and i have a few questions and "what ifs". So this family isn't upside down, really. They just owe what they paid 3 years ago. However, they couldn't sell for that, obviously. The house next door to them just sold after being foreclosed for about half of what this person owes. But they've had some bad luck in the job department, and have lost a significant portion of their income. So the house they built at a price they could afford previously, is too much for them now. However, they don't really want to lose their house (obviously). They have made their life here, their kids go to school out here, they like Maricopa. So my friend is staring the short sell process. However, this is what their "plan" is, and I'm wondering if it's even possible. Perhaps some 85239.com experts can help me understand  So for the first month, they are listing their "dream" price on the house, $280,000. When they don't get any bites, obviously, they will drop it to the more realistic $140,000 short price. They hope to get a couple nibbles at that price, but then counter to the bank saying, "Listen, I can either foreclose on this, you can take one of these $140K offers, OR renegotiate the price of my house with me and we can settle on, say, $180" . and now instead of a $280K mortgage, they have a $180 mortgage, they keep the house, no moving, no foreclosure/shortsell. Is that even possible? |