Posted by ScottE on November 27, 2000 at 18:43:09:
How in the WORLD did your house appraise for $110k a year ago and now the comparables in the neighborhood are $75-85k? Did you get a 125% loan?
Many lenders will credit you 75%-100% of the rental income so you made need to keep shopping for a different lender. I’ll bet one thing, though-if you work a short sale, that may blow your deal with your ‘new’ mortgage company. If you have to sell for less than what you owe, then you should probably be prepared to carry that amount over to your new house. In other words, offer a note (2nd) to your old lender.
I’d still like to hear how your house de-valued so quickly…