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[I] have read alot about it. I don't think i would qualify for a short sale as i have income, but bank only wants to lower interest for five years on a loan that is $100k underwater. I hate the abandoned neighborhood and the house is falling apart even though it was built in 2003. AZ is a non-recourse state.
I am current on 1st mortgage there is no second. I need to find somewhere to live.
1.) WHEN SHOULD I TRY AND RENT A NEW HOME?
2.) How long does "freddie Mac" (serviced by wells fargo) take to evict you once payments are stopped?
3.) should i occupy the home until evicted?
I am nervous, worried and frankly afraid. I am a disabled single dad with NO-ONE to help me. I am confused in spite of my reading about what to expect. Please respond as I am fairly desperate. I don't know if I have asked all the right questions or considered all of the possibilities yet. PLEASE HELP!
Sincerely, PA
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