bankruptcy gainesville fl

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Should I short sell my home?

My situation: I own a house in Gainesville, FL, which I rent out to students each year. Currently I am a payment from $ 805/month to cover the mortgage. Mortgage is 1796 and I am renting for 1200th I can not raise the rent because of the terrible rental market. The house value is between $ 150,000 – $ 160,000. I currently owe $ 178,000 on the loan I took 2 years ago for $ 180,000. My current fixed rate is 8.4%, but after 1. September 2012 is flexible and go up to a maximum of 15.4%. My questions is whether I have or hold short sale to the payment of $ 805/month and try my luck for sale in late 2011 or if I cut my losses now and this a short sale. The house is really hurt my finances and if something like a plumbing problem or an A / C or Roof repair, I breaking through in big trouble. Please tell me your opinion … For more details Keywords: short sale foreclosure bankruptcy short selling foreclose

The bank is unlikely to agree to a short sale, it would be better to foreclose and then come after you pay the deficiency, as it investment property is. This was a lousy investment, I can not imagine what you had to buy it. I would try to wait to 2012.

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