Posted by DemosL on October 29, 2009 at 22:49:48:
In Reply to: HELLPPPPPPPPP!!!!!!!!!!AHHHHHHHHH!!!!!!!! posted by dontjustrent on October 29, 2009 at 14:31:36:
First of all, how do you know the house is worth $500K? To do a Sub2, you would have to get the $21K payments caught up and then take over the $3,300/mo. payments. Are you prepared to do that, in the event you can't find an end-buyer?
A short sale is for situations where the mortgage is upside down. You said the house is worth $500K, but the mortgage balances total $479K. Why would a lender short sale it if your numbers were correct?
Why would you you offer a bank $360K to $380K for a house that's worth $500K? A bank would only take that offer if the house was really only worth $360K to 380K.
You're scared and confused and should probably talk to a local experienced investor about your so called "deal".