All Forum Posts by: Nicole Lomibao

We are extremely upside down on the first house. We owe $270,000 and it's worth about $110,000. We are hoping to just short sale the house to get rid of it, but I'm just feeling unsure because of the fact that we are still living together in our primary residence.

During our marriage, we have been "good savers" and have about $13,000 in savings accounts. Now with our pending divorce, we do not want to put that money towards a house that we want to short sale, but keep it for our kids or split the savings when we decide what to do and move out. We have provided the letter of harship and short sale packets with bank statements which show this, but we havent received a response yet.

I am just trying to get opinions on what the bank may possibly say.

Thanks!

Hello,

My soon to be ex husband and I have a situation. We have our first house and bought a second home last year. The first house was swiftly rented out, but the rental payment does not cover the mortgage payment so we are still paying money towards that house.

We have decided to divorce, but are now stuck with sorting out our financial assets. We are still living in our primary residence, which is our second house and are doing this as amicably as possible for our children. Our renters also gave us notice that the wife has been relocated for work and they will be moving out in the next 2 months.

We are attempting to short sale the first house being rented out. We know that neither of us can afford the first home's mortgage on our individual salaries. How does this look to the banks, since we do have a primary residence together and a large chunk of savings? We know that right now neither one of us can move out the primary residence, but we cannot afford to keep paying the first home's mortgage, especially when the renters move out.

Our realtor is confident that the first home with short sale, as it has many upgrades and is a very nice house. He says that although we have another home together, we have made the banks aware that it's a difficult time and we are working on sorting things out.

Just wanted to get second opinions on the situation. Thanks.