Oy, this is going to be a tugger of the sentimenals. We have been tossing around the stress factors of what in all the world to do with our house in our myopic minds. We don't have problems making payments, but the idea of forcing the bank to short sale seemed unethical at first glance. The idea was first given to us last summer. We don't want to take any mortgage burden across the Pacific with us. Obviously, the best way to eliminate that is to sell the house. But the value is down 50k from what we built it for.
Nobody really likes to be part of the national upside down stats either. It carries with it a lurid connotation of failure. But really....who failed? Looking at the big picture the economy most definitely has, taking with it the housing market. Then again, it all really depends on one's outlook/definition of thriving economy. In reality, the price of a house can only go up so far before it gets ridiculous. Real state is just not the ultimate money maker , anyway, from this investor's point of view.
Today was our first consultation with Len Munsil and the information basically eliminated any misconception against short saling. Phew. Anyway we decide to let go of the house the bank's going to take hit. Banks would much rather still make a 26% into their coffers than refuse to work with you and your credit takes a minute hit in comparison to a foreclosure....which would sling one's credit out of the housing market for seven years as apposed to 2-3 years with a short sale.
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