per unit, I know, it sounds crazy! My biggest concern when I bought the place was that it would not appreciate as much as if I had bought in a nicer area, and I could live with that. Little did I know..............

I went the short sale route because I was told by Green Tree that that would be the best way to proceed, then if a short sale did not materialize we could discuss a DIL. I felt that I would have a little better control of negotiating with my second if I went this route, as opposed to a foreclosure followed by being pursued for late fees, attorney fees, and all of the other fees associated with a foreclosure.

Would like to avoid a bankruptcy if possible due to the effect it may have on my future employment. If it comes to that, then so be it, but if i can avoid that, I would like to.

[AngelinaCatHub]

The odds of that short sale going through were pretty damn slim even before you obtained your new job offer. I wouldn't worry about it. If the sale goes through thats great. If not just let it foreclose. The effect on your credit will be exactly the same either way. Am I correct in assuming that is your motivation for short selling?

I have to strongly agree. For one thing, if the place has depreciated THAT much and the neighborhood is as run down and foreclosed as you say, would YOU buy there?

Next, in this day and time would you refuse ANY job? McD's are only hiring PHD's now. (kidding).

Is your job mobile if your fiance' is going out of state? Just wondering. 'Hub

[loser104]

So do I still stand a chance for qualifying for this short sale???