Good afternoon,
We reside in the state of Georgia. We owe more than the home i worth. Mandatory relocation required to Chicago. Company is willing to pay for realtor fees, however, we need to know what would be our best option. On the other end (Chicago) we have a lease-to-purchase option we can work with that will carry us two years beore we have to enter into the "sale".
We need advice:
1. Short sale requirements we may not meet (income exceed the 31%.)
2. Employer is only willing to carry expenses (living) for 60 days, after that we are on our own. As a family of 5, we can't find anything cheap enough monthly where we could carry two payments even if we wanted to.
3. There has been no increase in pay/compensation, so there is not more money to draw from. In fact, if this had not happened we would have been forced into something regardless since unemployment insurance ceased for my wife, which had been contributing approximately $1200, allowing us to make ends meet when she lost her job.
4. My mortgage is not with Fannie/Freddie or Government, but the institution is participating in these programs. EMC if you know wjho they are.
Should we go to EMC and say, here is the offer letter and in 60 days we won't be able to pay? Should we contact them with a request for short sale? Should we contact a realtor first? ayiyiyi, help?
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