If I am having trouble with my mortgage insurance company denying short sale and even deed in lieu of foreclosure, what are my options?

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If I am having trouble with my mortgage insurance company denying short sale and even deed in lieu of foreclosure, what are my options?

My short sale was repeatedly denied with 2 seperate buyers. The house is worth 119k and both buyers were offering 138k when I owe 291k. I’m unemployed and have since relocated out of state due to my wife’s health issues. I am trying to be hired as a cop here but with a foreclosure on my report, no agency is going to hire me. What can I do?

Asked on August 7, 2012 under Real Estate Law, California

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

First, I see no valid reason why a reported foreclosure on your credit report would prevent you from being hired as a police officer. If the lender will not accept a short sale offer and sign the short sale addendum, you cannot force it to do so. Same holds true with a deed in lieu of foreclosure.

You need to be aware that if the loan for the home that you may lose in foreclosure is not purchase money, you could be subject to a deficiency judgment in the event of a foreclosure. I suggest that you consult with a real estate further about your matter. Another option would be for you to consult with a bankruptcy attorney on your matter.


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