I do have a loan like the discussion says 80-20, both with the same bank, Citi, my home is underwater, bought it for about 180k, houses like mine in the neighborhood are going for about 105k avg, due to all foreclosures in the area which brought all prices down; and I still own about 132k on the 1st Mortg and 32k ond the 2nd. Citi won't help me or tell me anything, I have not missed a single payment so far, but I am starting to struggle. I would like to know on how to start short sale, or whether that is the best option. I need advise.
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Daniel - Citi won't offer you a loan modification? Have you specifically asked? If not, ask them if they will assign someone to help you in advance, with short sale. You might be eligible for the HAFA program, too, which is a federal program banks voluntarily implement that will allow you to short sale and possibly get cash at closing. In any event, you need to contact an experienced short sale agent in your area to guide you through the process. You can also discuss your options with a local attorney.