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Short refinance what is it?

My scenario is I own a condo en South Florida in Miramar to be exact and I bought as primary home and had to move due to job opportunity else where and had to rent it. I owe 217k and it is worth 148k right now. I am current on all but would like to get rid of this property. What should I do and that it will not a affect my credit. My lender is Suntrust bank. Any help will be appreciated in this matter.

Asked By: cookielove1430 - 9/30/2008
Best Answer - Chosen by Asker
What you're asking about is a short sale, where you have some kind of hardship and have to sell a property for less than you owe on it. And, while job relocation may be considered a hardship, saying "I owe more on the house than it's worth" is not... More
Answered By: Paul in San Diego - 9/30/2008
Additional Answers (1)
You're current on your payments so no lender will consider any alternative, creative, arrangements. They only do that when they're desparate. That leaves you only 3 choices, sell, refinance, or continue to rent it... More
Answered By: 9 daughters - 9/30/2008
 
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