As most of you know, I was going through a short sale for sometime. I bought an investment condo in Charlottesville at the height of the market and what do you know, it lost 90k in value. Not only did it lose value, but my rental income was decreasing and I started losing $5,000 a year. And unfortunately I put $30,000 down on the property. Poof gone!
I had to make a business decision and cut my losses. It made absolutely NO sense to keep the property. It would take 10+ years to just break even and I would not really be breaking even because I was losing $5,000 a year..
But I am happy to say I finally got my short sale approved and it closed in January 2012!
My mortgage was with Chase and I have a full deficiency waiver.
A short sale is honestly the best way to to go. I have helped numerous friends and family members complete short sales also. We would be honored to help you through your short sale.
See the approval letter here.